Mango strengthens its commitment to technology by investing in Union Avatars

The Catalan company is continuing its digital transformation by announcing an investment in Union Avatars, a startup specializing in digital identity and virtual avatar development and renowned for its expertise in creating hyper-realistic avatars. This investment is part of Mango‘s fashion startup acceleration initiative, Mango StartUp Studio. This project is aligned with the company’s plan to make Mango a “more modern” brand, as explained by its CEO, Toni Ruiz, in early March. Mango has not disclosed the financial details of this operation.

Through this initiative, Mango will provide financial support to Union Avatars, enabling the startup to benefit from Mango’s expertise in operations. Union Avatars will receive mentorship, professional guidance, and the opportunity to develop its business model. The investment has been made through a convertible participating loan.

Founded in 2020 by Cai Felip and Jordi Conejero, Union Avatars specializes in creating hyper-realistic avatars and was created with the goal of “helping companies and users shape the future of digital identity.” The startup offers various tools to create avatars in diverse styles and facilitates identity interoperability across different platforms.

This is not the first investment made by Mango StartUp Studio, the startup accelerator launched in 2022 to drive innovation, identify new growth opportunities, and participate in the development of new technologies or business models. Since its launch, the project has invested in La Más Mona, a platform for renting party dresses and accessories; Payflow, an on-demand salary and flexible compensation company; and Recovo, a sustainability startup specialized in the resale of fabric surplus.

The Barcelona-based company, founded in 1984 by Isak Andic, closed its 2022 fiscal year with a 20.3% increase in revenue, reaching 2.688 billion euros. By the end of the year, Mango had a strong international presence in 115 markets through its network of owned stores, franchises, department stores, and online channels, which currently account for 36% of its revenue.