VARK Inc. Raises Approximately One Billion Yen in the First Close of Series C

TOKYO--( BUSINESS WIRE )-- VARK Inc. (Head Office: Toshima-ku, Tokyo; CEO founder: Takuya Kato), provider of a virtual live music event platform, metaverse templates, and video creation support tools for 3D avatars, announces that it has raised approximately one billion yen (7.2 million dollars) in the first close of its Series C round through a third-party allotment of new shares to SBI Investment Co., Ltd., and NetEase Games in addition to existing investors JAFCO Group Co., Ltd., Mitsubishi UFJ Capital Co., Ltd., and ANRI.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230516006135/en/

VARK has raised 7.2 million dollars in the first close of its Series C round (Graphic: Business Wire)

With its vision to "create the best virtual services," VARK Inc. has developed businesses such as VARK, which combines a virtual live music event platform and metaverse templates, and VARK SHORTS, a video creation support tool for 3D avatars.

The number of virtual live music events held through the platform per year has more than doubled over the past year following our product enhancement through Series B funding, and our metaverse templates have also been used for large-scale events such as the TV Tokyo Virtual Music Festival, a collaborative event with Dentsu Inc. and TV Tokyo Corporation.

In addition, VARK SHORTS, a short video creation tool for 3D avatars released earlier this month, has been used by more than 10,000 users within just a few days of its release.

With this funding, we will strengthen our product development system not only to enhance existing products but also to take on the challenge of developing new businesses, such as VARK SHORTS, using the lean startup method, and strive to achieve our vision of creating the best virtual services.

Comments from the representatives
VARK Inc. CEO founder Takuya Kato
In Japan, it is often said that raising one billion yen is seed raising, and we believe that is exactly the case in the metaverse field.
We need at least ten times this amount of funding and more people to help us spread our culture around the world. We need partners outside of Japan as we continue our international expansion next year and the year after that.

VARK Inc. COO Yutaka Sugimoto
It has been about two years since I joined VARK, and I feel that the speed at which products are released and updated has increased dramatically.
In order to respond to the support and expectations of our shareholders, business partners, and service users, we will continue to strengthen our product development system and strive to provide value at an even faster pace.

Company overview
Company: VARK Inc.
CEO founder: Takuya Kato
Established: August 9, 2017
Line of business: Development and operation of a virtual live music event platform, metaverse, and video creation support tools
Location: Tokyo
Official website: https://corp.vark.co.jp

View source version on businesswire.com: https://www.businesswire.com/news/home/20230516006135/en/