Moda Operandi, the US-based high-end fashion e-commerce platform backed by media company Advance Publications, closed a $165m growth round yesterday.
Apax Digital, the growth fund advised by private equity firm Apax Partners, co-led the round with C Ventures and K11 Investment, two vehicles for entrepreneur Adrian Cheng. The round also featured existing investors including New Enterprise Associates (NEA), LVMH and Fidelity.
Founded in 2011, Moda Operandi operates an online platform that allows users to pre-order looks from designers while clothes are still being shown on the runway, and also offers curated recommendations.
The funding will support a geographical expansion in which Asia and the Middle East are Moda Operandi’s key targets. International markets now represent more than a third of the company’s sales.
Additional capital will go to marketing and customer acquisition, an expansion of Moda Operandi’s categories and services, and product development, with customisation, personalisation and internationalisation cited as priorities.
The company has now raised $297m in funding altogether, having secured $60m in an early 2015 series E round led by Fidelity Investments, part of financial services group Fidelity, and backed by Advance Publications and VC firm NEA.
Advance Publications had joined talent management group IMG, LVMH, NEA, RRE Ventures and New Atlantic Ventures for Moda Operandi’s $36m series C round in 2012, and the company added $22m in funding two years later.
Deborah Nicodemus, CEO of Moda Operandi, said: “Our continued success demonstrates the strength of our business, and gives new and existing investors the confidence in our capacity to pursue tremendous global growth.
“We look forward to continuing the momentum behind the transformation of the online luxury experience for our global clients.”