DressX, a revolutionary fashion tech company, is transforming the way we perceive and consume fashion has successfully raised $15 million in a Series A funding round led by European crypto investment firm Greenfield Capital. Other participants in the round included Slow Ventures, Warner Music Group, The Artemis Fund, and Red Dao.
Launched in August 2020, DressX has quickly become a platform for digital-only fashion clothes, offering more than 3,500 digital items in its library on both its website and app. By selling digital clothing and accessories designed by DressX and external brands, the company aims to reduce the excessive production of physical clothing and promote sustainability in the fashion industry.
The funds raised will be used to improve the DressX app and its non-fungible-token (NFT) marketplace, ensuring interoperability of its digital pieces and partnering with other virtual platforms, social media, and gaming. Since its launch in August 2020, DressX has become a platform for digital-only fashion clothes, with more than 3,500 digital items available in its library on the website and app. The company has also partnered with leading tech, fashion, and lifestyle companies such as Meta, Roblox, Snapchat, Google, Coca-Cola, and Farfetch.
As the fashion industry evolves, DressX is at the forefront of emerging trends. In 2023, some of the most popular style trends include oversized everything, corsets, sheer fabrics, cutouts, minidresses and skirts, and a Y2K revival. Maxi skirts, particularly those with low-rise, pocket-adorned silhouettes and floor-grazing jean skirts, are also gaining popularity. DressX's digital platform allows users to experiment with these trends in a virtual environment, reducing the need for physical production and consumption. DressX is poised to play a significant role in this new era of fashion, revolutionizing the way we create, wear, and experience clothing.
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DressX aims to address the issue of overproduction in the fashion industry by offering sustainable alternatives through digital fashion. The company believes that there are ways to produce less, produce more sustainably, or not produce at all while still sharing the beauty and excitement that physical fashion creates. With the growing importance of digital identities and self-expression in the metaverse, DressX is well-positioned to capitalize on the potential $50 billion market by 2030, as estimated by Morgan Stanley.
To achieve this vision, DressX utilizes YOONA Tech AI-based design software, which automates the design process, making it more sustainable and customer-centric. This unique solution allows for the creation of digital garments without the need for physical production, reducing waste and environmental impact. Furthermore, DressX donates 1% of the revenue from the sales of all digital garments to the No More initiative, further emphasizing their commitment to sustainability.
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As part of its growth strategy, DressX plans to expand its community and partner with social media, gaming, and other virtual platforms to continue being the main provider of digital fashion in the metaverse. The company's digital garments are already sold on external marketplaces in virtual worlds such as Roblox, Zepeto, Meta, and soon Snapchat, where buyers can wear the garments on their avatars.
DressX is changing the fashion landscape by offering digital-only clothing and promoting sustainability through innovative technology and design. By embracing emerging trends and adapting to the evolving needs of consumers, DressX is paving the way for a more responsible and environmentally conscious fashion industry.
