The funding 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 families.
This 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 explained that its "powerful" technology-driven engine leverages AI and machine learning-based models, supported by its proprietary large language model (LLM) trained on a variety of codebases, which is able to systematically generate fashion designs, AIGC-based creatives and content, as well as improve overall supply chain efficiency to the next level for the fashion industry.
Urbanic's partner James Wellwood said: "We launched Urbanic in 2019 with the simple idea that clothing does not need to be expensive to be differentiated, stylish, and socially responsible. We will continue to leverage groundbreaking technology and partnerships with manufacturers and suppliers who comply with the highest standard of international working conditions that protect our people and our planet. We are grateful for the support of our investors whose funding will meaningfully accelerate our ability to bring new designs and clothing to our customers across our markets globally."
Keeping up with the company's commitment to social responsibility, Urbanic launched the Urbanic Oasis initiative in collaboration with the NGO Florestas Inteligentes to plant one million trees in Latin America.
Urbanic plans on extending this initiative to more developing countries in the next five years.
Apart from these social initiatives, the company shared it is also exploring the use of biodegradable and recycled materials for its packaging to reduce plastic waste and aims to achieve plastic neutrality.
