Urbanic, a London-based fashion brand, announced the close of a $150 million Series C fundraising campaign. It was backed by investors including Switzerland's Mirabaud Lifestyle Impact & Innovation Fund, New York-based public-private hybrid investment firm D1 Capital Partners, JAM Fund, and other global investors and European luxury fashion families.
Previous backers include Nexus Venture Partners and Sequoia Capital. The proceeds from the funding will support the company’s mission to transform the fashion industry by leveraging its proprietary AI and socially responsible approach throughout the value chain.
Urbanic’s technology-driven engine leverages AI that can systematically generate fashion designs, AIGC-based creatives and content, and improve overall supply chain efficiency to the next level for the fashion industry, according to the company statement.
Committed to social responsibility, Urbanic launched the Urbanic Oasis initiative in collaboration with the NGO Florestas Inteligentes to plant one million trees in Latin America and expand to more developing countries in the next five years, according to a company statement.
Additionally, the company launched a program in collaboration with the Earth Angels Welfare Foundation aimed at teaching English to children and youth in economically deprived areas. Urbanic is also exploring the use of biodegradable and recycled materials for its packaging to reduce plastic waste and achieve plastic neutrality, as per the company statement.
