Home / Knowledge / News / Apparel/Garments / ModCloth uses funds to fuel growth
ModCloth uses funds to fuel growth
19
May '12
ModCloth, an innovative online retailer of independently designed fashion and decor, has closed a $25 million round of funding led by Norwest Venture Partners (NVP). The e-tailer's existing investors, led by Accel Partners, also participated in this round. Josh Goldman of NVP will be a new addition to the ModCloth board, joining Theresia Gouw Ranzetta of Accel, Josh Kopelman of First Round Capital, Ann Miura-Ko of Floodgate, and husband-and-wife co-founders Eric Koger and Susan Gregg Koger.

"We're very excited to announce our latest funding round with Norwest Venture Partners, especially with Josh at the helm," said ModCloth CEO and Co-Founder, Eric Koger. "His experience as an investor in innovative ecommerce companies like Quirky, WhaleShark Media and Gilt Groupe, combined with his deep operational background, give Josh a unique knowledge and understanding of our potential and how ModCloth fits in the landscape of fashion-oriented technology companies."

The funding will allow ModCloth to continue building a site experience that empowers its community and makes for a fun and unique social shopping experience, as well as expand its popular Be the Buyer™ program. Be the Buyer™, which allows customers to vote items from emerging designers into production, recently surpassed 12 million votes.

I'm passionate about companies in the online retail space that are bringing together community, content, and commerce into highly engaging new shopping experiences for consumers. When done right, these efforts can not only build tremendous loyalty among users, but can also bring remarkable efficiency and operational improvements to the business itself," said Goldman.

"ModCloth does this better than any company in the industry. It uniquely integrates data and input from the community into virtually every area of its operations, from supply chain planning, to merchandizing, to customer support. This distinctive vision gives ModCloth the opportunity to change what's happening in both fashion and online retailing, and in the process, create one of the next great global brands in those industries."

ModCloth was started by high school sweethearts Eric Koger and Susan Gregg Koger when they were just teenagers, the summer before attending Carnegie Mellon University in 2002. After graduating from college in 2006, Susan and Eric decided to expand their site selection from strictly one-of-a-kind vintage items to a vintage-inspired aesthetic with items from talented independent designers from all over the world.

The company has since gained attention for empowering their community of shoppers through a social commerce platform that brings products to market via customer feedback and validation. Most recently, ModCloth launched its "Make the Cut Contest," a crowdsourced design competition that gives aspiring designers the opportunity to submit design sketches based on a themed inspiration board. Select designs are then voted on by the ModCloth community, with the favorites being put into production and sold on ModCloth.com.


Must ReadView All

Market share of Indian textile items expand in 13 nations

Textiles | On 11th Dec 2017

Market share of Indian textile items expand in 13 nations

Thirteen countries — Germany, France, Italy, the United States,...

Bangladesh garment exports rise 7.46% in July-Nov '17

Apparel/Garments | On 11th Dec 2017

Bangladesh garment exports rise 7.46% in July-Nov '17

Readymade garment exports from Bangladesh increased 7.46 per cent in...

Cotton price increase is not sustainable: ITF

Textiles | On 11th Dec 2017

Cotton price increase is not sustainable: ITF

The increase in cotton price seen last week is only a short-term...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search