Finnish Varjo receives €20 million in financing from EIB

The European Investment Bank (EIB) has signed a quasi-equity agreement worth €20 million with Finnish metaverse technology company Varjo. The Helsinki-based, industry-leading developer of virtual and mixed reality software and hardware will use the financing to increase its investments in research and development for creating a reality-based metaverse of the future, as well as to capture the strong tailwinds following the coronavirus pandemic. The financing was made available under the European Guarantee Fund (EGF), a pan-European programme to help companies to grow amidst the global uncertainty caused by COVID-19. The EIB’s venture debt finance supports innovative growth companies with long-term financing and limited dilution.


EIB Vice-President Thomas Östros stated: “Varjo invests heavily in research and development, even at a globally difficult moment such as the current challenging times. The EGF’s venture debt programme gives the EIB the possibility to directly support innovative companies in strategically important sectors for the future of Europe. In supporting Varjo’s growth, we not only sustain and create jobs within a highly innovative industry, but we also put ourselves squarely behind European technological know-how.”


“Varjo is extremely proud to be a VR/XR company headquartered in Europe but operating globally, offering our customers around the world the most advanced immersive technology in the market,” added Timo Toikkanen, Varjo CEO. “As we scale and develop the next computing paradigm for human communication, we are pleased about the continued encouragement of the European tech ecosystem.”


Varjo delivers a unique VR/XR (virtual- and extended reality) hardware and software proposition which is cutting-edge in terms of making virtual experiences look and feel as real as the real world. Varjo provides the highest-resolution VR/XR in the market, and allows for mixing photorealistic virtual content with our physical reality for a true-to-life metaverse.

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