Modanisa, a local e-commerce startup which received investments from Goldman Sachs and Wamda Capital at the beginning of this year, has now another important partner, EBRD. Signing an investment agreement, the startup is not only expanding its investments but also its international focus.
Modanisa, an e-commerce site that receives 150 million visitors every year from different countries, has been the e-export champion in the ready-made garment industry for the last three years. Modanisa, which opens up hundreds of manufacturers and designers to the world, makes shipments to 130 different countries. Modanisa aims to establish logistics centers in Europe and the Middle East with its recent investments. This investment will make them stronger in Europe.
As you know, the EBRD is one of the well-known investment banks that invests in Turkey. Turkey is a very important country for the EBRD who made investments in several projects including Evim.net, Trendyol, and Onedio in the past because Turkey ranks first in terms of the current portfolio size among 38 countries that EBRD makes investments.
While the amount of investments made by EBRD is not officially announced, Kerim Türe, the Chairman of Modanisa, said; “This investment is very important for us, because Modanisa’s mission to strengthen the positive impact of women in social and economic life with the support given to entrepreneurship in the ready-made garment industry is very well matched with the investment mission of the bank. With the new investment, while strengthening our e-commerce and logistics infrastructure, we will have the opportunity to have more Turkish manufacturers and brands open up to the world. We will also carry out new social projects for women who are the focus of our business.”
Modanisa also makes its name with the fashion organization called Modest Fashion Week, in addition to the e-commerce platform it established. Modanisa presents the products of Turkish designers at centers such as London, Dubai and Jakarta and aims to strengthen its share in the market segment which it labels as “modest fashion” that is growing day by day.