Norwest Venture Partners (NVP) has led a recent financing round for ModCloth, an online retailer of independently designed fashion and décor, in a $25m tranche that also included participation from existing investors led by Accel Partners.
The new funding will allow ModCloth to continue building its site and expand its “Be the Buyer” programme, which allows customers to vote items from emerging designers into production.
It will also allow the 300-strong retailer to grow its team, not only at its San Francisco headquarters, but also at its Pittsburgh and Los Angeles locations.
“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,” Josh Goldman of NVP said in a statement.
“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.
“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 merchandising, 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.”
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