London and New York-based Emperia, a company developing immersive VR tech experiences for the premium fashion and art sectors, announced on Wednesday that it has raised $10M (approximately €9.17M) in a Series A round of funding.
The round was led by Base10 Partners and joined by Daphni (via its retail fund Dastore), Sony Innovation Fund, Background Capital, Stanford Capital Partners, and Concept Ventures. Angel investor, Blissgrowth’s Jay Radia, also participated in this round.
Luci Fonseca of Base10 Partners says, “Emperia is on the edge of a global revolution on how consumers interact with retailers and brands. One way to think about Emperia is through the lens of ‘web 2.5’—it is a device-agnostic bridge for brands to engage with a new generation of consumers while driving real commerce. Emperia is pioneering the development of virtual store creation and maintenance, and we’re excited to be partnering with a team that is truly building for the future of e-commerce.”
Boosting sales and brand perception
Founded in 2019 by Olga Dogadkina and Simonas Holcmann, Emperia has developed a platform which powers the creation of immersive virtual experiences for brands across multiple retail sectors.
The company says the platform combines the accessibility and reach of e-commerce with the impact of physical retail, providing businesses with the technological and visual foundation they need to create and operate effective virtual stores. These virtual spaces improve omnichannel retail strategy by creating fresh digital touchpoints that drive interaction and boost sales.
CEO Olga Dogadkina says, “While working in fashion, it became clear to me that e-commerce was the future, but 2D websites were merely a tool that enabled an online purchase and was lacking the customer journey and story-telling that brands are after. The solution was to bridge that gap, with the aim of making virtual experiences into the future of brands’ long-term e-commerce strategy.”
Dogadkina adds, “We are strong believers in data-reliance and as such all our virtual experiences are developed incorporating analytics, which is reflected in layout, design, user experience and merchandise placement. Crucially, we’re doing this in a way that has a demonstrable impact on sales, traffic, engagement and brand perception.”
According to Emperia, its virtual worlds are drivers of income generators. Since its launch, the platform claims to have raised conversion rates for its brand partners by an average of 73 per cent (compared to traditional e-commerce websites) with an average ROI of 750 per cent. In the first five months of 2022, more than $120B was spent globally in metaverse technology, and 79 per cent of customers engaged in the metaverse made purchases while there.
Emperia’s clients include leading brands such as Dior, Bloomingdale’s, Burberry, Lacoste, Christie’s, Sunglass Hut, Getty Images, and others.
Capital utilisation
Emperia says it will use the funds to expand its workforce, strengthen the capabilities of the data suite that powers it, and accelerate its worldwide market presence. The company will use this to solidify its position as the leader in immersive, experiential retail and entertainment.
Emperia also intends to use consumer data from virtual stores to give businesses greater tools for tailoring the shopping experience for each individual.
The company claims that it will also collaborate with partners to consolidate various international virtual e-commerce solutions under one roof, utilising the rapidly expanding Web3 ecosystem and the ‘unique’ brand and retail technologies of its partners to provide ‘game-changing’ customer experiences.
Dogadkina says, “I’m confident that the pool of participating investors in this round, from both the US and Europe, will make for a great network of advisors as Emperia continues its global expansion, pioneering e-commerce’s next generation. I’m looking forward to delivering an even more impactful experience for our brand partners.”
