Digital fashion retailer DressX has raised 15 million US dollars in a Series A round led by Greenfield Capital with participation from Slow Ventures, Warner Music Group, Red Dao, and other investors.
The funds raised will allow the company to “scale its vision of the future of fashion,” explained DressX in a statement, as it looks to improve the performance of the DressX app and NFT marketplace, while also growing its community.
DressX also adds it will push forward with further partnerships with social media and gaming platforms across both traditional media and the metaverse.
Daria Shapovalova, chief executive and co-founder of DressX, added: “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.
“Building DressX as an ultimate destination for creators, brands, and consumers, we are proud to partner with this crypto investor, seeing this event as the next big step towards giving a metacloset to every person in the world.”
Since its launch in August 2020, DressX has become the largest platform for digital-only fashion clothes, offering more than 3,500 digital items of clothing and accessories that can be worn in AR, social media, video calls, and on avatars in Decentraland and Ready Player Me.
Jascha Samadi, founding partner at Greenfield, said: “Digital fashion is something we have become extremely excited about as a firm. There is a huge design space and a new paradigm emerging around the question of what we are wearing within the metaverse.
“Fashion has always been a core part of someone‘s identity and a way to express yourself. As we spend more and more time in virtual environments, this will equally translate beyond the physical sphere and NFTs and blockchain technology will enable true digital ownership to elevate one’s identity. 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."