Quick take:
- DressX has announced a $15 million funding round led by Greenfield Capital.
- The Series A round also attracted participation from Slow Ventures, Warner Music, The Artemis Fund, and digital fashion collective, Red DAO.
- The digital fashion designer will use the funds to accelerate AR and VR integration across social and metaverse platforms.
DressX has raised $15 million in a Series A funding round led by Greenfield Capital. The round also attracted participation from Slow Ventures, Warner Music, The Artemis Fund, and digital fashion collective, Red DAO.
DressX has emerged as one of the leading fashion designers in social and metaverse platforms. Founded in 2020, the company designs virtual fashion products worn by avatars in metaverse worlds and blockchain games.
The company has also launched an NFT marketplace in partnership with Dapper Lab’s carbon-neutral Flow blockchain. The company said it will use the Series A funding to ramp up its NFT marketplace and integrate AR and VR technologies across its social and metaverse platforms.
Commenting on the fundraising via a press statement, Daria Shapovalova, co-founder and chief executive of DressX said: ”We are eager to continue building and scaling the DRESSX vision for the future and implementing new features and use-cases for digital fashion with the support of Greenfield.”
DressX has collaborated with some of the leading brands including American Eagle, Dundas and Bershka to provide them with augmented and virtual reality skins for their metaverse experiences.
In December 2022, it teamed up with global music production and recording company Warner Music Group to 3D and AR virtual clothing lines for selected artists.
Commenting on Greenfield Capital’s leading role in the Series A round, Jascha Samadi, founding partner at Greenfield said digital fashion is something that the VC is extremely excited about.
“We are very excited to see how this space will evolve over the next 5-10 years and we believe DRESSX will be at the forefront of shaping and driving change.”
Digital fashion is seen as one of the most exciting avenues for onboarding masses into the metaverse. Some of the world’s top brands including Gucci, Luis Vuitton and L’Oreal have already made their foray into the immersive virtual world.
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