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Blockchain-driven Web3 fashion startup mmERCH revealed its $6.4 million seed funding round at a $25.7 million post-money valuation, led by Liberty City Ventures on Thursday, marking a significant advancement for the fashion house led by Colby Mugrabi.
mmERCH Draws a Diverse Range of Prominent Investors
As stated in a Thursday press release from mmERCH, the funds raised will be allocated to enhancing the brand’s proprietary technology stack, expanding the engineering team, and investing in future collections, all aimed at establishing a contemporary brand and platform.
The funding attracted support from notable individuals across various industries, including Paxos CEO and co-founder Charles Cascarilla, acclaimed fashion designer Tory Burch, model and entrepreneur Karlie Kloss, Web3 investor Mike Jacobellis, leading Web3 fashion collective Red DAO, and investor Daniel Maegaard (Seedphrase).
6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO also took part in the funding round, while the globally recognized law firm Dentons acted as an advisor.
mmERCH Develops Unique Fashion Creations on the Blockchain
if you’ve been wondering “what are these mmERCH hoodies I keep seeing on my TL or IRL?”
well, these are from our [ARTIST PROTOTYPE] series and were gifts to some of our earliest supporters, advisors, and people we’ve met along the way. 40 designs pulled from the original 1000… pic.twitter.com/6iRE9UUrkq
— mmERCH (@mmERCH) March 11, 2024
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“We are excited to have such a distinguished group of investors – all of whom are true innovators in the realms of fashion and Web3,” stated Colby Mugrabi, Founder and CEO of mmERCH, regarding the brand’s recent funding round.
“This investment signifies a significant move towards achieving our vision of ‘neo-couture,’ providing collections of unique, one-of-a-kind items that possess evolving digital and physical utility,” she remarked. “With this new funding, we are eager to broaden our operations and reshape the future of fashion, where individuality, creativity, and community thrive without compromise.”
The fashion startup is poised to launch its first collection next month, featuring items developed using generative algorithms and artificial intelligence (AI). Each piece will include a non-fungible physical copy linked to its “digital twin” via blockchain technology, which will also help verify the item’s authenticity.
Own Your Style: mmERCH’s Web3 Fashion Experience
mmERCH is the latest venture from Mugrabi, who previously established the digital digest and creative hub Minnie Muse in 2017. She currently serves on NYU Gallatin’s Dean’s Council, guest lectures at the Parsons’ School of Design, and contributes to Air Mail and W Magazine.
“We are pleased to lead this seed funding round for mmERCH, founded and directed by Colby Mugrabi. Colby is a visionary entrepreneur who possesses the drive, team, and ingenuity to accomplish remarkable things,” commented Emil Woods and Murtaza Akbar, founding partners at Liberty City Ventures.
“The integration of AI and blockchain technology in fashion represents an exciting new frontier,” she noted. “mmERCH is redefining traditional norms in every facet of the fashion industry, from ideation to supply chain to customer experience. Their dedication to pushing boundaries and reshaping the future of fashion aligns with our investment philosophy of fostering supply chain growth in web3.”
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