Companies

Mango invests in virtual avatar creation start-up

Jul 19, 2023 Spain

The Spanish-based fashion retailer has announced that it is investing in Union Avatars, a digital identity platform that enables the development of avatars in different styles

Mango will offer financial support to the start-up through a convertible participation loan, and Union Avatars will become part of the Mango StartUp Studio, the company's start-up accelerator programme. The fashion company intends to continue enhancing its technological capabilities, namely by exploring different pilot trials to create hyper-realistic avatars for use in different points of the company's value chain.

Founded by Cai Felip and Jordi Conejero in 2020, Union Avatars helps companies and users to shape the future of digital identity by providing tools to create avatars in different styles on social media, virtual reality environments and gaming, while offering interoperability of identity among different platforms.

On the other hand, the start-up will have the opportunity to get to know "first-hand" how Mango works and how to scale its own business model. In addition, Union Avatars will receive mentoring and consulting sessions from various Mango experts in areas such as market knowledge and technology applied to the business model.

This is the fourth investment of Mango StartUp since its launch in 2022. To date, the accelerator has invested in a sustainability start-up specialising in the resale of textile waste; Payflow, an on-demand salary and flexible remuneration business; and La Más Mona, a platform for renting party dresses and accessories.

Image Credits: mangofashiongroup.com

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