London’s Unit1 Studio secures €23.3 million to scale avatar concerts beyond the one-venue ABBA Voyage model

London-based Unit1 Studio, an end-to-end avatar concert producer, has successfully raised €23.3 million (£20 million) in new financing. The investment round consists of an oversubscribed equity investment led by Balderton Capital, alongside additional production financing. Notable existing investors, Mercuri, Gilston Music, and U2's long-time manager Paul McGuinness, also participated in the round.

Unit1 Studio's innovative technology aims to revolutionize the avatar concert model, moving beyond the one-venue, one-off ABBA Voyage format. This development will allow legacy artists to showcase their performances to a wider audience. Daniel Waterhouse, General Partner at Balderton, expressed excitement about Unit1's technology and its potential to open up the genre to new artists.

The company has recently relocated its KT Tunstall avatar demo-concert from Brompton Technology's testing facility in Gunnersbury, west London, to a new permanent studio at Tileyard London. This four-day relocation process, which is typically costly and time-consuming, was completed swiftly.

Unit1 Studio's mission is to connect fans with artists regardless of time or geography. The company's immersive avatar concerts recreate live performances, offering fans a unique experience. Led by CEO Barney Wragg, former Andrew Lloyd Webber’s Really Useful Group executive, and a team of experienced professionals, Unit1 has also strengthened its creative team by bringing in top-tier avatar creators and developers.

With the new funding, Unit1 Studio plans to expand its roster of concerts in development. However, the company has not disclosed the specific artists involved, stating that announcements will follow once tickets go on sale.