Miraggio secures $1.2 million in pre-Series A funding round
- ByStartupStory | November 30, 2023
In its pre-Series A funding round, the fashion accessories brand Miraggio has raised $1.2 million, with Seven Rivers Holding and Magnetic co-leading the investment. Miraggio intends to utilize the funds to diversify its product lineup, including backpacks, wallets, and SLGs, while focusing on marketing strategies such as AR technology and collaborations with major retailers.
Founded by Mohit Jain, Miraggio specializes in premium handbags and aims to introduce innovative trends in the industry. Since its establishment in 2020, the brand claims an impressive 140% year-over-year growth and sets an ambitious target of achieving an annual recurring revenue (ARR) of Rs 100 crore by 2024, serving approximately 2 million customers.
Recognized for its dedication to cruelty-free fashion, Miraggio received the Peta Vegan Fashion Award in 2023, highlighting its commitment to ethical and sustainable practices. Seven Rivers Holding, known for investments in public markets and private equity/venture capital, joins Magnetic, an advisory-led investment firm with a robust portfolio comprising over thirty companies, including six unicorns.
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