Quick take:
- The announcement comes ahead of mmERCH’s inaugural collection that targets individuals at the intersection of art, fashion, and technology.
- Users will be able to leverage generative design to create collections of singular pieces or what mmERCH calls ‘neo-couture’.
- Paxos’ Charles Cascarilla, Mike Jacobellis, Daniel Maegaard (Seedphrase), Karlie Kloss, and Tory Burch joined as angel investors.
Blockchain-based fashion startup mmERCH has secured a $6.4 million seed round at a $25.7 million post-money valuation. The round was led by Liberty City Ventures with participation from 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO.
The fundraising also attracted participation from a diverse number of investors from the world of business, fashion, crypto, and technology including Charles Cascarilla – the founder and CEO of Paxos, Web3 investor – Mike Jacobellis, Daniel Maegaard (Seedphrase), Karlie Kloss, luxury fashion designer and philanthropist – Tory Burch, and Web3 fashion consortium – Red DAO, among others.
The announcement comes ahead of mmERCH’s inaugural collection in April 2024, which targets individuals at the intersection of art, fashion, and technology. Users will be able to leverage generative design to create collections of singular pieces or what mmERCH calls ‘neo-couture’.
MmERCH’s upcoming collection links the digital and physical worlds, creating a range of benefits both virtual and physical.
Commenting on the fundraising, the founder and CEO of mmERCH, Colby Mugrabi said in a statement: “We are thrilled to have such a calibre of investors – all of whom are true visionaries across fashion and Web3. This investment marks a strong step towards realizing our vision of ‘neo-couture,’ offering collections of unique, one-of-a-kind products that have evolving digital and physical utility.”
According to Mugrabi, the company will use the fresh capital to expand its operations as it seeks to “redefine the future of fashion, where individuality, creativity, and community flourish without compromise.”
The company’s first collection blends artificial intelligence and blockchain technology to offer one-of-a-kind clothing that fosters self-expression while connecting a community through a range of soon-to-be-announced experiences.
The platform leverages generative algorithms to create unique items that are linked to a non-fungible physical garment, uniquely tied to its digital twin on the blockchain.
Emil Woods and Murtaza Akbar, founding partners at Liberty City Ventures commented: “We are delighted to lead this seed funding round for mmERCH, founded and led by Colby Mugrabi. Colby is a visionary entrepreneur who has the drive, team, and resourcefulness to achieve great things. The fusion of AI and blockchain technology in fashion presents an exciting frontier.”
The company said the fundraising will also help in its plans to revamp its proprietary tech stack, expand the engineering team and launch new collections.
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