Cult Mia tops up seed funding to 5 million US dollars

UK-based luxury retail platform Cult Mia has raised an additional 2 million US dollars in its latest seed funding round with participation from H&M Group Ventures, Fuel Ventures and David Wertheimer.

The investment comes less than a year after Cult Mia raised 3 million US dollars in seed funding in a round led by Fuel Ventures with Morgan Stanley, David Wertheimer (from the Chanel family) and WomanKind Ventures.

The additional funding takes the London-based luxury fashion platform to 5 million US dollars in seed funding, which Cult Mia said would drive its rapid expansion into new markets, with a strategic emphasis on scaling operations in the Middle East. The region has organically evolved into Cult Mia’s second-largest market, delivering "remarkable" year-on-year growth.

Founded by Nina Briance in 2019, who is the company's chief executive, Cult Mia has reported consistent triple-digit growth since its launch. The new capital follows a “very successful summer period”, where third-quarter sales exceeded 200 percent growth versus 2023 while operating at three times the efficiency of its marketplace peers.

H&M Group Ventures invests in Cult Mia

On the new funding, Briance said in a statement: “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.

“This investment will allow us to accelerate our plans to scale globally, particularly in high-growth markets like the US and Middle East, and further our commitment to delivering a uniquely curated, values-driven shopping experience."

The US is the fastest-growing market for Cult Mia, with 109 percent year-over-year growth. It’s followed by the Middle East with a 413 percent year-over-year increase, and the UK, showing robust triple-digit growth of 115 percent year-over-year increase.

Cult Mia joins H&M Group Ventures’ portfolio of retail innovations and technologies, sitting within the ‘Innovative Fashion/New Retail’ category alongside the Gwyneth Paltrow-founded lifestyle brand Goop, Swedish luxury vintage and second-hand retailer A Retro Tale, and peer-to-peer sneaker resale platform Laced.

Nanna Andersen, chief of new growth and ventures at H&M Group, added: “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.”