Modanisa.com, a Turkey-based e-commerce company for Islamic women’s fashion, has raised $5.5m from backers including STC Ventures, the corporate venturing arm of telecommunications service Saudi Telecom Company.
Aslanoba Capital, an investment vehicle for private investor Hasan Aslanoba, also took part in the round. Aslanova invested $1m in Modanisa in early 2013, before returning for a $2m round later the same year.
The investment will give STC the opportunity to enter the Islamic and conservative fashion sector, and will also give it the chance to invest in the Turkish market, which STC Ventures fund manager Aiman Al-Atiqi described as the fastest growing in the region.