Digital fashion company, DressX, has secured $15 million in funding to build its digital prowess and revamp its platform.
The funding round was led by Greenfield and saw participation from Warner Music, Red Dao, Slow Ventures, The Artemis Fund, as well as other investors.
With the funding under its belt, DressX aims to scale its vision for fashion’s future, ensure digital fashion assets’ interoperability, and enhance the performance of its app and non-fungible-token (NFT) marketplace. Additionally, the company plans to grow its community and partner with social media, gaming, and virtual platforms to become the go-to provider for digital fashion in the metaverse.
Since being founded in August 2020, DressX has created and sold digital clothing and accessories, building a catalog of over 3,500 digital items available via the DressX library on its website and app. Buyers today can use these items in augmented reality, photo dressing, video calls, and on avatars in Decentraland and Ready Player Me. The garments are also available on external marketplaces in virtual worlds such as Roblox, Meta (Facebook, Instagram, WhatsApp, and Horizon Worlds), and Zepeto, and will soon come to Snapchat.
The digital fashion market is projected to be valued at $50 billion by 2030, with the gaming industry already indicating the potential for brands and designers. For example, in 2022 alone, Roblox, a Web2 virtual world with over 50 million daily active users (DAU), was recorded to have over 11.5 million creators who designed over 62 million virtual clothing and accessory items.
The company has already partnered with various tech, fashion, and lifestyle companies, including Meta, Roblox, Snapchat, Google, Coca-Cola, and Farfetch. The company was also named a finalist of the LVMH Innovation Award 2022 in the 3D/Virtual Product Experience & Metaverse category.
DressX is a female-led and female-founded company based in Los Angeles, with all founding team members having extensive fashion and tech experience.
Photo credit: DressX
