London-based Cult Mia secures €2.8 million in seed funding. Lead investors in the round included Fuel Ventures, Morgan Stanley (the Morgan Stanley Inclusive Ventures Lab picked Cult Mia as one of the nine EMEA businesses for this year’s cohort from a global pool of more than 7,900 businesses), WomanKind Ventures (which supports outstanding women-led startups), and renowned luxury fashion investor David Wertheimer (funding the new era of luxury), among others.
Nina Briance, Founder and CEO of Cult Mia said, “We’re incredibly excited to have received this investment. This backing points to the future of online luxury platforms lying with distinctive, curated, values-driven fashion. I believe that we have found the leading strategic partners in our space: deep marketplace scaling expertise, unique financial sponsorship and support from the most reputable institutions, and backing from fashion royalty. I’m humbled by this investor line-up and truly energised for the next stages of Cult Mia’s growth journey,”.
With the investment, the firm hopes to improve automation of its platform technology, boost customer acquisition and retention rates, and grow its core workforce to accommodate new product and service verticals that will launch in 2024.
Tech-related intellectual property (IP) owned by Cult Mia has been and will remain a major priority in order to keep the platform well ahead of the competition for brands and consumers by ensuring sustainability while delivering products to market faster than fast fashion.
Placing Cult Mia beside its seasoned marketplace counterparts, the platform earns more than twice as much per order as its rivals.
A Cult Mia uses the Farfetch marketplace model, which gives it flexibility in curation and eliminates inventory risk, but it also enjoys margins that are exclusive to wholesale merchants like Net-A-Porter.
By combining the finest aspects of both sectors, the platform has developed a unique business model that investors grabbed at the chance to support, even under unfavourable fundraising conditions. This led to an oversubscribed seed round in October.
Sanghamitra Karra, Managing Director and EMEA Head of the Morgan Stanley Inclusive Ventures Group said, “We have been impressed by Cult Mia’s attractive platform, providing a high-quality experience to customers from over 42 countries. Cult Mia has built an impressive footprint of over 320 independent brands and partnered with eminent fashion authorities in its first few years. Nina and the team bring a dynamic, values-driven approach to the business and have grown Cult Mia impressively since its founding in 2019,”.
Andrea Sommer, Co-Founder and Investment Lead, Womankind Ventures said,
“We are delighted to have selected Cult Mia as the first investment made by Womankind Ventures. Nina and Cult Mia embody the exact level of robustness we look for; a perfect blend of experience and expertise in the founder expressed in a well designed and executed, high-performing business. Cult Mia is primed for explosive growth and we are thrilled to be a part of this journey,”.
About Cult Mia
In its first four years of operation, Cult Mia, founded in October 2019 by female entrepreneur Nina Briance, has created an unparalleled marketplace model. Cult Mia has set itself up for success with an unmatched gross margin in the top 1% of the sector, a return rate 16% lower than usual, and a 31% more efficient client acquisition cost than competitors.