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 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). The EIB’s venture debt finance supports innovative growth companies with long-term financing and limited dilution.
EIB Vice-President Thomas Östros stated: “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. As we scale and develop the next computing paradigm for human communication, we are pleased about the continued encouragement of the European tech ecosystem.”
Timo Toikkanen, CEO
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.
Grannenfelt Finance was pleased to be advising the company in the transaction.
For more information, see EIB’s press release.