London-based online marketplace Cult Mia, which connects consumers with sustainable and independent designers from around the world, has secured €4.6 million in seed funding to expand its operations internationally, primarily focusing on the Middle East.
- Founded in 2019 by Nina Briance, Cult Mia is an online fashion marketplace that connects consumers with sustainable and independent designers worldwide.
- Cult Mia's platform offers access to unique, limited-edition fashion, ensuring that all products reflect the values that matter to consumers. With a diverse selection spanning 32 product categories, Cult Mia has onboarded over 500 brands from more than 42 countries.
- Since its launch, Cult Mia has achieved consistent triple-digit growth. This recent funding round comes on the heels of a highly successful summer, with Q3 2024 sales surpassing 200% growth compared to 2023, all while operating at three times the efficiency of its marketplace competitors.
Details of the deal
- The fresh seed round was supported by H&M Group Ventures, the venture investment arm of H&M Group, which invests globally in entrepreneur-led companies at both seed and growth stages. The firm focuses on sustainable fashion, new retail, and enablers and services, offering both capital and expertise to support these ventures.
- The round also saw support from New York-based Morgan Stanley, London-based VC Fuel Ventures, and David Wertheimer.
- With the capital raised, Cult Mia plans to accelerate its expansion into new markets, strategically targeting the US and the Middle East, which has rapidly become the platform's second-largest market, achieving over 400% year-on-year growth in Q3 2024.
