mmERCH, a Web3 fashion startup utilising blockchain technology, has announced a $6.4 million seed funding round, valuing the company at $25.7 million post-money. Leading the investment is Liberty City Ventures, with contributions from 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO.
Launched in late 2023 by Founder and CEO Colby Mugrabi, mmERCH boasts a carefully selected team of founders, creators, collectors, curators, artists, academics, and authors. This funding milestone coincides with the upcoming debut of mmERCH’s first collection in April 2024. The brand caters to a community at the intersection of art, fashion, and technology, harnessing generative design to craft unique collections known as ‘neo-couture.’ Embodying a dedication to expertly curated pieces infused with creativity, digital connectivity, a blend of virtual and physical benefits, and an artistic perspective.
The funding round attracted a diverse group of investors from various industries including business, fashion, technology, and crypto. Notable backers include Charles Cascarilla (CEO and co-founder of Paxos), Mike Jacobellis (Web3 investor), Daniel Maegaard (Seedphrase), Karlie Kloss (entrepreneur and model), Tory Burch (luxury fashion designer and philanthropist), and the Web3 fashion consortium Red DAO.
Founder and CEO Colby Mugrabi expressed excitement about the high-calibre investors supporting mmERCH’s vision of ‘neo-couture,’ emphasising the creation of products with both digital and physical utility. This investment enables the company to expand operations and revolutionise the fashion landscape by fostering individuality, creativity, and community.
mmERCH’s inaugural collection signifies an Artificial Intelligence (AI) and blockchain technology to offer exclusive clothing items that encourage self-expression and community engagement through upcoming experiences. Each item is generated using algorithms and is paired with a non-fungible physical garment linked to its digital counterpart on the blockchain, ensuring authenticity and scarcity verification.
Liberty City Ventures’ founding partners, Emil Woods and Murtaza Akbar, expressed their enthusiasm for leading the seed funding round, praising Colby Mugrabi’s leadership and the company’s fusion of AI and blockchain in fashion. The investment will fuel the development of proprietary technology, expansion of the engineering team, and creation of future collections to establish mmERCH as a brand redefining the essence of fashion in the digital age.
