Vivense is an omni-channel furniture retailer where we’re investors. Although the company started off as an e-commerce player, it soon recognized that it operates in a product category where a high degree of product differentiaton and high order values demand a complementary offline strategy. Vivense therefore pursued a strategy of opening physical showrooms in order to build the brand and trust necessary to convert its online visitors into customers.
Vivense has so far opened 12 showrooms across Turkey. These include 3 on the European side of Istanbul, 2 on the Asian side of Istanbul, 2 in Izmir, and 1 each in Ankara, Bursa, Adana, Antalya, and Samsun.
In addition, the company is moving into its new 8000 square meter operations center in Inegol, a city with a very strong furniture manufacturing presence which is a 3 hour drive outside of Istanbul. Vivense’s previous operations center covered 900 square meters. The growth in the size of the operations center and the new showroom openings are strong signals of the extent of the company’s ambitions.
I had the opportunity to visit both the new operations center and the Inegol showroom over the Eid holidays, and was very impressed with how far the company has progressed since its original e-commerce only days.
Now that Rinse has solidified its playbook for expanding into geographies and bringing these geographies to contribution margin profitability, it will be using the new funding to apply the same playbook to grow to 10 new US cities. Rinse is currently operational in San Francisco, Los Angeles, and Washington DC, and among the 10 new cities that it will expand to are New York, Chicago, and Boston.
We commend the Rinse team for their decision to achieve operational excellence with their existing model before rolling it out to new cities. This requires patience and this patience eventually pays off.
We also thank Partech and Rinse’s existing investors for continuing to support the company on its exciting journey.
Modanisa is an online modest female fashion retailer where we’re investors.
The company recently aired its first online video ad in English which targets an international audience. With over 65% of Modanisa’s revenue coming from outside of Turkey, this ad firmly establishes Modanisa’s position as an international e-commerce company.
Our portfolio company Modanisa is the world’s leading e-commerce site dedicated to female Muslim fashion.
The company recently shared a short video dedicated to the women that it serves. What’s unique about the video is that it features the participation of non-Muslim women who wanted to show their support for the active lifestyles of Muslim women.
Tapu, an online real estate auction marketplace where we’re investors, announced its new $1.2M funding round earlier this week.
The funding round which was led by existing investor Earlybird also included participation from existing investors Can Yucaoglu and Banu Kucukel.
Tapu has grown the number of online property sales that are completed on its marketplace to over 50 per month. Given the high price and lack of commoditization of these properties, that’s an impressive number.
Together with the new round, Tapu is well positioned to further grow this number by selling a greater number of properties on behalf of its existing partner banks while also attracting the properties of new business partners to its marketplace.
We value the continued support which our co-investors are showing the company and congratulate the Tapu team for their crisp execution and steady growth.
Buldumbuldum, a mass customized products marketplace serving both consumers and businesses where we’re investors, announced its latest funding round last week.
All of the existing investors of the company including Nevzat Aydin, Melih Odemis, Can Yucaoglu, Birol Yucel, and us participated in the round.
The round’s proceeds will go towards Buldumbuldum’s capex investments in new printing machines and towards attracting and serving its first international customers. We look forward to following the company’s progress on both fronts.