Cult Mia's triple-digit growth leads to a $5M Seed Raise

UK-based luxury retail platform Cult Mia announced the completion of an extension round, boosting its total seed raise to $5 million.

The company initially closed its seed funding in November 2023, in which $3 million of capital was raised in a round led by Fuel Ventures with participation from Morgan Stanley and David Wertheimer (from the Chanel family). Today’s extension round includes renewed investment from existing shareholders, in addition to H&M Group Ventures.

Cult Mia was founded by Nina Briance in 2019 and has seen consistent triple-digit growth since launch. 

Today’s raise follows a very successful summer period for Cult Mia, with Q3 2024 sales exceeding 200 per cent growth vs 2023 while operating at 3x efficiency vs. marketplace peers.

The platform seamlessly merges curated style, social impact, and data to benefit both customers and brand partners.

Nina Briance, founder and CEO of Cult Mia, shared:

“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 the Middle East, and further our commitment to delivering a uniquely curated, values-driven shopping experience." 

According to Mark Pearson, founder and Managing Partner at Fuel Ventures:

"We’ve been incredibly impressed by Cult Mia’s performance since our initial investment, with the company achieving 4x GMV growth over the past 12 months. 

All key metrics have seen significant improvement, from customer retention to brand partnerships, demonstrating the strength of their business model and execution.

This growth has more than doubled the value of the company during one of the most challenging fundraising environments for the fashion and consumer industry.

Cult Mia's ability to buck industry trends and scale sustainably speaks to their unique positioning and future potential."  

This new investment will drive Cult Mia's rapid expansion into new markets, strategically emphasising scaling operations in the Middle East. The region has organically evolved into Cult Mia’s second-largest market, delivering remarkable year-on-year growth of over 400 per cent in the third quarter of this year.

Lead image: Cult of Mia. Photo: uncredited.