Other investors include a number of private individuals in China, as well as QUT Creative Enterprise Australia’s Creative Enterprise Fund.
Metaverse Makeovers is a company aimed at bringing together wearable technology and fashionable consumables.
Its leading wearable technology product, Metaverse Nails, are fashion nail accessories that interact with a mobile app using augmented reality technology. Using the app consumers can take selfies with augmented reality 3D holograms on their fingers.
Melbourne Angels deal lead Maurice Grasso told StartupSmart the investment in Metaverse Makeovers was exactly the kind of opportunity his team seeks.
“It’s really new technology, it’s a large overseas market and you’ve got world class entrepreneurs in the space,” he says.
“If you can tap into that, the requirement for you to make a further investment is probably lessened. Your money will tend to go a little bit further and you may not need a follow up round or, if you do, hopefully it’ll be a smaller one.”
Metaverse Makeovers co-founder and chief executive Thea Baumann said in a statement the investment will help the startup navigate “the unique challenges of bringing our wearables to a rapidly growing emerging market”.
“The wearable tech and augmented reality space is hotting up,” she says.
“The time is right for Metaverse Makeovers, as an interdisciplinary team, to shape the face of this emerging sector and directly position our augmented reality wearables into and onto the hands of a mobile-only generation.”
The startup plans to tap into the Chinese market, where there are around 93 million young women who are increasingly embracing mobile technology.