mmERCH, a NYC-based blockchain-enabled Web3 fashion startup, raised $6.4m in seed funding round at a $25.7m post-money valuation.
The round was led by Liberty City Ventures, with participation from 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO, and a diverse array of investors from the world of business, fashion, technology and crypto, including CEO and co-founder of Paxos, Charles Cascarilla, Web3 investor, Mike Jacobellis, collector and investor, Daniel Maegaard (Seedphrase), American entrepreneur and model, Karlie Kloss, luxury fashion designer and philanthropist, Tory Burch, as well as Web3 fashion consortium, Red DAO, among others.
The company intends to use the funds to invest in the brand’s proprietary technology stack, expand the engineering team, and invest in subsequent collections.
Revealed in late 2023 by Founder and CEO Colby Mugrabi, mmERCH is supported by a hand-picked team of founders, creators, collectors, curators, artists, academics, and authors.
This fundraise announcement comes as the company is set to release their inaugural collection in April 2024. The brand targets a community of individuals at the intersection of art, fashion, and technology – leveraging generative design to create collections of singular pieces or what mmERCH calls ‘neo-couture.’
FinSMEs
14/03/2024