collectID, a St Gallen-based startup that allows users to take their physical clothes and accessories into the metaverse, has raised $3.5 million in funding.
SeventySix Capital and Hellen’s Rock co-led the round with additional investment from the SBI-Sygnum-Azimut DAO Fund, as well as several other Switzerland investors. This will now see the platform leverage this new funds by scaling up its SaaS and app-based solution and data platform across the globe.
Co-founder and CEO of collectID, David Geisser stated, “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.”
With the startup, brands are being offered a new way to engage and communicate with their customers in the physical world or as a doorway to the metaverse. Both fans and followers of the brand can get exclusive content, be it about their favourite sports team or fashion brand ambassadors.
For more on fashion in the metaverse, what’s possible, and the moves being made by the big brands take a look here.