Web3 Fashion House mmERCH Secures $6.4m in Seed Investment Ahead of Innaugural Collection
Blockchain-enabled Web3 fashion startup mmERCH announced its $6.4 million seed funding round at a $25.7 million post-money valuation led by Liberty City Ventures Thursday, a major step forward for the Colby Mugrabi-led fashion house.
According to a Thursday press release from mmERCH, funding from the round “will be used to invest in the brand’s proprietary technology stack, expand the engineering team, and invest in subsequent collections, all with the intention to create a modern brand and platform.”
The raise drew backing from influential figures across several sectors, including Paxos CEO and co-founder Charles Cascarilla, renowned fashion designer Tory Burch, model and entrepreneur Karlie Kloss, Web3 investor Mike Jacobellis, leading Web3 fashion group Red DAO, and investor Daniel Maegaard (Seedphrase).
6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO all participated in the funding round, while world-renowned law firm Dentons served as an advisor.
Founded by Colby Mugrabi in late 2023, the non-fungible fashion brand prides itself on its “one-of-a-kind” approach to fashion called “neo-culture,” wherein each design is created specifically for the unique wearer.
if you've been wondering "what are these mmERCH hoodies I keep seeing on my TL or IRL?"
well, these are from our [ARTIST PROTOTYPE] series and were gifts to some of our earliest supporters, advisors, and people we’ve met along the way. 40 designs pulled from the original 1000… pic.twitter.com/6iRE9UUrkq
— mmERCH (@mmERCH) March 11, 2024
“We are thrilled to have such a caliber of investors – all of whom are true visionaries across fashion and Web3,” Founder and CEO of mmERCH, Colby Mugrabi, said of the brand’s latest funding round.
“This investment marks a
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