Cult Mia has raised additional seed funding, reaching a total of £4.5m.
- The platform initially raised £2.5m in November 2023 and has now completed an extension round.
- Key investors include H&M Group Ventures, Morgan Stanley, and others.
- The funding aims to accelerate Cult Mia’s global expansion plans in the US and Middle East.
- Cult Mia is known for offering a curated, values-driven shopping experience.
The UK-based luxury retail platform, Cult Mia, continues to gain traction as a leading destination for independent luxury fashion. Following a successful extension of its seed funding round, the company has now secured a total of £4.5m. This represents an increase from the initial £2.5m raised in November 2023, underscoring the confidence investors have in the platform’s growth potential.
Cult Mia was established in 2019 by Nina Briance, a former investment banker, who envisioned a marketplace that champions unique, independent designers globally. Presently, the platform showcases 1,440 brands from 42 different countries. Briance expressed enthusiasm over the recent funding success, stating, “We’re thrilled to receive this continued vote of confidence from such an esteemed group of investors. Cult Mia’s rapid growth and the loyalty we’ve seen from our customers and brand partners alike reaffirm our belief in our platform’s potential to become the independent luxury fashion destination for the world.”
The company plans to utilize the new funds to accelerate its global expansion efforts, particularly in high-growth regions like the United States and the Middle East. This strategic move aligns with Cult Mia’s ambition to become a prominent player in the luxury fashion sector across diverse markets. Moreover, the funding will help enhance their commitment to offering a uniquely curated, values-driven shopping experience that differentiates them from conventional luxury platforms.
An important aspect of this funding round is the support from notable investors such as H&M Group Ventures, Morgan Stanley, Fuel Ventures, and David Wertheimer. Nanna Andersen, chief of new growth and ventures at H&M Group, remarked, “We are delighted to invest in Cult Mia on their mission to launch independent and diverse designers from around the world. We have been incredibly impressed by all that Cult Mia has achieved in such a short space of time.”
The additional seed funding positions Cult Mia for significant global growth and enhanced market presence.
