VR company Varjo raises EUR 41 million in Series D funding

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Originating from Finland, tech company Varjo has raised a EUR 41 million Series D funding round, wherein the company was backed by return investors including EQT Ventures, Atomico, Volvo, Lifeline Ventures, and Tesi, with getting also two new strategic investors in Mirabaud and Foxconn​. Varjo will use the raised funds to R&D of its new cloud services and scaling its offerings across new enterprise verticals such as design & manufacturing, engineering, education, and healthcare.

Varjo develops VR (virtual reality), AR (augmented reality) and MR (mixed reality) hardware and services that are globally the most advanced.

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 – namely, the new XR streaming platform ’Varjo Reality Cloud’ in combination with the company’s XR-3-, VR-3- ja Aero products – enables professional, fully virtual work in various sectors, anytime and anywhere. This then promotes global remote work, boosting efficiency and decreasing CO2 emissions from work travel,” elaborates Keith Bonnici, Investment Director at Tesi.

Tesi participated in Varjo’s Series D with its own investment and with the EFSI (European Fund for Strategic Investments) financing instrument, created in collaboration with the EIB (European Investment Bank). Tesi made its initial investment in Varjo in 2020.


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Additional information:

Keith Bonnici, Investment Director, Venture Capital investments
+358 40 1799 584


Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.4 billion euros. www.tesi.fi | @TesiFII