Home Fashion A Web3 fashion firm called mmERCH has raised $6.4 million in seed...

A Web3 fashion firm called mmERCH has raised $6.4 million in seed money.

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Fashion Technology

A $6.4 million seed fundraising round has been disclosed by mmERCH, a Web3 fashion firm that uses blockchain technology. The company is valued at $25.7 million post-money. Christie’s Ventures, Flamingo DAO, Christie’s Holdings LLC, and Liberty City Ventures are the investors leading the venture.

Colby Mugrabi, the company’s founder and CEO, launched mmERCH in late 2023. Its staff of producers, collectors, curators, artists, scholars, and writers was meticulously chosen. The first collection by mmERCH will launch in April 2024, which also happens to be the date of this financial milestone. The brand uses generative design to create distinctive collections known as “neo-couture,” appealing to a community at the nexus of art, fashion, and technology. embodying a commitment to thoughtfully chosen items that are full of inventiveness, digital connectedness, a fusion of tangible and virtual advantages, and an aesthetic viewpoint.

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Investors from a variety of areas, including business, fashion, technology, and cryptocurrency, were drawn to the investment round. Distinguished supporters encompass Charles Cascarilla, the CEO and co-founder of Paxos; Mike Jacobellis, a Web3 investor; Daniel Maegaard, Seedphrase; model and entrepreneur Karlie Kloss; philanthropist and luxury fashion designer Tory Burch; and the Web3 fashion consortium Red DAO.

Colby Mugrabi, the founder and CEO of mmERCH, stated his pleasure about the exclusive group of investors endorsing the company’s “neo-couture” concept, which emphasizes the development of goods with both tangible and digital utility. With the support of this funding, the company may grow and transform the fashion industry by promoting uniqueness, creativity, and community.

mmERCH’s first collection represents the use of blockchain technology and artificial intelligence (AI) to provide high-end apparel products that promote community involvement and self-expression through future experiences. To ensure authenticity and verify scarcity, each item is created using algorithms and matched with a physical, non-fungible garment that is connected to its digital counterpart on the blockchain.

Liberty City Ventures’ founding partners, Emil Woods and Murtaza Akbar, expressed their enthusiasm for leading the seed funding round, praising Colby Mugrabi’s leadership and the company’s fusion of AI and blockchain in fashion. The investment will fuel the development of proprietary technology, expansion of the engineering team, and creation of future collections to establish mmERCH as a brand redefining the essence of fashion in the digital age.

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