The Spanish clothing retailer Mango has secured additional digital competence. On Tuesday, the company announced an investment in tech start-up Union Avatars. According to a statement, the cash injection was carried out by means of a convertible bond. Further details were not released.
According to Mango, Union Avatars was founded in 2020 and specializes in the development of digital identities, specifically “hyper-realistic avatars” that can be used in social media applications, virtual worlds and computer games. The clothing supplier is currently piloting the use of such elements “at various points in the value chain”.
As part of the partnership that has now been agreed, Union Avatars will in future belong to the Mango StartUp Studio, which was founded last year and with which the textile retailer wants to support innovative young companies. In addition to financial investments, the concept also includes mentoring programs and consulting services for the employees of the funded companies.
Union Avatars is therefore the fourth start-up to be supported as part of the project. Previously, the accelerator had stakes in La Más Mona, Payflow and Recovo.