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Avataar Venture Partners Raises $100 Million as Add-On Capital and Announces Three New Investments

Avataar Venture Partners Raises $100 Million as Add-On Capital and Announces Three New Investments

02/23/21, 2:10 PM
Location
https://purecatamphetamine.github.io/country-flag-icons/3x2/US.svgsan francisco
Money raised
$100 million
Avataar Venture Partners (AVP) is pleased to formally announce a top-up fund of $100 million, in addition to the initial bigger funding round it had raised in 2019 to invest in business-to-business (B2B) and software-as-a-service (SaaS) companies. This new opportunities fund will be used for strategic top-up opportunities in star portfolio companies as well as to make exciting new investments. With this raise, Avataar Venture Partners also welcomes a few large institutional funds – limited partnerships (LPs) across Europe and the USA – to its portfolio.

Company Info

Company
Avataar
Location
san francisco, california, united states
Additional Info
A San Francisco and Bengaluru-based startup is attempting to solve this problem and has just raised a new funding round to scale its operations. The six-year-old startup has raised about $55.5 million, including some financed by the founder and chief executive in the early years, across all funding rounds. The firms can integrate Avataar’s plug-and-play technology into their system, which then allows customers to visualize the products in its real-life size and feel in their living room using the phone’s camera. The startup currently works with a number of firms including the top two e-commerce marketplaces across furniture, large appliances and other categories, said Sravanth Aluru, founder and chief executive of Avataar, in an interview with TechCrunch. (Some firms such as Samsung and Pepperfry have publicly acknowledged collaboration with Avataar.) The startup relays the engagement information to the partner brands who then further personalize their offerings to better serve the customers. Without revealing the brand names, he said some smartphone firms have used Avataar’s technology to carry virtual launches. Aluru said the startup is gearing up to be at the forefront as metaverse makes inroads and engages with several key players in the space. “The platform will transform the consumer shopping experience at home on their mobile devices, through AR glasses/wearables, or even in a physical store exploring an infinite aisle of a digitally enabled catalogue.”Evan Feinberg, Partner at Tiger Global, said in a statement: “Consumers continue to look for a better eCommerce experience, and the innovative technology created by Avataar provides a powerful plug and play solution for its customers to meet this demand. AI and computer vision startup Avataar said on Friday it has raised $45 million in its Series B funding. As the digital world shifts from 2D to 3D, Avataar and its talented management team are well positioned in this fast-growing market.”

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