Mimoona: A Crowdfunding Platform for Fashion

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Aug. 13 (Bloomberg) -- Nadav Trenter Moser, co-founder of Mimoona, discusses the company's business model with Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg)

The first crowd funding platform we made in israel.

We are currently in the u.s., enabling fashion designers who determine the focus, enabling them to basically implement our products into their website.

They want to show their work to the customers.

People can see what they want or don't want.

Getting back to how you build your reputation in israel and then we will turn the page and come to the u.s., how do you make money with the crowd funding site?

Two companies pay a membership?

Clocks it is free.

-- it is free.

We get a commission.

That is clear.

As you mentioned you launched two point five weeks ago here in the united states.

You are properly focused on the fashion industry.

Is that your background?

Clocks know, fashion seemed like a good area to started.

Why start their?

They're doing the same steps to have been doing for hundred years.

People basically play the guessing game.

People are walking around, looking for ways to know how to do that.

You are basically saying you saw fashion is a right for destruction.

Exactly.

In this case, if i am trying to make sweaters and sell sweaters but do not know if i am going to have a demand for 500 or five, you are saying there is a feedback mechanism that is not going to make me waste time or money or power.

Exactly.

It enables customers to choose which design they want and like.

They can pre-order the design and get them if they meet certain thresholds.

It is unfair to ask you after two and a half weeks how it is going but how many clients have you signed on?

Clocks it has been really amazing.

Every fashion designer has said this is essential for the business.

Even the larger brands have said they would use -- on our products.

We have 15 customers signed up and 15 more waiting after them.

It has been really great feedback.

I imagine if you are going to eventually be allowing these businesses to save on storage space, warehousing, and controlling inventory, there is a lot of reasons.

The first one would be knowing what people want.

Even more than that, no what people do not want, so make less and not at all.

You usually make stuff and then hope people will actually buy it.

They are actually connecting people to your brand by letting them say how your brand is going to look in the future.

For your capital needs, do you go to crowd funding roads?

You go a more traditional route?

Clocks we are thinking about crabs that we are thinking about crowd funding as well.

We're raising $600,000 from angels and we are actually doing that as we speak.

We hope to close the rounds in the next three months.

We have heard great feedback from investors regarding the

This text has been automatically generated. It may not be 100% accurate.

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