Virtuall, a Danish FashionTech startup, has successfully secured €829k in a pre-seed funding round, setting its sights on the convergence of fashion and the metaverse. The round was led by EIFO (Export and Investment Fund of Denmark), Styleit (the FashionTech accelerator of the Italian National Accelerator Network of CDP, Cassa Depositi e Prestiti), and Antler, a leading early-stage VC firm in Europe.
Angel Investors and Fashion Luminaries on Board
Joining the funding round are notable angel investors, including Morten E. Wulff, founder of GameAnalytics and chairman of Virtuall, Bjorn Bruun, founder of fashion brand Bruuns Bazaar, Estonian entrepreneur Tarmo Renter, and SaaS and Sales strategist, Anders Gustafsson.
Bridging the Gap Between Fashion and the Digital Generation
Virtuall’s mission is to bridge the gap between fashion brands and the digital-savvy younger generation. They achieve this through their innovative “One-Click” Brand Asset Distribution technology, which seamlessly connects fashion brands with popular games and social channels. Virtuall’s platform acts as a central hub that links brands, 3D channels, and data, allowing virtual brand products to be distributed effortlessly. This significantly enhances the ability of fashion brands to engage with the tech-savvy customers of the future.
A Vision for the Future of Customer Experience
Jonas Wallengren, co-founder of Virtuall, envisions a future where customer experience is enriched through games, digital value, and immersive technology that are easily accessible for businesses of all kinds. Virtuall aims to simplify enterprises’ access to these channels by removing technological barriers in a rapidly expanding market.
Funding for Platform Enhancement and Expansion
The funds raised will be channeled into enhancing the platform’s user experience and delivery speed through automation, as well as scaling up sales efforts. Additionally, Virtuall plans to expand its team across Denmark, Latvia, and Italy, strategically positioning itself within Europe’s fashion industry. They have recently established an office in Italy.
Metaverse Potential and Market Growth
Studies by McKinsey predict that the metaverse will become a $1 trillion market by 2030. Capgemini’s research suggests that the extended reality market is already on track to reach a valuation of $400 billion by 2026. Moreover, a Capgemini study found that 75% of consumers believe immersive experiences could enhance product selection in the retail and fashion industry.
EIFO’s Commitment to Innovation
Mathias Kaasgaard, investment manager at EIFO, expressed enthusiasm for Virtuall’s growth journey, emphasizing their potential to redefine the fashion industry’s approach to creating collections. He commended Virtuall’s visionary strategy and its alignment with EIFO’s commitment to sustainable business models and innovation.
Founders with Entrepreneurial Expertise
Virtuall’s journey began in 2022 when the founders initiated the company during an Antler residency in Copenhagen and Norway. The four founders, Jonas Wallengren, Felix Wigand, Markus Helle Pettersson, and Nauris Dorbe, bring significant entrepreneurial experience from digital transformation and lifestyle brand building. Together, they represent three different nationalities – Swedish, German, and Latvian.
Antler’s Confidence in Virtuall’s Future
Michael Wiatr, Partner at Antler, expressed confidence in Virtuall’s potential to bridge gaming and fashion industries, enabling brands to enter the metaverse and connect with Gen Z consumers on digital platforms. Antler has supported Virtuall from its inception and believes in the business’s promising future.
TL;DR
- Danish FashionTech startup Virtuall secures €829k in pre-seed funding.
- Notable investors include EIFO, Styleit, Antler, and angel investors.
- Virtuall’s innovative technology facilitates fashion brand engagement with the digital generation.
- Funds will be used to enhance the platform, automate delivery, and expand the team.
- Market research suggests significant growth potential in the metaverse and extended reality.
- The founders bring entrepreneurial experience, representing multiple nationalities.
- Antler sees Virtuall as a bridge between gaming and fashion, connecting brands with Gen Z consumers in the metaverse.
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