DRESSX $15M Series A To Be Deployed Towards Interoperability Of Digital Assets

Fashion driven tech outfit DRESSX has announced a Series A raise of $15 million led by Greenfield with participants including Slow Ventures, Warner Music, The Artemis Fund, Red Dao.

The funds raised will be deployed with a focus on the interoperability of its digital fashion assets, improving the performance of the DRESSX app and NFT marketplace, growing the community, and further partnerships with social and gaming platforms across both traditional media and and the metaverse.

“There is a new paradigm emerging around the question of what we are wearing within the metaverse,” said Jascha Samadi, Founding Partner at Greenfield in a statement. “We believe DRESSX will be at the forefront of shaping and driving change.”

Notably, 60% of Gen Z and 62% of Millennials in the US believe that the way they present themselves online is more important than how they present themselves in person.

Greenfield Capital is a European crypto-native investment firm. In 2o21 it initiated its dedicated III. crypto fund, which at (€135m), stands at the largest in Europe to date and also includes digital fashion outfit The Fabricant.

Goal, said Daria Shapovalova, CEO and co-founder of DRESSX via email, is “building DRESSX as an ultimate destination for creators, brands, and consumers.”

“We are excited to continue improving our technology, expand DRESSX’s presence on the fashion and web3 scenes, and introduce new utilities for digital wearables using augmented reality, machine learning and blockchain,” added COO and co-founder Natalia Modenova.

Since its launch in August 2020, DRESSX has become the largest platform for digital-only fashion , with over 3500 digital items — designed both in house and by external brands — available on the website and DRESSX app. These can be worn in AR, social media, video calls, and on avatars in Decentraland and Ready Player Me.

Interoperability with AR platform Snapchat is soon to launch and garments are also sold on external marketplaces in virtual worlds such as Roblox, Zepeto and in Meta (Facebook, Instagram, WhatsApp and Horizon Worlds).

Female-led and female-founded company DRESSX was one of the finalists of LVMH Innovation Award 2022 in the category 3D/Virtual Product Experience & Metaverse.

Most recently DRESSX partnered with Dundas World during Paris Fashion Week creating and AR version of the show’s opening look which could be worn virtually before it had even walked the runway.

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Source: https://www.forbes.com/sites/stephaniehirschmiller/2023/03/14/dressx-series-a-funding-round-raises-15-million/