With the spread of digitalization, many industries now have a digital presence. One of them is fashion tech firm DressX, which announced that it raised $15 million in a Series A funding round led by Greenfield.
DressX Announces Raising $15 million in Series A Funding
Other investors in the round included The Artemis Fund, Warner Music, Slow Ventures, and Red Dao. The funding will be utilized in part to enhance the operation of its app and NFT marketplace, as well as the interoperability of its digital fashion assets. In addition, DressX considered incorporating on-chain fashion when it was founded in 2020 but ultimately concluded it was too early.
“The concept of digital fashion was already ground-breaking and not easy for everyone. Adding another layer of difficulty and complexity here would definitely not help it take off.”
Natalia Modenova, Co-founder of DressX
On the other hand, the company did not stop its digital activities and continued its off-chain presence on platforms such as Roblox and Instagram. While this was happening, it continued to work and introduced more than 250k people to their app, where they could access a digital closet.
Introduction to Web3
As the popularity of digital fashion increased, the company noticed an audience emerging that understood web3 and started to delve deeper into NFTs. The company launched its marketplace in March of last year and formed a partnership with the exchange Crypto.com, which included an NFT drop of the Super Bowl outfits created by the clothing label Dundas for singer Mary J. Blige.
The DressX app and the metaverse games Ready Player Me and Decentraland both support the use of NFTs purchased through its marketplace. Moreover, NFTs can be worn digitally in augmented reality.
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