ModCloth, an American 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.
the new funding round, the online retailer plans to grow its team as well as to continue building a site experience, as well as expand its popular Be the Buyer ™ program, which allows customers to vote items from emerging designers into production, recently surpassed 12 million votes.
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.”
Commenting on the operation, Goldman said: “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.”
ModCloth.c is backed by Accel Partners, FirstRound Capital, Floodgate, Harrison Metal, StubHub founder Jeff Fluhr, and Norwest Venture Partners. Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong.