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

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Textiles | On 5th Dec 2016

Pakistan’s 2016-17 cotton output surpasses last season

Cotton output in Pakistan during 2016-17 season has already surpassed ...

Courtesy: Teijin

Textiles | On 5th Dec 2016

Teijin merges two businesses into one division

Japanese manufacturer of speciality fibres Teijin Limited is merging...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Pranav Mishra
Huemn

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search