The company has established itself as one of the leading players in digital fashion since its launch in 2020.
Greenfield Capital, a Berlin-based fund that primarily focuses on early-stage crypto startups, led the round, with participation from Slow Ventures, Warner Music, The Artemis Fund, Red DAO and others.
“Digital fashion is something we are passionate about as a company,” Jascha Samadi, founding partner of Greenfield, said in a statement. “We are very excited to see how this space evolves over the next 5-10 years and believe DRESSX will be at the forefront of shaping and driving change.”
DressX launches its own products and other designers’ items in the form of augmented reality filters, skins in video games and NFTs. She has collaborated with fashion brands such as American Eagle, Dundas and Bershka and sells products on her own site as well as external marketplaces such as those run by Meta and Zepeto.
The company said it would use the funds to improve the performance of its app and NFT marketplace, ensure its products work in the digital environments they appear in, and help it continue to grow.
“We look forward to continuing to build and evolve the DRESSX vision for the future and implement new features and use cases for digital fashion with the support of Greenfield,” said Daria Shapovalova, co- founder and CEO of DressX, in a press release.
While digital assets currently represent a niche market, spending on digital items could increase as consumers become more familiar with them, a 2021 report from BoF Insights concluded. About 70% of US consumers surveyed considered their digital identity important and about 50% were interested in purchasing a digital asset within the next 12 months. Many had purchased skins or items in video games to feel more immersed or to express themselves.
Digital Fashion and Avatars Opportunity Report | BoF Insights
Read the latest BoF Insights report for BoF’s perspective on the rise of the metaverse and the future of digital assets, plus a playbook on how to develop a data-driven strategy.