Unit1 Studio Raises €23.3 Mn to Scale Digital Avatar Concerts Worldwide

The funding combines an equity investment with additional financing for production. The equity round was led by Balderton Capital.

Existing investors Mercuri, Gilston Music, and Paul McGuinness, the long-time manager of U2, also joined the round. The new funding will support Unit1 Studio as it continues developing and producing avatar-based concerts.

“Unit1 is, and will always be, about expanding the connection between fan and artist regardless of time or geography. ABBA Voyage proved audiences love avatar concerts but the development and relocation costs have meant the opportunity of avatar concerts is not being realised,” said Barney Wragg, founder and CEO of Unit1 Studio.

He added, “Our ability to develop these shows at a fraction of the cost and replicate them to any location finally makes these shows a commercial reality. The combination of our technology, new financing and our growing team, means we can develop shows for artists and fans worldwide.”

“Until now, avatar concerts have been locked behind the economics of ABBA Voyage – a one-off, one-location proposition. Unit1’s innovative new technology will fundamentally change that, opening up the genre to a whole generation of legacy artists,” said Daniel Waterhouse, General Partner at Balderton.

Unit1 Studio creates immersive avatar concerts that recreate live performances by artists. Its goal is to let fans enjoy music from their favourite artists, no matter where or when they are.

The company is led by CEO Barney Wragg, who previously worked at Andrew Lloyd Webber’s Really Useful Group (now LW Entertainment). He also has experience with AEG, EMI, and Universal Music Group.

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