The tabletop gaming industry in Benelux has grown significantly, driven by increased interest from both players and creators. This vibrant market includes board game designers, publishers, and distributors who offer innovative titles spanning various genres. The rise of crowdfunding platforms has empowered small studios, allowing them to bring unique games to life. Moreover, with expanding online communities and gaming conventions, engagement continues to flourish. As more games incorporate technology and immersive experiences, the future looks promising, suggesting that traditional board games may see exciting adaptations in digital formats, enhancing the gaming experience further.


The investors in this list represent a mix of venture capital and corporate firms, predominantly based in the Netherlands and Luxembourg. Founded between 2012 and 2021, these firms range in size from small teams of 1-10 to large corporations with thousands of employees. In 2024, they collectively participated in numerous deals, fostering innovation in the gaming sector, especially through investments in blockchain and interactive projects, signaling a strong commitment to supporting the tabletop gaming market.


Top 10 Tabletop Gaming Investors in Benelux


1. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, specializing in digital assets and blockchain technology. Founded in 2017, DCI Capital provides funding, strategic networking, and community building services to crypto startups, helping them navigate the complexities of the digital asset landscape. In 2024 alone, they have made 13 investments, showcasing their active role in the investment community. Notably, they have invested in several gaming-related projects, including OP Games, a blockchain gaming startup, and Battle Saga, which raised over $3 million with DCI's participation. Their focus on sectors like DeFi and GameFi positions them as a key player in the evolving investment landscape, making them relevant to the tabletop gaming industry as it increasingly intersects with digital gaming.


2. Fabric Ventures

  • Website: fabric.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: fabricventures

Fabric Ventures is a venture capital firm founded in 2012, based in Luxembourg, that focuses on investing in the Open Economy. They support founders and startups across various sectors, including finance, gaming, and infrastructure. With a team size of 11-50, they provide venture capital, business development support, and community engagement to help early-stage companies succeed. Notably, Fabric Ventures has participated in significant transactions within the gaming sector, such as Sorare, which raised $10 million in a seed round, and Treasure Play, which secured $8.2 million in a seed round. Their involvement in these gaming-related investments highlights their active role in the gaming industry, making them a potential ally for tabletop gaming ventures.


3. Azerion

  • Website: azerion.com
  • Type: Corporate
  • Headquarters: Schiphol-Rijk, North Holland, Netherlands
  • Founded year: 2014
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: azerion

Azerion Group N.V. is a corporate investor based in Schiphol-Rijk, North Holland, Netherlands, founded in 2014. The company operates as a digital entertainment and media platform, providing advertising solutions and managing a diverse portfolio of gaming content. Azerion has made several significant acquisitions in the gaming sector, including WHOW Games, a social casino developer, and Sulake, the creator of the popular online community Habbo Hotel. These acquisitions reflect Azerion's strategy to enhance its gaming offerings and expand its audience reach. Additionally, they acquired Woozworld, a cross-platform kids MMO, further diversifying their gaming portfolio. With a focus on enhancing monetization opportunities for their partners, Azerion is positioned as a key player in the gaming industry, which may include interests in tabletop gaming as part of their broader strategy.


4. Maven 11

  • Website: maven11.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: maven11

Maven 11 is a venture capital firm based in Amsterdam, specializing in blockchain and distributed ledger technology. Founded in 2015, the firm has positioned itself as a key player in the investment landscape by providing active support and insights to founders in the crypto space. In 2022, they participated in a Series A funding round for Lava Labs, which raised over $10 million for its flagship game AFAR, highlighting their commitment to the gaming sector. Additionally, they invested in Stardust, which raised $5 million in a seed round, and Saga.xyz, which secured $6.5 million in another seed round. These transactions reflect Maven 11's strategic focus on innovative gaming projects that leverage blockchain technology, making them a significant player in the intersection of gaming and blockchain.


