Moda Operandi, the luxury e-tailer which sets itself apart by offering fresh-off-the-runway trunkshows for its customers, has just received a brand-new influx of cash. Investor Adrian Cheng and Apax Digital co-led its latest round of funding, which totals a whopping $165 million in growth capital.
That number doubles Moda Operandi's total funding, which had reached more than $130 million as of its Series E round in February 2015. Cheng will become a member of the board; he takes a stake in the business through K11 Investment and C Ventures, two of his investment funds. Cheng has also invested in businesses like fitness brand Bandier and e-commerce site Not Just a Label, but Moda Operandi is the biggest luxury fashion player in his portfolio thus far.
The latest round of funding will help Moda's international expansion with a focus on Asia and the Middle East; the company reports that these regions are leading the brand's growth, with international sales now representing one-third of the business. Moda is also reporting that since its last round of funding, "the business has increased by more than 3.5x." The funding will also help Moda improve in areas like personalization and customization, and undoubtedly support its programs like the newly-launched incubator "The Platform."
"I am hugely excited about Moda Operandi as an investment prospect. Its business model is cutting edge, with a curated customer experience that has a lot of potential within C Ventures' and K11 Investment's networks of brands, which collides the worlds of fashion, creative media and art to service millennial consumer interests in the global market," Cheng said in a release. "I'm looking forward to seeing how the brand grows and taps into this big business opportunity."
Cheng joins current shareholders Advance Publications Inc. (Condé Nast's parent company), New Enterprise Associates, Future Fund, LVMH and Fidelity.