They were a consumer website aiming to be the IMDB of fashion. The problem: they had no software.
Fashion agencies to input their photos and successfully transition a Software-as-a-Service model. After 50 agencies signed up, the money was coming in but increasing their valuation proved difficult.
Modus redefined the key success metric by shifting it from the number of agencies using LookBooks to the number of images on the platform. Millions of images online, their valuation skyrocketed and the company sold in 2014 for 15x revenue.