Spanish fashion group, Mango has announced it is investing in virtual avatars through its fashion start-up accelerator Mango StartUp Studio.
Union Avatars, the digital identity platform that is being backed by the firm can be used to create a range of avatars in different styles, including the hyper-realistic avatar.
It was founded in 2020 by Cai Felip and Jordi Conejero to help companies 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. It also aims to bring interoperability of identity among multiple different platforms.
In a statement, Mango said its investment will involve financial support to the start-up through a convertible participation loan while 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 said it will continue to explore different pilot trials to create hyper-realistic avatars for use in different points of the company’s value chain. It 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.
Image from Mango
