The company has emerged as a top player in digital fashion since its launch in 2020.
Greenfield Capital, a Berlin-based fund focused primarily on early-stage crypto start-ups, led the round, with participation from Slow Ventures, Warner Music, The Artemis Fund, Red DAO and others.
”Digital fashion is something we have become extremely excited about as a firm,” Jascha Samadi, founding partner at Greenfield, said in a release. “We are very excited to see how this space will evolve over the next 5-10 years and we believe DRESSX will be at the forefront of shaping and driving change.”
DressX releases its own products and items by other designers as augmented-reality filters, skins within video games and NFTs. It has collaborated with fashion brands including American Eagle, Dundas and Bershka and sells products on its own site as well as external marketplaces such as those run by Meta and Zepeto.
The company said it will use the funds to improve the performance of its app and NFT marketplace, ensure its products work across the digital environments in which they appear and to help it keep growing.
”We are eager to continue building and scaling the DRESSX vision for the future and implementing new features and use-cases for digital fashion with the support of Greenfield,” Daria Shapovalova, co-founder and chief executive of DressX, said in a statement.
While digital assets currently represent a niche market, spending on digital items could grow as consumers become more familiar with them, a 2021 report by BoF Insights concluded. Approximately 70 percent of US consumers surveyed considered their digital identity important and roughly 50 percent were interested in purchasing a digital asset in the next 12 months. Many had purchased skins or items in video games to feel more immersed or to express themselves.
Learn more:
The Opportunity in Digital Fashion and Avatars Report | BoF Insights
Read the latest BoF Insights report to get BoF’s perspective on the rise of the metaverse and the future of digital assets, plus a playbook for how to develop a data-driven strategy.
