DressX, a digital fashion retailer, has raised $15 million in Series A funding led by Greenfield Capital, a European crypto investment firm. Other investors include Warner Music Group, Slow Ventures, Red Dao, and The Artemis Fund. DressX offers more than 3,500 digital clothing and accessory items, which customers can wear on avatars in virtual worlds like Ready Player Me and Decentraland, as well as in AR, photo dressing, and video calls.
A new paradigm for fashion
Jascha Samadi, Founding Partner at Greenfield Capital, said the company is excited about digital fashion. The space is growing, and there is a new paradigm emerging regarding what we wear in the metaverse. Samadi added that fashion has always been a core part of one’s identity and a way to express oneself. As we spend more and more time in virtual environments, this will extend beyond the physical sphere, and NFTs and blockchain technology will enable true digital ownership to elevate one’s identity.
DressX at the forefront of shaping and driving change in the digital fashion space
DressX is a leader in the digital fashion space and has partnered with leading tech and fashion companies like Google, Snapchat, Coca-Cola, Farfetch, Roblox, and Meta to expand its market reach. According to market forecasts, the digital fashion industry is expected to reach $50 billion by 2030. The raised funds will enable DressX to enhance the interoperability of its digital fashion assets, expand its vision for the future of fashion, and upgrade the performance of its app and non-fungible-token (NFT) marketplace.
DressX also plans to collaborate with social media, gaming, and other virtual platforms to increase community outreach and maintain its position as the leading provider of digital fashion in the Metaverse. Furthermore, DressX is a female-led and female-founded company. It was found by Ukrainians Daria Shapovalova and Natalia Modenova. Headquartered is in Los Angeles, USA. Company was named a finalist for the LVMH Innovation Award 2022 in the category of 3D/Virtual Product Experience and Metaverse. The industry is still in its early stages, but DressX is poised for continued growth and success as the way people interact with fashion in the digital sphere revolutionizes.
