The popular online fashion store DressX has announced to generate $15 million from a series A funding round closed in February. The fashion company launched the funding round to generate a substantial amount necessary for the company to restructure and expand its core businesses. The leading crypto firm in Berlin Greenfield Capital led the successful funding round.Additionally, the funding round was supported by fast-growing digital firms, including Warner Music, Red DAO and Slow Ventures.
Purpose of the Funding Round
An official report from DressX key stakeholder Jascha Samadi revealed that the company had achieved remarkable achievement in the fashion sector since 2021. Samadi was pleased to announce that DressX will continue developing cutting-edge solutions in the fashion industry to to cope with the ever-evolving digital market.
Beyond this, DressX has utilized emerging technologies such as augmented reality and non-fungible token (NFT) technologies to develop unique products that meet the market demand. The attempt to boost the brand value has inspired DressX to collaborate with the best-performing global brands, including Dundas, Bershka and American Eagle. Besides the partnership, the company has invested in promoting its products using the Meta and Zepeto digital platforms.
DressX’s Next Move
A subsequent report from the DressX management revealed that the funds generated from the seed round would be utilized to improve the firm’s online presence by integrating revolutionary features to build a responsive online application. Also, the fashion company plans to strengthen its geographic presence by developing non-fungible tokens (NFT) that will attract a larger audience.
The report stated that the DressX dedicated team would work closely with the Greenfield team to develop additional features that meet the market demand. In support of this, DressX chief executive Daria Shapovalova argued that the company plans to create a unique digital fashion platform. Shapovalova’s statement was based on a recent study conducted by BoF Insight, which argued that adopting the crypto asset technology will bridge the existing gap in the fashion industry.
Besides BoF analysis, other market analysts stated that 50% of US consumers had demonstrated interest in purchasing digital assets in the previous trading year. The analyst also revealed that most digital assets purchased include video games.