London-based online marketplace, Cult Mia, has raised £ 2.5 million in seed funding to ‘supercharge its growth’
The sustainable and conscious luxury fashion marketplace has one of the industry’s highest gross margins, at 1 per cent. The company’s client acquisition cost is 31 per cent which is more efficient than that of its competitors in the market, and its return rate is 16 per cent lower than the industry average.
Cult Mia, founded in 2019 by entrepreneur Nina Briance, has agility in its curation and doesn’t face inventory risk following the Farfetch marketplace model.
Mark Pearson, Founder & Managing Partner at Fuel Ventures, commented, “Cult Mia’s long-term vision and focus on long-term relationships, both with the platform’s brands and customers, excites us and speaks to our experience working with marketplaces previously.”
Sanghamitra Karra, Managing Director and EMEA Head of the Morgan Stanley Inclusive Ventures Group, added, “We have been impressed by Cult Mia’s attractive platform, providing a high-quality experience to customers from over 42 countries.”
