Virtuall, a Danish FashionTech startup, has announced a €829k pre-seed funding round to bring fashion brands to virtual spaces. The funding round was led by EIFO (Export and Investment Fund of Denmark), Styleit (Styleit is the FashionTech accelerator of the Italian National Accelerator Network of CDP, Cassa Depositi e Prestiti), and Antler, Europe’s most active early stage VC firm.
Several prominent angel investors have also participated in the pre-seed round, including the founder of GameAnalytics, Morten E. Wulff, who is also the chairman of Virtuall, Bjorn Bruun, the founder of fashion brand Bruuns Bazaar, the Estonian entrepreneur Tarmo Renter, and SaaS and Sales strategist, Anders Gustafsson.
Virtuall is building technology designed to allow fashion brands to seamlessly connect with the digital generation in popular games and social channels with “One-Click” Brand Asset Distribution. Virtuall’s platform connects brands, 3d channels and data to distribute virtual brand products from one central hub. This significantly increases the ability of fashion brands to engage with future generations of tech-savvy customers.
Jonas Wallengren, co-founder of Virtuall, commented: “The Fashion industry is quickly adopting new channels for creating engagement with new tech-savvy customer generations and mirroring our digital lifestyle. We envision a future where customer experience is enhanced through Games, digital value, and immersive technology that are seamlessly accessible for all lines of business. We are in a position to simplify enterprises’ access to these channels by reducing the technological barriers to a rapidly expanding market.”
The startup will use the funding to improve the platform experience and speed of delivery through automation and scaling sales. They will also build the team in Denmark, Latvia and Italy, in the midst of the fashion industry of Europe, where they have recently opened an office.
Studies by McKinsey suggest the metaverse will become a market worth $1 trillion by 2030. Capgemini research suggests the extended reality market is already poised to reach a valuation of $400bn by 2026. Their study showed that 75% of consumers think immersive experiences could improve product selection in the retail and fashion industry.
Mathias Kaasgaard, investment manager at EIFO, commented, “We are delighted to be a part of Virtuall’s growth story through our recent investment. This further underlines our belief in their potential to become a category defining company within a growing digital fashion industry. We applaud their visionary strategy aimed at redefining the fashion industry’s approach to creating collections, a mission that aligns seamlessly with our persistent commitment to championing sustainable business models and driving innovation.”
The founders of Virtuall started the company in 2022 during an Antler residency in Copenhagen and Norway, and the four founders bring together significant entrepreneurial experience from digital transformation and lifestyle brand building.
The four founders – Jonas Wallengren, Felix Wigand, Markus Helle Pettersson and Nauris Dorbe – have launched and exited a number of successful ventures. They represent three nationalities – Swedish, German and Latvian.
Michael Wiatr, Partner at Antler, added: “Virtuall is connecting some of the world’s biggest industries – gaming and fashion. They have the potential to give brands the technology to bring their products to the metaverse and connect with Gen Z consumers through digital platforms. We are delighted to have backed the Virtuall team from day zero and have every confidence in the future growth of the business.”
Read the orginal article: https://www.eu-startups.com/2023/11/copenhagen-based-virtuall-bags-e829k-pre-seed-to-connect-fashion-brands-with-the-digital-generation/
