Digital fashion house The Fabricant receives £10.7m in funding
Digital fashion house The Fabricant has raised £10.7 million in a Series A funding round to support and expand its mission to build the “wardrobe of the metaverse”.
Led by early-stage crypto and blockchain venture capital firm Greenfield One, other investors included Ex-CEO of Diesel Stefano Rosso and Ashton Kutcher's Sound Ventures.
The company's ultimate goal is to create a more equitable, creative and sustainable fashion industry by allowing anyone to create, trade, and wear digital-only garments. It estimates that by 2025, 100 million people will be metaverse-ready by wearing digital garments which are minted in their studio.
Amber Slooten, Co-founder and Creative Director at The Fabricant commented: “The story behind digital fashion is in need of a new narrative. One that leaves toxic behaviours and waste behind and looks into the 21st century and beyond."
Jascha Samadi, Partner of Greenfield One said: “Within virtual environments we are likely going to have multiple digital reflections of our physical self. The Fabricant Studio allows any creator to become their own fashion designer in the metaverse – paired with Web3 technology, digital fashion becomes unique, tradeable and accessible for the masses."
Maaria Bajwa, Investor at Sound Ventures added: “By being the first to tackle user generated content on the blockchain, The Fabricant is introducing entire new ecosystems to this community and showing them the power and value of NFTs for creators.”
In November 2021, The Fabricant joined forces with DressX and Google to launch a 12-piece limited edition digital fashion collection created by fashion creatives including model and writer Radam Ridwan.
Three years before, in November 2019, the digital fashion house gained a lot of attention when it sold the world's first digital-only dress on the blockchain for £7,500. The dress was digitally rendered onto a photograph of its buyer Mary Ren and used on her social media feed.