Unit1, a UK music tech startup founded last year by entertainment executive Barney Wragg, has obtained $20m in funding from a group of investors. Wragg previously held the chief executive role at Andrew Lloyd Webber’s entertainment group for five years, beginning in late 2011. The investment received is equivalent to nearly £15m.
The startup’s core objective is to recreate classic concerts by manifesting musicians as digital avatars, offering a lower cost version of shows like Abba Voyage. Unit1 aims to showcase both living and dead artists in any venue. Among the investors is tech backer Balderton Capital, with partner Daniel Waterhouse, an early investor in Spotify, involved in the funding.