Mobile gaming company Drest has raised £15 million in funding to continue the development of its new product, which it calls Drest Game 2.0. The investment solidifies Drest’s position as a fashion gaming experience, enabling the company to capitalise on its progress so far. After launching in 2019, the company has recorded 250% year-on-year user growth and raised £30 million in funding.
Drest has also established direct collaborations with over 260 prestigious brands such as Breitling, Cartier, Fendi, Gucci, Prada, and Valentino. The new funding comes at a time when the mobile market is seeing escalated growth as revenues climbed to $92.2 billion last year.
Lisa Bridgett, CEO of Drest says, “We are now ready to take the business to the next level, and offer a new one-of-a-kind experience to our users while maintaining the core elements of the game. There is an undeniable interest in gaming from the luxury fashion and lifestyle industries and we are very well positioned to cater to this increasing demand. We very much look forward to the next chapter.”
Strategic partnerships
The investment round was agreed upon with the family office of Drest co-founder and co-chair Graham Edwards with fellow founder and co-chair Lucy Yeomans. “We’re delighted to be able to support Lucy in her quest to bring the merged worlds of gaming and fashion to an excitingly large global audience,” said Edwards.
By offering in-game challenges, Drest serves as a platform for user-generated content, incorporating a digital fashion selection provided by Farfetch and other brands. This allows players to easily explore, create styles and shop the latest collections.
The funding will allow Drest to continue its evolution across gaming, media, data and e-commerce, as it prepares to globally roll out an improved, metaverse-enabled version of its current product which will include new features to become a creative platform for fashion, entertainment and lifestyle gamification.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
