Photo: Kerim Ture, Founder and CEO of Modanisa
Turkey-based modest fashion online retailer Modanisa has successfully closed its fourth round of funding led by Dubai-based Wamda Capital, the venture capital firm announced without disclosing the investment amount.
The round also included STC Ventures, Saudi Telecom's corporate ventures fund, which invested $5.5 million in Modanisa in February 2015.
This is Wamda's second investment in a Turkish company. It invested $2.2 million in unified online marketing platform Insider in September last year.
Wamda said Modanisa will use the funding to further expand in the Middle East and North Africa, Europe and the United States.
Modanisa serves more than 100 million customers a year in 105 countries with 30,000 items from different designers. It competes head-on with Sefamerve in Turkey.
The company's founder and CEO Kerim Ture said in October that he estimates only 4 percent of Muslim buyers globally are shopping online for modest clothing.
Turkey accounts for around 35 percent of Modanisa's sales while the rest of the world, including Australia, Canada, Europe and the United States are the company's other big markets.
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