U.S. Hispanics visit retailers’ mobile sites more than non-Hispanics, a study shows.
Apparel e-retailer ModCloth raises $25 million
The capital will go toward new hires, marketing and site improvements.
Web-only apparel retailer ModCloth said today it has raised $25 million in a funding round led by Norwest Venture Partners, with Accel Partners and other existing investors also taking part.
ModCloth, which sells fashions inspired by vintage looks, plans to use the capital to hire staff for its San Francisco headquarters, as well as its Pittsburgh and Los Angeles offices. Modcloth says it has nearly 300 employees already working across those three locations. The retailer, which launched in 2002, also plans unspecified site improvements and to expand a program that enables online shoppers to vote on which designs make it to production.
Joshua Goldman, general partner at Norwest, will join the ModCloth board.
“We’re very excited to announce our latest funding round with Norwest Venture Partners, especially with Josh at the helm,” says ModCloth CEO and co-founder Eric Koger. “His experience as an investor in innovative e-commerce 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.”
In 2010, Modcloth raised nearly $20 million in another funding round.