Varjo Raises $40 Million Series D Funding to Build a True-to-Life, Industrial Metaverse


NordicNinja’s portfolio company Varjo is taking the next step towards building a true-to-life, industrial metaverse for all professionals. The new investment round is backed by EQT Ventures, Atomico, Volvo Car Tech Fund, Lifeline Ventures, and new strategic investors Mirabaud and Foxconn, one of the largest electronics contract manufacturers in the world.


Helsinki, Finland – September 6, 2022 – Varjo™, the industry-leading provider of professional-grade VR/XR hardware and software, today announced it has secured $40 million USD (equivalent to €41 million EUR) in new funding.

Varjo will use the funds for its R&D cloud services, namely Varjo Reality Cloud, the company’s XR streaming platform that was announced in April. The new capital will help the company continue to scale its software and hardware offerings across new enterprise verticals such as design & manufacturingengineeringeducation, and healthcare.

“Our new funding is a testament to the incredible growth Varjo has seen over the past few years as interest for enterprise XR adoption grows,” said Timo Toikkanen, Varjo CEO. “The vision for a true-to-life metaverse for professionals is already here, and we are proud to be the first and only company in the world to continue to deliver human-eye resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world.”

As part of the funding announcement, Patrick Wyatt has been appointed as the company’s Chief Product Officer and will be the primary lead for Varjo’s software and cloud development initiatives. Patrick joins Varjo from past chief product and leadership roles at European and British companies such as Zoe, Deliveroo, and Criteo.

Today, 25% of Fortune 100 companies use Varjo’s XR/VR hardware and software, delivering ROI in multiples to the world’s biggest companies, such as Volvo CarsLockheed MartinBoeingAston MartinKia, and Honda and various departments across the United States and European Governments. As an industry leader in professional-grade VR/XR, the company is committed to continuing to develop the world’s most advanced hardware and services. Visit the Varjo blog to stay up to date with the company’s mission to bring the benefits of a true-to-life, industrial metaverse to all professionals using the Series D investment, and beyond.


Varjo has been part of NordicNinja’s portfolio since 2020. Read more about our investment in Varjo here.

Varjo (pronounced var-yo) makes revolutionary VR/XR hardware and software that together allow you to see and experience virtual and augmented content just as clearly as you see the analog world around us. Our virtual and mixed reality products take you to another level of performance and emotional immersion – recreating the exact feeling and conditions of real life, allowing you to perform better and learn faster.

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