Mango invests in virtual avatar creation start-up
17. July 2023 | News, Retail News, Retail Technology

Mango, one of Europe’s leading fashion groups, is strengthening its commitment to technology and investing in Union Avatars, a digital identity platform for creating avatars in different styles, among them the hyper-realistic avatar.

The investment involves offering financial support to the start-up through a convertible participation loan and represents the entry of Union Avatars in Mango StartUp Studio, the company’s start-up accelerator programme, through which the entrepreneurs will discover at the first-hand the operation of Mango and will be able to scale up their business model.

As part of the programme, Union Avatars will also receive mentoring and consultancy sessions from various Mango experts in areas such as market knowledge and technology applied to the business model.

Mango will continue to explore different pilot trials to create hyper-realistic avatars for use in different points of the company’s value chain.

This is the fourth investment that Mango StartUp Studio has made since it launched in 2022. So far, 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.

Founded by Cai Felip and Jordi Conejero, Union Avatars was founded in 2020 to help companies and users give form to 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 the different platforms.

Source: Mango

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