St Gallen-based startup that enables users to take their physical clothes and accessories into the metaverse, collectID has raised $3.5 million funding. The round was co-led by SeventySix Capital and Hellen’s Rock, with additional investment coming from the SBI-Sygnum-Azimut DAO Fund, and several other Swiss investors.
The platform will leverage the new funds to scale up its SaaS and app-based solution and data platform worldwide.
The startup is offering brands a new way to engage and communicate with their customers in the physical world or as a gateway to the metaverse. Fans and followers of the brand can receive exclusive content, whether it is about their favorite sports team or fashion brand ambassadors.
David Geisser, co-founder and CEO, collectID said: “Consumers are increasingly facing the risk of buying fake products causing them to lose confidence in brands, making it nearly impossible for them to sell their items on secondary markets. We solve this problem for both brands and customers by combining encrypted, smartphone-ready NFC tags with secure NFTs on blockchain. collectID’s patented technology furthermore offers a unique gateway for physical products to the Metaverse/Web3.0. Our technology has the ability to transform the global sports and luxury goods industry’s secondary markets. In 2020 in the U.S. alone, $1.3 billion of counterfeited goods were seized by authorities."