Tesi, NordicNinja et al. in $54m series-C for Varjo

The funding round also saw participation from new investor Zürcher Kantonalbank, alongside existing investors Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund.

The company's former president and chief operating officer, Timo Toikkanen, has become the new CEO, replacing co-founder Niko Eiden, who will become chief experience officer. 

Toikkanen told sister publication Mergermarket that the new funding "could in principle take it to profitability".

The publication also reported him as saying the company had been growing rapidly in the last few months, benefiting from the increased numbers of people working from home due to the pandemic, which had accelerated demand for virtual- and augmented-reality products. 

The company, which has raised $100m to date, will use the proceeds to accelerate its global expansion and development of hardware and software products.

Previous funding
In September 2017, Varjo raised $8m in a series-A round from EQT Ventures and Lifeline. The following year, it raised $31m in a series-B round led by Atomico, with new investor Next47 joining the round alongside EQT Ventures and Lifeline.

Company
Founded in 2016 and based in Helsinki, Varjo makes human-eye resolution virtual and mixed reality products for several industries including the automotive sector. It counts Volvo, Boeing, Audi and Siemens among its customers, and employs 130 staff.

People
Varjo – Timo Toikkanen (CEO).

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• Topics
• Expansion
• Nordics
• Technology
• Tesi
• EQT Ventures
• Atomico
• Finland
• Nordic venture