Cult Mia has successfully raised its seed funding to £4.5m, strengthening its position in the luxury retail market.
- The UK-based platform closed its initial seed funding at £2.5m in November 2023 and has now completed an extension round.
- Cult Mia was founded by Nina Briance, a former investment banker, in 2019, and it stocks 1,440 brands from 42 countries.
- Investors in this round include H&M Group Ventures, Morgan Stanley, Fuel Ventures, and David Wertheimer.
- The additional capital will support Cult Mia’s expansion plans, especially in high-growth markets like the US and Middle East.
Cult Mia, an award-winning online marketplace for independent luxury fashion, has announced the successful completion of its latest seed funding round, bringing the total to £4.5 million. Initially closing with £2.5 million in November 2023, this extension marks a significant achievement for the platform.
Founded by former investment banker Nina Briance in 2019, Cult Mia offers a curated selection of 1,440 brands spanning 42 countries. The platform has quickly established itself as a vital hub for luxury fashion enthusiasts seeking unique and diverse designs.
Nina Briance expressed enthusiasm at the continued support from investors, stating, “We’re thrilled to receive this continued vote of confidence from such an esteemed group of investors.” She highlighted Cult Mia’s rapid growth and the loyalty from customers and brand partners as key drivers in their journey.
This funding round saw contributions from notable investors including H&M Group Ventures, Morgan Stanley, Fuel Ventures, and David Wertheimer. This financial injection is expected to accelerate Cult Mia’s ambitious global expansion, targeting high-potential markets such as the United States and the Middle East.
Nanna Andersen, head of new growth and ventures at H&M Group, reaffirmed the investment group’s confidence, stating, “We are delighted to invest in Cult Mia on their mission to launch independent and diverse designers from around the world.” With this solid backing, Cult Mia is poised to enhance its unique, values-driven shopping experience.
Cult Mia’s successful funding extension underscores its growing influence in the independent luxury fashion sector.
