The £15 million (approximately $19 million) funding will further solidify Drest’s premium fashion gaming experience position and allow the company to capitalize on its impressive momentum. Since its launch in 2019, Drest has achieved remarkable user growth of 250% year-on-year, raising a total of £30 million (approximately $38 million). The company boasts partnerships with over 260 renowned brands, such as Breitling, Cartier, Fendi, Gucci, Prada, and Valentino.
Drest merges the worlds of luxury fashion, beauty, and lifestyle with the limitless possibilities of the metaverse. The game allows players to showcase their styling talents. With its in-game challenges, Drest is a platform for user-generated content. It offers players a seamless experience to discover, style, and shop the latest collections from various brands, including FARFETCH. By combining gamification with brand marketing and partnership opportunities, Drest provides stakeholders access to highly-engaged audiences.
The recent funding round was led by the family office of Graham Edwards, Co-Founder and Co-Chair of Drest. Mr. Edwards, renowned for his expertise in investment and technology, recognized the potential of DREST from its early stages of ideation. Co-Chair Lucy Yeomans brings extensive experience as the former Global Content Director for NET-A-PORTER and Editor-in-Chief of Harper’s Bazaar UK.
The capital raised will fuel Drest’s gaming, media, data, and e-commerce expansion. The company plans to launch an enhanced metaverse-enabled version of its current product globally, offering a unique experience in fashion, entertainment, and lifestyle gamification. The company also intends to explore the development of other games in the Web3 and lifestyle sectors, with a focus on research and development over the next 18 months.
The recent appointment of Henri Holm as Chief Financial Officer adds to Drest’s expertise in gaming and Web3. Holm brings extensive experience working with privately funded, venture capital-funded, and publicly listed companies, contributing to finance, business development, and digital strategy creation.