Finnish VR company Varjo raises €41M in Series D funding

The Helsinki-based VR-tech company Varjo has raised €41 million in a Series D round of funding. Return investors EQT Ventures, Atomico, Volvo, Lifeline Ventures, and Tesi backed the startup along with two new strategic investors Mirabaud and Foxconn.

• Founded in 2016 by Klaus Melakari, Niko Eiden, Roope Rainisto, and Urho Konttori, Varjo develops virtual reality, augmented reality, and mixed reality advanced hardware and services. Varjo’s customers include industry leaders such as Aston Martin, Boeing, Lockheed Martin, Audi, Volvo Cars, and Aston Martin, as well as Siemens.
• Tesi (Finnish Industry Investment Ltd) is the return investor in this round. It is state-owned investor company focusing on Finnish startups from all sectors throughout early-to-late stages. In August only, the fund supported four investments, including the latest €1 million funding for Innomost.

“Consumer and corporation expectations towards metaverse are globally high. To meet these expectations, both technology that is easy to use and accurate as well as high-quality software and content are needed. Varjo’s tech enables professional, fully virtual work in various sectors, anytime and anywhere,”

Keith Bonnici, Investment Director at Tesi, comments on the investment.

• The company will use the fresh funds to R&D of its new cloud services and scale its offerings across new enterprise verticals. These will include design and manufacturing, as well as engineering, education, and healthcare.