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.
mmERCH Attracts an Assortment of High-Profile Investors
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.
mmERCH Creates One-Of-A-Kind Fashion Designs on the Blockchain
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 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,” she said. “With this latest funding, we’re excited to expand operations and redefine the future of fashion, where individuality, creativity, and community flourish without compromise.”
The fashion startup is set to debut its inaugural collection next month featuring pieces developed utilizing generative algorithms and artificial intelligence (AI). Each garment comes with a non-fungible physical copy linked to its “digital twin” through blockchain technology, which will also serve to verify the piece’s authenticity.
Own Your Style: mmERCH’s Web3 Fashion Experience
mmERCH is the latest brainchild from Mugrabi, who previously launched digital digest and creative hub Minnie Muse in 2017. She currently serves on NYU Gallatin’s Dean’s Council, guest lectures at the Parsons’ School of Design, and is a contributing writer for Air Mail and W Magazine.
“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,” said Emil Woods and Murtaza Akbar, founding partners at Liberty City Ventures.
“The fusion of AI and blockchain technology in fashion presents an exciting frontier,” she said. “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.”