Blockchain Web3 fashion startup mmERCH announced securing $6.4 million in seed funding, achieving a $25.7 million post-money valuation, with Liberty City Ventures leading the round. Additional backers include 6529 Holdings LLC, Christie’s Ventures, and Flamingo DAO. Launched by Colby Mugrabi in late 2023, mmERCH gears up for its inaugural collection release in April 2024. The firm targets the intersection of art, fashion, and technology, aiming to redefine fashion with its unique, blockchain-verified collections.
mmERCH attracted a diverse pool of investors from business, fashion, technology, and crypto sectors:
- Charles Cascarilla, CEO and co-founder of Paxos.
- Web3 investor Mike Jacobellis.
- collector and investor Daniel Maegaard (Seedphrase).
- American entrepreneur and model Karlie Kloss.
- luxury fashion designer Tory Burch.
- Web3 fashion consortium, Red DAO.
“We’re thrilled to have such a caliber of investors – all of whom are true visionaries across fashion and Web3,” commented Founder and CEO of mmERCH, Colby Mugrabi. “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. 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 funding will be channeled into expanding mmERCH’s proprietary technology stack, enhancing its engineering team, and developing subsequent collections. This investment reflects a strategic step towards mmERCH’s ambition to launch ‘neo-couture’ collections that offer one-of-a-kind products with evolving digital and physical utility. The brand’s commitment is to foster individuality, creativity, and community through fashion pieces that combine AI and blockchain technology, ensuring authenticity and exclusivity.
“We are delighted to lead this seed funding round for mmERCH, founded and led by Colby Mugrabi,” said Emil Woods and Murtaza Akbar, founding Partners at Liberty City Ventures. “Colby is a visionary entrepreneur who has the drive, team, and resourcefulness to achieve great things. The fusion of AI and blockchain technology in fashion presents an exciting frontier. 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.”
