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Luxury Mystery Box Platform Heat Obtains USD 5 Million in Seed Funding From Antler, LVMH Luxury Ventures & Others
- 14th Jan 2022
Luxury mystery box platform Heat has secured $5 million in seed funding led by industry heavyweights including venture capitalist firm Antler and LVMH Luxury Ventures. Other strategic angel investors include Stefano Rosso, board member at OTB; the Hermès family; Michael Mitterlehner from L Catterton ; Oliver Merkel from (Flink) Spotify's Sven Ahrens.
The founders of HEAT are both in their 20s and their idea promises to make luxury brands more money while also giving consumers what they want--a sense adventure almost every day – an absolute win-win especially in the world of luxury sales.
Heat, the luxury mystery box company has sold over 100,000 products in just two years, at discounts that are both mystifying and staggering. With delivery to the customer’s doorsteps around the world, Heat is paving the way for other businesses in this arena to follow suit.
With over 600,000 followers on Instagram, influencers like Heat can cater to a specific niche, such as the gaming community. When launching the brand, Heat posted videos that would target Gen Z YouTube viewers. They collaborated with FaZe Clan in September 2020 and generated hype by communicating their exclusivity and appeal to their audience.
What many investors found attractive about the founders of young start-up Heat is their authentic ties to street wear culture and social media.
With the USD 5 million in seed funding, Heat users will be able to continue to buy luxury items anytime, and build an essential platform for Gen Z shoppers. The investment will allow for additional development of all their ideas such as the “mystery box” which takes both a digital and physical experience.