Finland’s Varjo receives $3M from Nordic Secondary Fund II

Helsinki-based VR/XR-tech company Varjo has received about $3 million after selling its secondaries to Nordic Secondary Fund II. Peter Sandberg, the Founding Partner of N2F, announced the news.

  • Established in 2016 by Klaus Melakari, Niko Eiden, Roope Rainisto, and Urho Konttori, Varjo offers both hardware and software Virtual and Extended Reality headsets. These headsets can be used in various industries, like in the training of doctors for complicated surgeries.
  • Varjo’s customers consist of more than 1,300 companies in more than 40 different countries. The list of customer companies includes Boeing, Volvo, Lockheed Martin, Aston Martin, Audi, as well as Siemens.
  • In September 2022, the company completed its Series D funding round with €41 million raised. EQT Ventures, Atomico, Volvo, Lifeline Ventures, and Tesi provided the investment, along with Mirabaud and Foxconn.
  • The current $3 million capital came from Nordic Secondary Fund II, the first and only fund in the Nordics to exclusively invest in secondaries. The fund focuses on Nordic and Baltic companies on post Series-A stages. Its portfolio includes Bob W., Kilo.Health, Click & Grow, and Mintos, etc.