Web3 fashion platform Syky secures 9.5 million dollar funding

Luxury fashion platform Syky has announced the closing of a 9.5 million dollar funding round led by Alexis Ohanian’s firm Seven Seven Six.

The company, formed by Ralph Lauren’s former chief digital and content officer Alice Delahunt, is centred around blockchain technology, and aims to serve as an incubator, marketplace and social community for the next generation of designers and consumers.

In a release, the start-up said the funding would help in this mission, providing users with a platform to create, curate, share and trade their fashion collections in an attempt to equalise opportunities in the industry.

Speaking on Syky, Ohanian said: "There is limitless potential with Web3 and fashion's place in this future is no exception.

"The ideals of fashion can bring to bear the best virtues of an open internet and creative expression. With culture so greatly influenced by the runway, digital fashion will expand opportunities for creatives and consumers.

“We invested in Alice and SYKY because we believe in Alice's vision to build the leading fashion platform and community for the next generation of designers and consumers."

Syky is also set to release its first non-fungible token (NFT), The Keystone, on January 20, 2023, 50 of which will be awarded to aspiring designers.

The digital asset provides access to the platform’s membership space, invites to both digital and physical fashion events and curated insights and reports on fashion and technology, among other features.