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DressX, a renowned digital fashion retailer in the Metaverse, has successfully raised US $ 15 million in a Series A funding round led by Greenfield Capital, a European crypto investment firm. Other notable investors who participated in the funding include Slow Ventures, Warner Music Group, The Artemis Fund, and Red Dao.
The company offers more than 3,500 digital clothing and accessory items designed by both DressX and external brands, which customers can wear on avatars in virtual worlds such as Decentraland and Ready Player Me, as well as in AR, photo dressing, and video calls.
“Digital fashion is something we have become extremely excited about as a firm,” Jascha Samadi, founding partner at Greenfield, said in a statement.
“There is a huge design space and a new paradigm emerging around the question, 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.”
As the digital fashion trend gains traction, DressX is at the forefront of shaping and driving change in this space. It has partnered with several leading tech and fashion companies, such as Meta, Roblox, Snapchat, Google, Coca-Cola, and Farfetch, to expand its market reach. According to market forecasts, the digital fashion industry is expected to become a US $ 50 billion market by 2030.
The raised funds will enable DressX to expand its vision for the future of fashion, enhance the interoperability of its digital fashion assets, and upgrade the performance of its app and non-fungible-token (NFT) marketplace.
In addition, DressX aims to increase its community outreach and collaborate with social media, gaming, and other virtual platforms to maintain its position as the leading provider of digital fashion in the Metaverse.
Furthermore, DressX is a female-led and female-founded company headquartered in Los Angeles, USA. Its impressive track record has earned it recognition, as it was named a finalist for the LVMH Innovation Award 2022 in the category of 3D/Virtual Product Experience and Metaverse. Although the industry is still in its early stages, DressX is poised for continued growth and success as it revolutionises the way people interact with fashion in the digital realm.
