Yehoshua Fried and Nava Brief Fried are the co-founders of ModLi.
Having worked in the retail and fashion industry for many years, they noticed that there was a big gap in the swimwear market for versatile, easy to wear swimsuits for women. They wanted to give women more choice in the type of swimsuit they could wear, helping them to get away from relying on just one style of bikini for every occasion. This is what gave them their vision for ModLi; to create swimsuits that didn’t get in the way of life’s special moments.
After launching, early customers loved their new swimsuit products and ModLi started to grow. “We had a unique product, a unique value proposition and a unique brand”, says Yehoshua (co-founder of ModLi) “all this helped to drive our growth in the early days”.
Yehoshua and Nava wanted to continue to grow ModLi and became obsessed with two things: data and customer feedback. Using all their data and feedback from customers, they have been able to create new products their customers love, refine their sizes and perfect their marketing messages. All this helped them to quickly grow their customer base, in countries all around the world.
However, this growth posed a new set of challenges for the ModLi team. As they grew, they needed more and more cash to fund their marketing spend and to buy enough stock.
“If you are growing fast, you have this cashflow issue”, explains Yehoshua. “You want to spend more on marketing campaigns because they are working really well and you also need to buy more inventory. What you need is short term financing because you just need the cash to get you through your busy periods. You don’t want to have to sell equity in your business just to get through these periods”, says Yehoshua.
Yehoshua found that banks didn’t seem to understand this problem. “Banks don’t understand our business. They are looking at old financial reports and can’t see the needs we have as a fast growing eCommerce business”, explains Yehoshua.
“Wayflyer are different”, says Yehoshua. “They understand eCommerce startups, they know our cashflow needs as a fast growing business and are able to give us a solution to our short term financing needs.”
Funding from Wayflyer has allowed ModLi to ramp up their marketing spend, purchase the stock they need, and ultimately, accelerate their growth even further. And, they’ve been able to do all this without giving up any ownership in their business.
The fact that Wayflyer Funding is repaid as a percentage of sales is also a very appealing benefit to ModLi. As Yehoshua says “with Wayflyer, we are in this together. Our success is their success”.
Wayflyer understand eCommerce startups, they know our cash flow needs as a fast growing business and are able to give us a solution to our short term financing needs. We are in this together, our success is their success.