ModCloth Closes $25M Funding
ModCloth, a San Francisco, CA-based online retailer of independently designed fashion and decor, has closed a $25m funding.
The round was led by Norwest Venture Partners (NVP), with participation from existing investor Accel Partners.
The company intends to use the funding to plans to grow its team in San Francisco, Pittsburgh and Los Angeles, continue building its site, and expand its Be the Buyer ™ program, which allows customers to vote items from emerging designers into production.
Co-founded by husband-and-wife Eric Koger (CEO) and Susan Gregg Koger, ModCloth is an innovative online retailer of vintage-inspired fashion and décor. The company recently 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.
In conjunction with the funding, Josh Goldman of NVP will join the company’s board.