Italian-based inVRsion, a virtual reality startup serving the retail industry, has raised €3 million in its third and overscribed funding round, which was closed on 30 April. This brings the total raised by the company to €4.5 million.
inVRsion, founded in 2015 by Matteo Esposito, Paolo Pascolo, Flora Caroli and Luca Ferrari Trecate, is a company specialized in the simulation of retail spaces, showrooms, products and shopping experiences. These virtual reality services support B2B activities such as trade marketing negotiations, shopper research and training, as well as B2C activities, like virtual reality e-commerce. Currently, inVRsion’s proprietary software ShelfZone is used in the CPG sector by a number of leading global retail companies, and the startup is trusted by players like accenture, Nestle and pepsico.
The new funding round was participated in by a mix of both new and existing advisors. BackToWork24 Srl and Invest Italy SIM Spa covered 50% of the round alone, and a number of other investors also took part, including: Italian Angels for Growth, the Milanese holding Finbeauty Srl, and LiftT Spa. In addition, investors from previous rounds, prominent figures and members of the Advisory Board, such as Mainardo de Nardis (entrepreneur and former CEO of Omnicom Group), also took part.
Furthermore, the startup has announced that De Nardis (investor, Director and Advisor) has joined inVRsion’s advisory board along with Lorenzo Thione and Eugenio Perrier. Their expertise will be used to support the startup as it scales up in the United States, starting with its subsidiary base which was recently established in New York.
Matteo Esposito, inVRsion’s co-founder and CEO, explained: “Since the start inVRsion has specialized in the standardization of the processes related to 3D products digitalization and in the development of a software for the design and personalization of retail spaces through virtual reality, that can be dynamically filled with products, autonomously managed by clients and connected to their existing sales processes. Soon our platform will take advantage of the emerging Edge Cloud and 5G technologies to bring the virtual purchase experience from a B2B to a B2C context, reinventing the e-commerce paradigm. I want to thank our investors who believe in this ambitious, but timely project”.
It’s also worth noting that to assist during the Covid-19 emergency, the startup has announced new solutions for the Fashion and Luxury sectors, to virtualize and improve the efficiency of distribution and sales processes at a B2B level.
inVRsion’s COO Fabrizio Dini, went on to explain: “Our 3D digital twins are perfect and can be showcased in a virtual store or showroom through our platform or featured within a web page, providing users with the most accurate product experience, where they can evaluate the details of merchandise as well as any alternatives regarding colors, materials and finishes. The 3D Commerce format will represent a new standard for the visualization of products on e-commerce websites and in AR/VR applications”.