Virtuall, a startup based in Denmark that focuses on FashionTech, recently disclosed a pre-seed funding round of €829k aimed at introducing fashion brands to virtual realms. The funding initiative was spearheaded by EIFO (Export and Investment Fund of Denmark), Styleit (the FashionTech accelerator within the Italian National Accelerator Network of CDP, Cassa Depositi e Prestiti), and Antler, known as Europe’s most active early-stage VC firm.
Virtuall is developing technology to enable fashion brands to effortlessly connect with the digital-savvy generation through popular games and social channels, employing a “One-Click” Brand Asset Distribution approach. Their platform acts as a central hub connecting brands, 3D channels, and data to distribute virtual brand products, significantly enhancing the engagement capabilities of fashion brands with tech-savvy customers in future generations.
Jonas Wallengren, Co-Founder of Virtuall, expressed, “the Fashion industry is rapidly 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 funds raised will be utilized to enhance the platform experience and delivery speed through automation, as well as to expand the team in Denmark, Latvia, and Italy, strategically positioning themselves in the heart of the European fashion industry where they have recently established an office.
Research by McKinsey suggests that the metaverse is poised to become a market worth $1 trillion by 2030, while Capgemini anticipates the extended reality market to reach a valuation of $400 billion by 2026. Their study also indicates that 75% of consumers believe immersive experiences could enhance product selection in the retail and fashion industry.
Mathias Kaasgaard, Investment Manager at EIFO, stated, “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.”
Virtuall was founded in 2022 during an Antler residency in Copenhagen and Norway by four entrepreneurs with significant experience in digital transformation and lifestyle brand building. The founders, Jonas Wallengren, Felix Wigand, Markus Helle Pettersson, and Nauris Dorbe, represent three nationalities – Swedish, German, and Latvian.
Michael Wiatr, Partner at Antler, expressed enthusiasm, stating, “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.”
Source: EU Startups
