Union Avatars x Inveready x Fi Group: announcing our EUR 1.2M funding round

16 de September de 2022

Union Avatars funding round

Union Avatars is now taking a further step toward Web3, namely the integration of Metaverse avatars onto the blockchain

The Metaverse is an extension of our physical world, where we live and choose who we want to be. We envision a future of connected worlds where you are in control. A place where our identity is seamless across all aspects of our lives.

Today we are one step closer to achieving our vision, thanks to the support of brands and companies that trust our innovations and experience in the world of technology and digital identity. We are excited to announce that we have closed a 1.2 million euros funding round led by the venture capital manager Inveready —awarded in 2021 as the best in Spain by The Spanish Association of Risk Capital Entities (ASCRI)— and Fi Group, a consulting firm specialized in supporting business growth, advising companies on the management of R&D financing, according to their needs.

They do not stand alone. Other partners who contributed to the capital increase include Outlier Ventures —one of the most renowned Web3 accelerators in the world—, GoHub Ventures which focuses on advanced engineering technology companies like applied AI or VR and Inlea, who provided guidance on legal, commercial, technological, and human resource solutions.

Together with them, we have had the participation of other private investors, such as Rat Gasol —Ecitica’s Chief Operating Officer— or Carlos Solana, as a strategic investor in a personal capacity, contributing his experience to Union Avatars from his long career in the worlds of innovation, digital business, and entrepreneurship. They have placed their faith and reputation not just in our team, but also in our future initiatives that will contribute to the growth of an open and inclusive metaverse.

The UnionID, among other products in the pipeline

The funds raised in this round will mostly be used to develop our next products that will become available very soon. Among them, we are working on a style converter to provide a variety of options for users who want to have the same avatar, but on other platforms such as Roblox or Fortnite with a different style (voxel, cartoonized…).

UnionID, an NFT that serves as a Metaverse passport, is also among our major upcoming announcements. With this, the user may preserve many avatar representations and select the one that best matches the platform to which they will get access. Furthermore, the UnionID project will have its own marketplace where consumers and businesses will interact and collaborate.

Furthermore, the funds will help with global expansion and talent development. Since its start, Union Avatars’ vision has been global, with the goal of giving diversity and uniqueness to our avatars that can only come through the collaboration of 22 people from very different nations and cultures. As a result, we can now carry out one-of-a-kind projects for our more than 30 global clientele.

Roadmap

Our primary goal is to represent individuals in the Metaverse because the digital identity of the user is one of our essential pillars. As a result, the company is mostly B2B. Union Avatars is now taking a further step toward Web3, namely the integration of Metaverse avatars onto the blockchain.

Although we are adding fresh views to our project, the founders’ aim of integrating the real world with the new digital worlds that increasingly intersect in the Metaverse remains incredibly strong.

Cai Felip has been active in the blockchain community since 2014, even before the term “Metaverse” became popular. According to Union Avatars’ founder and CEO, “the main difference is to have an avatar that is like a passport to any metaverse, which is attainable thanks to the new integration that we are building with Web3.

This is the reason why the company plans to launch UnionID, an Digital Identity project with which users will be able to have a totally secure identification system with absolute control over their privacy. Felip affirms that “UnionID will be a 100% secure identification card that will allow us to log in to different platforms without exposing our data and to be able to take our digital assets with us from platform to platform while maintaining absolute control of our privacy. Imagine that you can choose different images to show yourself on your social networks or in meetings, but you can also take your favourite virtual shirt from one place to another. And all this without anyone being able to know or sell your data”.  

The founders anticipate another investment round in 2023 to continue developing in this emerging universe. Advisors include Jean Clauteaux, former CEO and Zone Manager of L’Oreal; Simonetta Lulli, former Vice President of Habbo; Fraser Edwards, CEO of Cheqd; and Carles Reina, who has worked for firms such as Uber, Sonantic, and Tractable.

Our mission

We want to create a brighter future by offering humanity full ownership and control over their virtual identity. To level the playing field by offering tools to create, connect, express, and explore who they are and who they dream to be. To knock down barriers and create an open metaverse for all.

Dive into the Metaverse and start your own adventure with a custom avatar

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