mmERCH: Blockchain-Enabled Web3 Fashion Company Secures $6.4 Million

13 views 4:07 am 0 Comments March 25, 2024

mmERCH, a blockchain-enabled Web3 fashion start-up, announced a $6.4 million seed funding round at a $25.7 million post-money valuation. This funding round was led by Liberty City Ventures, with participation from 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO.

This funding round also included support from a diverse array of investors from the world of business, fashion, technology and crypto, including CEO and co-founder of Paxos Charles Cascarilla; Web3 investor Mike Jacobellis; Collector and investor Daniel Maegaard (Seedphrase); American entrepreneur and model, Karlie Kloss; luxury fashion designer and philanthropist Tory Burch; and leading Web3 fashion consortium Red DAO among others. Launched in late 2023 by founder and CEO Colby Mugrabi, mmERCH is supported by a group of selected founders, creators, collectors, curators, artists, academics, and authors.

This funding round comes when mmERCH prepares to release its inaugural collection in April 2024.

The company targets individuals at the intersection of art, fashion, and technology who utilize generative design to create collections of singular pieces, or what mmERCH considers ‘neo-couture.’ The company is driven by a focus on expertly curated collections brought to life with a playful spirit, a digital link, and a range of virtual and physical benefits.

mmERCH’s first collection signals the company’s focus on shaking up the fashion industry, integrating non-traditional elements like AI and blockchain technology to offer one-of-a-kind clothing that fosters self-expression while also connecting a community through a range of soon-to-be-announced experiences. Each of the items are created using generative algorithms and is accompanied by a non-fungible physical garment, uniquely tied to a digital twin on the blockchain. This blockchain integration verifies the authenticity and scarcity of each product.

The funding 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 goal of creating create a modern brand and platform that is redefining the what, why, and how of fashion.

Leading law firm Dentons advised on the transaction.

KEY QUOTES:

“We are thrilled to have such a caliber of investors – all of whom are true visionaries across fashion and Web3. This investment marks a strong step towards realizing our vision of ‘neo-couture,’ offering collections of unique, one-of-a-kind products that have evolving digital and physical utility. With this latest funding, we’re excited to expand operations and redefine the future of fashion, where individuality, creativity, and community flourish without compromise.”

  • Founder and CEO of mmERCH Colby Mugrabi

“We are delighted to lead this seed funding round for mmERCH, founded and led by Colby Mugrabi. Colby is a visionary entrepreneur who has the drive, team, and resourcefulness to achieve great things. The fusion of AI and blockchain technology in fashion presents an exciting frontier. mmERCH is challenging convention in every aspect of the fashion industry, from ideation to supply chain to the customer experience. Their commitment to pushing boundaries and redefining the future of fashion aligns with our investment philosophy of supporting supply chain growth in web3.”

  • Emil Woods and Murtaza Akbar, founding partners at Liberty City Ventures