UK-based luxury retail platform Cult Mia completed a seed funding round, raising over €4.6 million to fuel its global expansion and strengthen its position as a leading destination for independent luxury fashion.
Founded by Nina Briance in 2019, Cult Mia has seen consistent triple-digit growth since its launch. This latest raise comes after a highly successful summer, with Q3 2024 sales surpassing 200% growth compared to 2023, while operating at three times the efficiency of marketplace peers. Cult Mia integrates style-led brand and product curation with data-driven insights, creating an ecosystem that benefits both its customers and brand partners.
This funding, supported by investors including H&M Group Ventures, Morgan Stanley, Fuel Ventures, and David Wertheimer, will enable the company to scale its operations, particularly in high-growth markets such as the US and the Middle East, and continue to deliver a curated, values-driven shopping experience to its growing customer base.
Nina Briance, Founder & CEO of Cult Mia said, “The rapid growth we’ve seen, along with the loyalty from both customers and brand partners, reaffirms our belief in the platform’s potential to become the independent luxury fashion destination for the world. This investment will allow us to accelerate our global expansion, particularly in high-growth markets like the US and Middle East.”
Cult Mia now joins H&M Group Ventures’ portfolio of pioneering retail innovations within the Innovative Fashion/New Retail category, alongside brands like Goop, A Retro Tale, and Laced. This addition highlights Cult Mia’s potential to dominate the luxury e-commerce landscape.
“We are delighted to invest in Cult Mia on their mission to promote independent and diverse designers from around the world,” said Nanna Andersen, Chief of New Growth & Ventures at H&M Group. “We’ve been incredibly impressed by what Cult Mia has achieved in such a short time.”
The US remains Cult Mia’s largest market, with 109% year-on-year growth, followed closely by the Middle East, which has seen a 413% year-on-year increase. The UK, Cult Mia’s home market, continues to show strong growth with a 115% year-on-year increase.
This new investment will support Cult Mia’s rapid expansion into new markets, with a strategic focus on the Middle East, which has quickly become the platform’s second-largest market, experiencing over 400% growth year-on-year in Q3 2024.
Mark Pearson, Founder & Managing Partner at Fuel Ventures, added: “We’ve been incredibly impressed by Cult Mia’s performance since our initial investment. The company has achieved 4x GMV growth over the past 12 months, with significant improvements across all key metrics, from customer retention to brand partnerships. Their ability to defy industry trends and scale sustainably highlights their unique positioning and future potential.”
