Digital fashion startup Syky raises $9 million and launches first NFT
This is increasingly urgent in the next phase of the internet; 90 percent of metaverse-related founders who have received funding in the past five years have been men, and male-led metaverse companies have received 95 percent of funding, according to research from consulting firm McKinsey & Company. In addition, 90 percent of leadership roles among organizations shaping metaverse standards are held by men, although women spend more time in early metaverse areas and are more likely to drive metaverse initiatives in their companies, especially in fields such as marketing and design.
“Building organizations that embrace diverse perspectives and lead with empathy helps break down the barriers for great ideas and talent to find capital,” says Syky investor Alison Rosenthal, founder and managing partner of early-stage venture fund Leadout Capital. Delahunt brings diversity, fairness and inclusion both to the organization and to the fashion community that Syky is building, adds Rosenthal.
Delahunt says securing funding was a “skinny ride” as she looked for investors who understood the long-term fundamentals of blockchain, crypto and fashion. “There has been a lot of hype throughout the bull run. But I think the market has shaken out unrealistic valuations and a lot of the noise.” She points to recent efforts by companies like Disney, Ticketmaster, Mastercard and Starbucks — plus Nike, Adidas and Roblox — that suggest long-term potential for digital goods and Web3 technology.
Acknowledging that it’s still early days for the fashion industry, she understands why many have approached the Web3 space with caution. When she thinks about what is possible for Syky – both digitally and physically – she is inspired by Ralph Lauren’s eponymous founder. “Ralph used to say, ‘I don’t design clothes. I make films.’
“When you look at some of the archival collections of a designer like McQueen and imagine how they could come to life in digital or augmented worlds, the creativity behind the designer’s imagination has the potential to be truly realized beyond the confines of physical spaces,” says Delahunt. “To me, that’s what Syky is all about – giving designers the absolute maximum opportunity to showcase and share their designs.”
This article has been updated to reflect that Syky’s funding has changed from $9 million to $9.5 million, with the addition of Polygon Ventures as an investor. (17.01.23)
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