Today, the blockchain-enabled Web3 fashion start-up, mmERCH, announces a $6.4 million seed funding round at a $25.7 million post-money valuation led by Liberty City Ventures, with participation from 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO.
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Founder and CEO of mmERCH, Colby Mugrabi (Photo: Business Wire)
Revealed in late 2023 by Founder and CEO Colby Mugrabi, mmERCH is supported by a hand-picked team of founders, creators, collectors, curators, artists, academics, and authors. This fundraise announcement comes as mmERCH is set to release their inaugural collection in April 2024. The brand targets a growing community of individuals at the intersection of art, fashion, and technology – leveraging generative design to create collections of singular pieces or what mmERCH calls ‘neo-couture.’ The brand is driven by a commitment to expertly curated collections brought to life with a playful spirit, a digital link, a range of benefits both virtual and physical, and a distinctive artistic lens.
The funding round attracted 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, as well as leading Web3 fashion consortium, Red DAO, among others.
Speaking on the raise, Founder and CEO of mmERCH, Colby Mugrabi, said “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.”
mmERCH’s first collection signals the company’s commitment to shaking up the fashion industry, incorporating non-traditional elements such as Artificial Intelligence (AI) and blockchain technology to offer one-of-a-kind clothing that fosters self-expression while connecting a community through a range of soon-to-be-announced experiences. Each item is created using generative algorithms and is accompanied by a non-fungible physical garment, uniquely tied to its digital twin on the blockchain. This blockchain integration also verifies the authenticity and scarcity of each product.
Speaking on the raise, Emil Woods and Murtaza Akbar, founding partners at Liberty City Ventures, said “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.”
The funding 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 that is redefining the what, why, and how of fashion.
World leading law firm, Dentons, advised on the transaction.
For more information, visit www.mmERCH.xyz.
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