June 7, 2010, 3:34 PM

Online apparel retailer ModCloth raises $19.8 million

First Round Capital and Floodgate Fund LP led the apparel retailers’s initial funding round.

Paul Demery

Managing Editor, B2B E-commerce

ModCloth, a web-only retailer of apparel, has received $19.8 million in venture capital in an initial round of funding by First Round Capital and Floodgate Fund LP.

Pittsburgh-based ModCloth expects to raise another $12.8 million for a total of more than $32 million, according to a filing with the U.S. Securities and Exchange Commission.

ModCloth, which specializes in selling retro and indie style clothing, is owned and operated by the husband-and-wife team of Eric Koger and Susan Gregg Koger. They launched ModCloth.com after Susan, at the age of 17, developed an interest in selling vintage-style apparel.

The retailer has more than 130 employees in the U.S. and attracts close to 2 million shoppers each month to ModCloth.com, according to the retailer.

One of the retailer’s financial backers, First Round Capital managing partner Josh Kopelman, has been involved in Internet start-ups for more than a decade. In 1999, he founded Half.com, a seller of used books,  movies and music recordings, which he sold to eBay Inc. in 2000.

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement