Cult Mia tops up seed funding to £4.5m

UK-based luxury retail platform Cult Mia says it has strengthened its position "as a fast-growing global destination for independent luxury fashion", following another successful round of fundraising.

Cult Mia initially closed its seed funding in November 2023 after it raised £2.5m of capital. It has now completed an extension round and boosted its total seed raise to £4.5m.

Founded by former investment banker Nina Briance in 2019, Cult Mia stocks 1,440 brands from 42 countries.

Briance said: "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."

The investment is set to accelerate Cult Mia's plans to scale globally, particularly in high-growth markets like the US and Middle East. The fundraising will also "further our commitment to delivering a uniquely curated, values-driven shopping experience", Briance said.

Nanna Andersen, chief of new growth and ventures at H&M Group, said: "We are delighted to invest in Cult Mia on their mission to launch independent and diverse designers from around the world. We have been incredibly impressed by all that Cult Mia has achieved in such a short space of time."