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DressX Announces Additional Fundraise – WWD

Digital trend start-up DressX has closed an extra fundraise, bringing the corporate to a complete of $3.3 million in enterprise funding.

After asserting its final spherical in July, co-led by the Artemis Fund and Alpha Edison, this extra $1 million in funding comes from companions within the trend, tech and blockchain industries.

Launched in August 2020, DressX is a retail platform for digital-only garments, that includes greater than 1,000 inventory protecting models by 100 designers together with Patrick McDowell, Gary James McQueen and the Fabricant and Paskal, in addition to DressX non-public label items resembling sweatshirts and blazers with galactic art work impressed by SpaceX and NASA.

The company gives digital clothes that may be digitally worn by its customers of their photographs and movies — to be shared throughout varied digital platforms — offering a extra eco-friendly different to buying bodily clothes.

On its web site and app, bought digital seems to be might be custom-fitted by DressX engineers to a digital photograph in 24 hours. DressX additionally gives a subscription mannequin.

“We’re are thrilled to put money into DressX. It’s a revolutionary start-up, and we’re satisfied that it’s going to not solely create a brand new motion within the trend business however will play an amazing position in making the world extra sustainable,” mentioned Jaroslawa Z. Johnson, president and CEO of Western NIS Enterprise Fund, the fund behind U.Ventures, one of many new buyers who participated within the new funding spherical.

“We’re proud to companion with The Artemis Fund, Alpha Edison and all our buyers to scale the corporate. Extraordinarily pleased with the truth that we obtained an extra follow-up funding from U.Ventures and different strategic buyers from varied industries. Digital trend business is shifting quick and it’s nice to see that increasingly more stakeholders consider on this new area that’s already altering the style business at a scale. Every single day, we’re getting nearer to our goal of promoting 1 billion digital trend gadgets,” mentioned CEO and cofounder of DressX Daria Shapovalova.

U.Ventures is a enterprise capital fund established in 2017 to help start-up expertise in Ukraine and Moldova. U.Ventures investments, alongside the remainder of WNISEF’s portfolio, are managed by Horizon Capital, a regional development fairness agency with greater than $1.1 billion in belongings.

Primarily based in L.A., DressX was launched by cofounders Natalia Modenova and Shapovalova who got here to the sector with 15 years of expertise operating trend showrooms and occasions in Europe, together with Kiev Trend Days.

In August 2021, DressX entered a partnership with NFT (non-fungible token) market Crypto.com, to ascertain a a brand new distribution channel to launch limited-edition types to members of the positioning by way of a devoted digital storefront.

“We need to make trend reasonably priced, inclusive and obtainable to everybody,” she mentioned, predicting that digital trend will sooner or later be a $1 billion business. “You possibly can put on one outfit on Google Meet, in a TikTok video and in gaming — we simply have to create that hyperlink and DressX is right here to navigate how the style of future will look in all types of multiverses.”

https://wwd.com/fashion-news/fashion-scoops/dressx-announces-additional-fundraise-1234942229/ | DressX Declares Further Fundraise – WWD

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