Re-Pie to raise single-asset fund for Muslim fashion retailer

The fund has a target of USD 15m and will receive commitments from investors until 31 May, he said.

Modanisa's founder Kerim Ture said the proceeds will be a bridge round for the company and will be used for launching warehouses in Poland and Egypt to strengthen its last mile capability. Those warehouses will help enable a faster delivery and return time and increase customer satisfaction, he added.

The Muslim women's modest fashion e-retailer is planning to launch a new round in Q4 2022, according to Ture, who said it was still early to talk about a target for the raise. It also has plans to go public in the next three years, Ture said, declining to elaborate on a calendar or exchange of choice.

Re-Pie is among the early backers of Turkish fast grocery delivery decacorn Getir and fintech company Colendi, having invested in those businesses through funds similar to the one being raised for Modanisa.

The sponsor, which has USD 620m in assets under management, launched a EUR 70m VC fund last month, as reported by Unquote. With a hard cap of EUR 100m, the vehicle aims to see its first close by the end of the year. The soft marketing for the diversified, Netherlands-domiciled fund was expected to begin this month.

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