That decline is larger than the multichannel retailer’s overall 5.8% sales decline.
First Round Capital and Floodgate Fund LP led the apparel retailers’s initial funding round.
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.