Nearly a year after announcing a major funding milestone, luxury retail platform Cult Mia has raised an additional $2 million in seed funding, bringing the total to $5 million. The UK-based company, which specializes in independent luxury fashion, continues to defy industry growth trends with rapid expansion.
Initially, Cult Mia closed its first seed funding round in November 2023, securing $3 million. In this latest round, the company raised an extra $2 million with backing from existing investors such as Fuel Ventures, Morgan Stanley, and David Wertheimer, from the family that owns Chanel. Significantly, H&M Group Ventures has also joined the investment round.
Founded in 2019 by Nina Briance, Cult Mia brands itself as “the luxury shopping destination of the future.” The platform has experienced consistent triple-digit growth since its launch, with sales in the third quarter of 2024 growing over 200% compared to the previous year. Briance highlighted that the company is now operating at three times the efficiency of its marketplace competitors.
The platform’s global reach is evident, with the U.S. emerging as its key market, where sales grew by 109% year over year. While the Middle East is still a smaller market for Cult Mia, it has shown impressive growth, with sales up by 413%. In the UK, its home market, the company reported robust growth of 115%.
In response to the new funding, Briance said, “This investment reaffirms our belief in our platform’s potential to become the independent luxury fashion destination for the world. It will help us accelerate global expansion, particularly in high-growth markets like the U.S. and Middle East, while enhancing our values-driven, curated shopping experience.”
Briance, who launched the company with experience gained from roles at Goldman Sachs, UBS, the United Nations, and Moda Operandi, emphasized that the platform centers on independent businesses and social impact. Cult Mia curates brands based on four core values: Cult Eco, Cult Power, Cult Conscious, and Cult Local. Notably, 65% of its current product curation falls under the Cult Eco category.
Cult Mia’s mission is to bring limited edition, unique fashion from around the world to consumers who value sustainability and social impact. The platform has exclusive partnerships with 40% of its over 350 onboarded brands, spanning 42 countries, and a customer base across 45 nations.
Related topics:
