The Fabricant raises $14 million in series A funding round
The Fabricant has raised $14 million in a series A funding round lead by a consortium of investors, as the digital fashion house looks to expand its initiative to build the “wardrobe of the metaverse” through its co-creation and non-fungible token (NFT) platform, The Fabricant Studio.
The funding round was led by Greenfield One, with participation from Ashton Kutcher and Guy Oseary’s Sound Ventures, Red DAO and others, with previous investors 4impact, Slingshot Ventures and Borski Fund also making a contribution.
The funds will be used to further establish The Fabricant Studio, an online platform that allows users to "become a digital fashion creator and participate in the digital fashion economy," said the company, adding that by 2025, 100 million people will be metaverse-ready by wearing digital garments minted in The Fabricant Studio.
“Everyday users become creators using The Fabricant Studio, which allows users to craft high-end digital fashion NFTs in collaboration with their favorite brands,” said Maaria Bajwa, investor at Sound Ventures.
"The Fabricant is building a very user-friendly end-to-end experience that obfuscates the complexities of blockchains, while still giving users all of the sovereignty + interoperability + distribution value that NFTs can offer. By being the first to tackle UGC (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.”
Founded in 2016, Netherlands-based The Fabricant started by creating 3D digital clothing designs with clients such as Adidas, before moving into the blockchain, NFT and metaverse space in the last couple of years, partnering with Vogue and Diesel for NFTs.
“The story behind digital fashion is in need of a new narrative. One that leaves toxic behaviors and waste behind and looks into the 21st century and beyond," said Amber Slooten, co-founder and creative director at The Fabricant.
"In the metaverse we get to create a new playing field where everyone can benefit and enjoy the love for self expression, and create an economy around it. We’ve designed the tools to help construct a new fashion industry, one in which we believe we will all thrive.”
Morgan Stanley recently estimated that by 2030, luxury goods in the metaverse could boast revenues of €50 billion ($60 billion).
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