Union Avatars, a startup dedicated to creating avatars for the metaverse, has raised 1.2 million euros in an investment round led by the venture capital manager Inveready and FI Group, a consulting firm specializing in advising companies on financing management of R+D+i, in which it has also participated.
This is the first investment made by GoHub, which specializes in investing in deep technology or deeptech companies, in the metaverse segment. GoHub Ventures has invested 15 million euros of its 30 million target and currently has 20 investees in its portfolio, not including the new addition, which exceed 35 million euros in turnover and are valued at 200 million euros.
In addition, other partners such as Outlier Ventures -one of the most prestigious web3 accelerators in the world-, Inlea and other private investors such as Rat Gasol or Carlos Solana, present in the company since its inception, providing credibility and seniority by his long career in the world of innovation and entrepreneurship.
The resources raised by the Barcelona-based company will be used mainly for product development, international expansion and talent.
The firm, founded in 2020 by Cai Felip and Jordi Conejero, arose from the idea of uniting the real world with the new digital worlds that now converge in what has come to be called the Metaverse. Union Avatars is taking a new step towards Web3, that is, the integration of said avatars for the metaverse in the blockchain.
Felip has been in the blockchain world since 2014, long before even the great interest that the term “Metaverse” has obtained. The founder and CEO of Union Avatars explains that “the big change is to have an avatar that is like a passport to any metaverse, and this is possible thanks to this new integration that we are doing with Web3.”
Along these lines, the Barcelona-based startup plans to launch UnionID, a Digital Identity project with which users will be able to have a totally secure identification system with absolute control over their privacy. In the words of its founder: “Union ID will become a 100% secure identification card that will allow us to log in to different platforms without exposing our data and being able to carry our digital assets with us from platform to platform while maintaining absolute control of our privacy.”
Currently, the team is made up of 22 people and they already have more than 30 clients around the world. Its main pain is the representation of people in the metaverse, so its business is mainly based on B2B, although with the integration in Web3 and the UnionID project, the plan is to focus on the end user.
For 2023, the founders foresee another round of financing to continue growing in this incipient universe. The company has advisors such as Jean Clauteaux, former CEO and Zone Manager of L’Oreal.
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