The virtual reality hardware manufacturing industry in the Nordics is notable for its innovative companies focusing on immersive technology solutions. This sector includes diverse players ranging from providers of high-end VR headsets to developers of specialized software applications that enhance virtual experiences. Countries like Finland and Sweden are at the forefront, producing equipment that finds applications in gaming, training, and remote collaboration. Trends suggest a robust growth trajectory, driven by advancements in hardware technology and expanding market demand. As collaboration in virtual environments becomes more vital, Nordic firms are likely to play a significant role in defining future standards.


The list of investors includes a mix of venture capital firms and corporate players, primarily headquartered in Finland and Sweden. Their sizes vary significantly, from small firms to major corporations with thousands of employees. Founded between 1979 and 2022, these investors have actively engaged in 2024, with some, such as EQT Ventures, making as many as 28 deals. The collective focus on virtual reality highlights the robust investment interest in this emerging market segment, illustrating a clear appetite for innovation within the hardware manufacturing industry.


Top 13 Virtual Reality Hardware Manufacturing Investors in the Nordics


1. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity established to support Finnish companies in their growth and internationalization efforts. Founded in 2018, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. Notably, it has invested in several companies within the virtual reality space, including Varjo, which raised $6.7 million in debt financing, and Immersal, which secured over $1 million in a venture round. Additionally, Business Finland participated in funding rounds for Taika Tech and Glue Collaboration, both of which are involved in virtual collaboration and VR technologies. These transactions highlight Business Finland's commitment to fostering innovation in the virtual reality hardware manufacturing sector.


2. Sisu Game Ventures

  • Website: sisu.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: sisu-game-ventures

Sisu Game Ventures is a venture capital fund based in Helsinki, Finland, specializing in early-stage investments within the gaming industry. Founded in 2014, the firm aims to provide funding, strategic support, and industry connections to game developers and startups, helping them navigate the challenges of building successful gaming companies. Sisu Game Ventures has been involved in several notable transactions in the virtual reality space, including a Series A investment in Varjo, which raised $8.2 million for its advanced virtual reality headsets. They also participated in funding rounds for Thirdverse, a Tokyo-based virtual reality game developer, and Vizor.io, a virtual reality software provider. Their investment in Resolution Games, which focuses on creating high-quality games, further highlights their commitment to fostering innovation in the gaming and virtual reality sectors.


3. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Notably, Lifeline Ventures has been actively involved in the virtual reality hardware manufacturing space, particularly through its investments in Varjo, a leading maker of high-end enterprise XR headsets. Lifeline participated in several funding rounds for Varjo, including a $40 million Series D round in September 2022, a $54 million Series C round in August 2020, and earlier rounds in 2018 and 2017. These investments highlight their focus on supporting innovative hardware solutions in the XR space. Additionally, Lifeline Ventures invested in Dispelix, an AR waveguide company, which further showcases their engagement in the broader hardware technology landscape.


4. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been involved in several notable transactions in the virtual reality sector, including a seed funding round for Sólfar Studios, an Icelandic VR developer, which raised $2.1 million in 2015. They also co-led a funding round for Vizor.io, a Helsinki-based virtual reality software provider, which raised $2.3 million in 2017. Additionally, Inventure has invested in ThingLink, a platform that has expanded its offerings to include virtual reality annotation. These transactions highlight Inventure's active role in supporting the growth of companies within the virtual reality industry.


5. FOV Ventures

  • Website: fov.ventures
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 11
  • LinkedIn: fov-ventures

FOV Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2022. The firm specializes in investing in early-stage technology startups, with a particular focus on the Metaverse and spatial computing. They provide not only capital but also strategic guidance and access to a network of industry experts to help founders grow their businesses. In 2024, FOV Ventures has already made 11 investments, including notable transactions such as Psytec Games, which raised over $500,000 in a pre-seed round, indicating a focus on virtual reality gaming. They also invested in Doublepoint, a Helsinki-based company that raised €3 million, further emphasizing their commitment to supporting companies in the VR and spatial computing sectors. Other investments include aino.ar and Virtex Stadium, which also align with the technological advancements in the VR space.


6. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a leading telecommunications company based in Stockholm, Sweden, founded in 1876. With a workforce of over 10,000 employees, Ericsson specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, to various industries. In recent years, Ericsson has shown a growing interest in the virtual reality space through strategic investments. Notably, in 2023, Ericsson Ventures participated in a funding round for Hadean, which is developing infrastructure solutions for the Metaverse, highlighting their commitment to supporting technologies that enhance virtual reality experiences. Additionally, their involvement in other technology sectors, such as their past investments in companies like Adapteva, showcases their broader strategy of investing in transformative technologies that could intersect with virtual reality applications.


7. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm founded in 2015, based in Stockholm, Sweden, that specializes in investing in early-stage tech startups. They provide not only financial support but also operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. EQT Ventures has a strong focus on technology and connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have been involved in multiple funding rounds for Varjo, a leading maker of high-end enterprise XR headsets, participating in Series A, B, C, and D rounds, which collectively raised significant capital to support the development and expansion of Varjo's XR hardware and software products. This involvement highlights EQT Ventures' commitment to the virtual reality hardware manufacturing sector.


8. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, they have invested in Fast Travel Games, a VR games studio, participating in multiple funding rounds including a $4 million investment in 2023, a $4 million Series B round in 2021, and a $2.1 million Series A round in 2017. These transactions highlight Industrifonden's active role in the virtual reality sector, particularly in supporting the development of VR content and technology.


9. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has participated in funding rounds for SynergyXR, which raised €2M in March 2024 and $3M in June 2022, both aimed at expanding its operations in the XR space. This involvement highlights Innovestor's interest in the virtual reality sector, despite their broader investment strategy.


10. NordicNinja VC

  • Website: nordicninja.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: nordicninja-vc

NordicNinja VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in technology startups that emphasize sustainability and digital innovation. With a portfolio that spans various sectors, including mobility, deep tech, and climate technology, NordicNinja VC has made notable investments in the virtual reality space. They participated in a $54 million Series C funding round for Varjo, a company known for its advanced XR hardware and software products, highlighting their commitment to the virtual reality hardware manufacturing industry. Additionally, they have invested in Ready Player Me, which raised significant funding to develop tools for creating avatars in virtual worlds, further showcasing their engagement in the virtual reality ecosystem.


11. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. Heartcore has been involved in various transactions, including notable investments in the virtual reality space, such as Fast Travel Games, a VR games studio that raised funding to launch its first game. This involvement highlights Heartcore's interest in the virtual reality industry, particularly in companies that contribute to VR content creation. Their investment strategy focuses on providing capital and guidance to help startups achieve their goals, which aligns with their commitment to supporting innovative technology ventures.


12. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups. Notably, they have been involved in several funding rounds for Resolution Games, a studio dedicated to creating augmented and virtual reality games. Their investments include a $25 million Series C round in 2021, a $7.5 million Series B round in 2018, and a $6 million Series A round in 2015. These transactions highlight Creandum's engagement in the virtual reality space, particularly in gaming, which is a significant aspect of the virtual reality hardware ecosystem.


13. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily in Finland, Estonia, and Sweden. They focus on helping founders develop their business concepts and secure necessary resources for growth. Notably, Icebreaker.vc has invested in Alloverse, a Swedish VR startup that raised €250K in a pre-seed round to develop an open-source platform for virtual collaboration, highlighting their commitment to the virtual reality sector. Additionally, they have participated in other early-stage investments, such as Sense of Space, which also aligns with technology and innovation, although not exclusively VR-related. Their involvement in these transactions showcases their active role in supporting emerging technologies, including virtual reality.



Virtual Reality Hardware Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
InventureHelsinki, Uusimaa, Finland11-5020059
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
EricssonStockholm, Stockholm, Sweden10001+18763
EQT VenturesStockholm, Stockholm, Sweden11-50201528
IndustrifondenStockholm, Stockholm, Sweden11-5019799
InnovestorHelsinki, Uusimaa, Finland11-50201412
NordicNinja VCHelsinki, Uusimaa, Finland1-1020196
Heartcore CapitalCopenhagen, Denmark11-50200717
CreandumStockholm, Stockholm, Sweden11-50200317
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167


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