5. Flow Ventures


Flow Ventures is a venture capital firm based in Randstad, Netherlands, specializing in early-stage investments primarily in the blockchain and decentralized finance sectors. Founded with a mission to accelerate the digital revolution, Flow Ventures provides capital and strategic advisory services to startups, particularly those innovating in gaming and NFTs. Notable transactions include their investment in Vorto Gaming, which raised $4 million, indicating a strong interest in gaming ventures. Additionally, they participated in seed rounds for companies like Arcade2earn and Azuro, which further highlights their commitment to the gaming sector. Through these investments, Flow Ventures aims to foster long-term partnerships with its portfolio companies, contributing to the growth of innovative gaming solutions.


6. Sparkle Ventures


Sparkle Ventures is a venture capital firm based in Luxembourg, founded in 2021, that specializes in investing in equity and tokens to support technologies in Web 3.0 and the Metaverse. The firm targets technology companies and startups, providing them with the necessary capital to scale their operations. Notably, Sparkle Ventures has participated in several transactions relevant to the gaming industry, including a $12 million Series A investment in Immortal Game, a blockchain-based platform for chess players, and an $8 million Series A investment in Helika, which develops AI-powered game management products. Their involvement in these projects highlights their interest in innovative gaming solutions, particularly those that leverage blockchain technology and AI, which could have implications for both digital and tabletop gaming.


7. DeFi Capital

  • Website: deficapital.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: deficapitalbv

DeFi Capital is a venture capital firm based in Utrecht, Netherlands, founded in 2019. The firm specializes in decentralized finance (DeFi) and cryptocurrency investments, focusing on managing investments in blockchain technology and providing financial services related to DeFi. Their clientele includes businesses, consumers, and organizations looking to leverage opportunities in decentralized finance. Notably, DeFi Capital has participated in several relevant transactions in the gaming sector, including a $2.15 million investment in Elpis Battle, a game that likely incorporates DeFi elements, and a $2 million investment in Polemos, which also aligns with gaming. These transactions highlight DeFi Capital's engagement in the gaming industry, particularly in projects that blend gaming with blockchain technology.


8. ROM Utrecht Region


ROM Utrecht Region is a not-for-profit organization established in 2020, dedicated to supporting innovative entrepreneurs in the Utrecht region. It provides services in investment assistance, innovation support, and international market access, with a focus on various sectors including Life Sciences & Health, Earth Valley, and New Digital Society. In 2024, ROM Utrecht Region was involved in several funding transactions, including a notable investment in Mystic Forge, which raised $2,138,399 in a Seed Round, indicating a commitment to innovative projects. Additionally, they participated in the Pre-Seed Round for D-Drops World, which raised $542,707, and an undisclosed amount for Flavour in a Venture Round. These transactions suggest that ROM Utrecht Region is actively engaging with innovative startups, some of which may intersect with the tabletop gaming industry.


9. Laton Ventures

  • Website: laton.vc
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: laton-ventures

Laton Ventures is a venture capital firm based in Amsterdam, North Holland, Netherlands, specializing in the gaming industry. Founded with a focus on early-stage gaming companies, Laton Ventures provides not only funding but also operational support in critical areas such as game design and marketing. In 2024, they participated in significant funding rounds, including a $3 million Pre-Seed investment in Grand Games and a $2.25 million investment in Pine Games, which focuses on mobile game development. Their involvement in these transactions highlights their commitment to supporting innovative gaming startups, which may also encompass tabletop gaming ventures in the future.


10. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Notably, Waterland has made significant strides in the gaming industry, acquiring Napoleon Games Group and Krijco Amusement BV, which positions them as a player in the gaming market. These acquisitions suggest a commitment to expanding their footprint in the gaming sector, potentially including tabletop gaming as part of their investment strategy.



Tabletop Gaming Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
Fabric VenturesLuxembourg11-50201216
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
Maven 11Amsterdam, North Holland, Netherlands11-50201527
Flow VenturesRandstad, Netherlands1-101
Sparkle VenturesLuxembourg1-1020213
DeFi CapitalUtrecht, Utrecht, Netherlands1-1020191
ROM Utrecht RegionUtrecht, Utrecht, Netherlands51-20020207
Laton VenturesAmsterdam, North Holland, Netherlands1-102
Waterland Private EquityBussum, North Holland, Netherlands201-50019997


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