Cult Mia raises further £1.4m with H&M Group Ventures joining latest funding round

Luxury fashion platform Cult Mia has raised an additional £1.4 million in seed round funding, with H&M Group Ventures investing for the first time – joining Morgan Stanley, Fuel Ventures and David Wertheimer (from the Chanel family).

It follows the announcement in November 2023 that Cult Mia raised £2.5 million in seed funding to “supercharge its growth”.

Founded by Nina Briance in 2019, who is also the company CEO, Cult Mia is described as “the luxury shopping destination of the future”, and has seen consistent triple digit growth since launch.

The new raise follows a very successful summer period for Cult Mia, with third quarter sales exceeding 200% growth versus 2023.

Briance said: “We’re thrilled to receive this continued vote of confidence from such an esteemed group of investors. Cult Mia’s 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.

“This investment will allow us to accelerate our plans to scale globally, particularly in high growth markets like the US and Middle East, and further our commitment to delivering a uniquely curated, values-driven shopping experience.”

Cult Mia joins H&M Group Ventures’ portfolio of retail innovations and technologies, sitting within the ‘Innovative Fashion/New Retail’ category alongside the Gwyneth Paltrow founded lifestyle brand, Goop, Swedish luxury vintage and second hand retailer, A Retro Tale, and peer-to-peer sneaker resale platform, Laced.

Nanna Andersen, Chief of New Growth & 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.”