Moda Operandi raises $100 million in new capital
31 January 2020
Equity Investment Led by New Enterprise Associates and the Apax Digital Fund
New York – Jan 31, 2020: Moda Operandi, the world’s leading platform for fashion discovery, today announced it has raised $100 million in new equity and debt financing, led by existing investors New Enterprise Associates, Inc. (NEA) and the Apax Digital Fund, with additional participation from the Santo Domingo Family, Comerica Bank and TriplePoint Capital, among others.
Moda will use the proceeds to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewelry, and home decor, as well as the data and technology systems that power the Moda platform.
“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”
Dan O'Keefe, Managing Partner of Apax Digital, said: “We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”
“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” said Tony Florence, General Partner and Head of Technology Investing at NEA. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”
The new commitment brings Moda Operandi’s total equity capital raised to date to $345 million.
About Apax Digital
The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.
Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.
About Moda Operandi
Moda Operandi is an e-commerce platform transforming the way people discover and shop for designer fashion. Through its innovative mix of commerce and content, Moda allows women and men to shop for what’s new and what’s next in designer fashion from the world’s leading emerging designers and luxury brands. Founded in 2010, Moda Operandi’s mission is to make it easy for designers to grow their businesses and consumers to realize their personal style. Today, Moda’s platform carries more than 1,000 brands and designers across fashion, fine jewelry and home, and ships to 125 countries. For more information, visit modaoperandi.com.
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Apax Digital / Apax Partners
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