DressX raises $15 million for digital fashion

Connect with the top leaders in gaming in Los Angeles during GamesBeat Summit 2023 on May 22-23. Register here.

DressX has raised $15 million for its mission to revolutionize fashion through digital technology.

Greenfield led the round with participation from Slow Ventures, Warner Music, The Artemis Fund, Red Dao and other investors.

Funds raised will help the company evolve its vision for the future of fashion, ensure the interoperability of digital fashion assets offered by DressX, and improve the performance of the DressX app and marketplace. non-fungible tokens (NFT).

It also hopes to grow the community and partner with social media, games, and other virtual platforms to continue to be the leading digital fashion provider in the metaverse.

GamesBeat Summit 2023

Join the GamesBeat community in Los Angeles on May 22-23. You'll hear from the brightest minds in the gaming industry to share their updates on the latest developments.

Since launching in August 2020, the company has grown into a platform for digital-only fashion apparel, with over 3,500 digital items available in the DressX Library on the DressX website and app. The fashion technology company sells digital clothing and accessories designed by DressX and external brands. Buyers can wear the clothes in AR, Photo Outfit, Video Calls, and Avatars in Decentraland and Ready Player Me.

The clothes are also sold in external markets in virtual worlds such as Roblox, Zepeto and in Meta (Facebook, Instagram, WhatsApp and Horizon Worlds) and soon Snapchat, where buyers can wear the clothes on their avatars.< /p>

Avatars represent visual digital identities and are an extension of self-expression and are increasingly important for the next generation. According to a survey, 60% of Gen Z and 62% of Millennials in the United States believe that how they present themselves online is more important than how they present themselves in person.

According to Barclay Card research, nearly 10% of all UK shoppers buy clothes for the sole purpose of posting stylish photos on social media before returning them; a trend that plays into the hand of digital fashion, according to experts. If the sole purpose of purchasing the physical item is usefulness in a virtual environment, why not purchase a virtual item instead?

Fashion brands have started to recognize the opportunity, which Morgan Stanley says will represent a $50 billion market by 2030, with the gaming industry already a great indication of the potential of brands and designers.

Roblox, a web2 virtual world with over 50 million daily active users (DAUs), is a good example: in 2022 alone, over 11.5 million creators built over 62 million virtual clothes and accessories on Roblox. According to the Roblox study, this means that at least 200 times more designers design clothing and accessories on Roblox than the estimated number of fashion designers creating physical collections in the United States.

“Digital fashion is something we are passionate about as a company,” Jascha Samadi, founding partner of Greenfield, said in a statement. "There's a huge design space and a new paradigm emerging around the question, what we wear in the metaverse. Fashion has always been central to someone's identity and a way to express themselves. As we spend more and more time in virtual environments, this will also translate beyond the physical sphere and NFTs and blockchain technology will enable true digital ownership to elevate one's identity.We are 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."

Although the industry is still in its infancy, DressX has partnered with many leading technology, fashion and lifestyle companies, including Meta, Roblox, Snapchat, Google, Coca-Cola, Farfetch and many more. The company was named one of the finalists for the LVMH Innovation Award 2022 in the 3D/Virtual Product Experience & Metaverse category.

"We look forward to continuing to build and evolve DressX's vision for...