Virtual Live Platform VARK Closes Series C Funding With ¥1bn Raised

VARK's CEO Takuya Kato said that they will continue to develop its VR live services through the new funding.

VARK, a Japanese company known for its virtual live platform development, has closed its recent series C funding, with a total of ¥1,000,000,000 (around US$7,440,850) raised. The funding was closed through a third-party allotment of new shares to SBI Investment and NetEase Games.

In a Twitter post, VARK CEO Takuya Kato said that the new investment will be dedicated to developing VARK Shorts, a video creation support tool for 3D avatars, as well as continue developing its virtual live business through its metaverse world template, commonly used for large-scale events.

One of the biggest virtual events VARK has worked with was the TV Tokyo Music Festival, whiched they worked alongside advertising giant Dentsu and broadcaster TV Tokyo.

VARK's other existing investors include venture capital companies JAFCO Group, Mitsubishi UFJ Capital (a subsidiary of the Mitsubishi UFJ Financial Group), and ANRI. Meanwhile's VARK's business partners also include Hololive's parent company Cover Corporation and NBCUniversal Japan.

Following the conclusion of the series C funding, VARK has also appointed Yutaka Sugimoto as its new Chief Operating Officer.

Source: PRTimes