With our technology, you’ll be able to capture your surroundings in 3D and then invite somebody else to join that same exact reality
Summary sheet
Varjo is a Finnish company founded in 2016, that develops human-eye resolution virtual and mixed reality headsets. Varjo's products are specifically designed to meet high demanding enterprise use cases in various areas including training and simulation, design and engineering, research and medical.
The project aims to help Varjo mitigate the impacts of the COVID-19 pandemic, mainly by supporting the company's investments in research, development and innovation to execute on and scale up its growth strategy.
Varjo is a Finnish company founded in 2016, that develops human-eye resolution virtual and mixed reality headsets. Varjo's products are specifically designed to meet high demanding enterprise use cases in various areas including training and simulation, design and engineering, research and medical.
The project supports the policy objective of support for SMEs, as well as innovation and digitalisation by providing tailored venture debt financing to an innovative start-up developing high definition Virtual Reality (VR) / Extended Reality (XR) hardware and software for industrial use. The project entails positive knowledge spill-overs related to VR/XR technologies, benefiting business and research partners and strengthening the capabilities for digital technologies in the EU.
EIB's financial contribution facilitates the SME's sustainable growth and helps to maintain its technological edge, despite the adverse economic conditions resulting from the COVID-19 outbreak. Furthermore, it provides a positive signalling effect to crowd-in further financing from private investors.
EIB Venture Debt financing is a highly differentiated form of non-dilutive growth financing which entails large amounts, long availability period and long maturities.
The project activities do not fall under the Annexes I or II of the EU Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory Environmental Impact Assessment.
The promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, thus not being subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the promoter are suitable for the project.
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).
Documents
News & Stories
Inside the project
How and Why
Lower business travel emissions
Why
- Reduces the need for business travel and thus cuts carbon emissions
- To support innovative companies in sectors that are strategically important for Europe’s future
- So Varjo can compete with industry giants such as Meta, Google and Microsoft
How
- With €20 million in venture debt financing from the EIB. (Venture debt is a quasi- equity investment, but it does not deprive a company’s founders of ownership.)
- The use of Varjo’s technologies could drastically reduce the emissions produced by travelling people who could simply go to a meeting or conference on another continent in their living room.
- Instead of a few days, design reviews take hours.
Sectors & Countries
PLAY VIDEO
2:32
Anything that one person can imagine others can make real
Related media
Beam me up, Finland
Finnish metaverse company Varjo is boldly going where no one has gone before with virtual reality technology that makes virtual teleportation a reality
What is venture debt?
What is venture debt? Venture debt is a loan to an early stage company that provides liquidity to the business for the period between equity funding rounds. All your questions about venture debt, answered by its pioneer at the European Investment Bank.
Related projects and stories
€100 million EU for Ukraine Advisory Programme rolls out
This week the European Investment Bank (EIB) welcomed Ukrainian government officials involved in the preparation and implementation of EIB-funded projects to discuss ways of speeding up and increasing the efficiency of multiple recovery projects. The initiative was supported by the Ministry of Finance of Ukraine and the European Commission.
Italy: EIB lends €200 million to Iren Group to boost electricity infrastructure
The European Investment Bank (EIB) and the Iren Group have signed a €200 million financing agreement to support the development and modernisation of electricity infrastructure in the municipalities of Parma, Turin and Vercelli.
Naftogaz Ukraine gets €400 000 EIB technical assistance grant for decarbonisation drive
The European Investment Bank (EIB) is providing €400 000 to Naftogaz, Ukraine’s national oil and natural-gas company, to make its activities greener. The technical support, financed by the EIB’s EU for Ukraine advisory programme, will help Naftogaz develop its decarbonisation strategy to align with EU climate policies.
Photogallery
General enquiries and comments
The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.
Media enquiries
Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.
Complaints mechanism
Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.
Zero tolerance against fraud and corruption
The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.
Related publications