Virtual fashion brand and platform DressX wins $15 million

The company has emerged as a top player in digital fashion since its launch in 2020.

Greenfield Capital, a Berlin-based fund focused primarily on crypto startups, led the round, with participation from Slow Ventures, Warner Music, The Artemis Fund, Red DAO, and more.

“Digital fashion is something we have become very passionate about as a company,” said Jascha Samadi, co-founder at Greenfield, in a statement. “We are very excited to see how this space evolves over the next five to 10 years, and we believe DRESSX will be at the forefront of shaping and driving change.”

DressX releases its own products and items by other designers as AR filters, in-game skins and NFTs. She has collaborated with fashion brands including American Eagle, Dundas, and Bershka and sells products on her own website as well as overseas marketplaces such as those run by Meta and Zepeto.

The company said it will use the funds to improve the performance of its application and the NFT marketplace, ensuring its products work across the digital environments in which they appear and helping them continue to grow.

“We are eager to continue building and expanding DRESSX’s vision for the future and implementing new features and use cases for digital fashion with the support of Greenfield,” said Daria Shapovalova, DressX co-founder and CEO, in a statement.

While digital assets currently represent a niche market, spending on digital items can grow as consumers become more familiar with them, according to a 2021 report from BoF Insights. Nearly 70 percent of American consumers surveyed considered their digital identity important and nearly 50 percent were interested in purchasing a digital asset in the next 12 months. Many have purchased skins or items in video games to feel more immersed or to express themselves.

Learn more:

Report Opportunities in Digital Fashion and Avatars | BoF Insights

Read the latest BoF Insights report for a BoF perspective on the rise of the metaverse and the future of digital assets, as well as a guide on how to develop a data-driven strategy.