The game development industry in Benelux thrives on innovation, creativity, and technological advancement. It houses a variety of companies, from ambitious indie developers to well-established studios, all contributing to an ecosystem rich in gaming experiences. Notably, emerging trends like blockchain gaming and interactive live services are reshaping the market. Belgium, Netherlands, and Luxembourg showcase a unique blend of talent, driven by a strong educational system focused on digital arts and programming. This industry not only creates entertainment but also fosters communities and encourages new business models, with increasing collaborations in eSports and mobile gaming on the rise.


The investors featured here represent a mix of corporate and venture capital firms primarily located in Benelux, with headquarters in Amsterdam, Luxembourg, and Kortrijk. Established between 2005 and 2021, these investors vary in size, with employee counts ranging from a handful to thousands. In 2024, they collectively secured numerous deals, showcasing their commitment to the game development industry. Notable names like Dutch Crypto Investors and Azerion illustrate how these firms are capitalizing on innovative gaming projects and digital economies, indicating robust growth within the sector.


Top 12 Game Development Investors in Benelux


1. Magnus Capital


Magnus Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. Specializing in the cryptocurrency space, they provide investment, advisory, incubation, and market education services to help innovators bring their projects to market. Magnus Capital has been involved in several notable transactions within the game development context, including funding for Zomfi, an NFT game that raised $2.6 million, and GoFungibles, which closed a $4 million round for a global game and gamified marketplace. They also participated in funding rounds for Metastrike and Demole, further demonstrating their commitment to supporting game development projects that incorporate blockchain technology. Their focus on the intersection of gaming and cryptocurrency positions them as a significant investor in the game development industry.


2. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. Specializing in digital assets and blockchain technology, DCI Capital provides funding, strategic networking, and community building services to crypto startups. Their investment strategy includes a focus on sectors like DeFi and GameFi, positioning them as a key player in the evolving investment landscape. Notably, DCI has participated in several significant transactions within the gaming sector, including OP Games, a blockchain gaming startup that raised $8.6 million, and Good Games Guild, a play-to-earn gaming hub that secured $1.7 million in funding. Other relevant investments include VisionGame and Netvrk, both of which are involved in the gaming space. These transactions highlight DCI's commitment to supporting innovative gaming projects that leverage blockchain technology.


3. 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 based in Luxembourg, founded in 2012. The firm focuses on investing in the Open Economy, supporting early-stage companies across various sectors, including finance, gaming, and infrastructure. They provide not only venture capital but also business development support and community engagement to help startups succeed. Notably, Fabric Ventures has participated in significant transactions within the gaming industry, such as Homa Games, which raised nearly $100 million in a Series B funding round, and Immutable Systems, which has raised substantial funding to scale its gaming studio. Additionally, they have invested in MatchboxDAO, a community of on-chain game developers, further emphasizing their active role in the gaming sector.


4. 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 while managing a diverse portfolio of gaming content. Azerion has been actively acquiring companies to bolster its position in the gaming industry. Notable transactions include the acquisition of Spil Games in February 2020, which expanded their gaming offerings, and WHOW Games in June 2021, a social casino developer that aligns with their strategy to enhance monetization opportunities. Additionally, Azerion's acquisition of Sublime and Widespace demonstrates its commitment to integrating advanced technology and expanding its digital advertising capabilities, which are crucial for the gaming sector. Overall, Azerion's strategic acquisitions and focus on gaming content make it a significant player in the game development landscape.


5. 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, Netherlands, founded in 2015. The firm specializes in blockchain and distributed ledger technology, providing investment and active support to founders in the crypto space. They focus on research and insights into blockchain trends, positioning themselves as a key player in the investment landscape. Notably, Maven 11 has been involved in several transactions relevant to the game development industry, including a Series A investment in Lava Labs, which raised over $10 million for its blockchain-based game AFAR. Additionally, they have participated in funding rounds for other companies like Stardust and Saga.xyz, which are also engaged in the gaming sector. These transactions highlight Maven 11's commitment to supporting innovative projects at the intersection of gaming and blockchain technology.


6. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the game development sector, highlighted by their acquisition of Jagex in February 2024, a developer and publisher known for its popular game RuneScape. This acquisition showcases CVC's commitment to investing in the gaming industry. Additionally, they participated in a funding round for Dream Games, which raised $255 million, further solidifying their presence in the gaming market. These transactions reflect CVC's strategic interest in the game development space, alongside their broader investment portfolio.


7. Stake Capital Group

  • Website: stake.capital
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: stake-capital

Stake Capital Group is a venture capital firm based in Luxembourg, founded in 2021. The firm specializes in blockchain and DeFi technologies, providing asset management and investment advisory services to businesses in the technology and finance sectors. In the gaming context, Stake Capital has made significant investments in several game development projects. Notably, they participated in a €9.4 million seed funding round for Cometh, a blockchain game development studio, which aims to accelerate the development of future games and deploy blockchain software in the gaming industry. Additionally, they invested in Eterlast, which raised $4.5 million to launch Web3 games for sports fans. Their involvement in these projects highlights their commitment to supporting innovation in the gaming sector, particularly through the integration of blockchain technology.


8. ForsVC

  • Website: fors.vc
  • Type: Corporate
  • Headquarters: Kortrijk, Flanders, Belgium
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: fors-vc

ForsVC is a corporate venture capital firm based in Kortrijk, Flanders, Belgium, founded in 2021. The firm specializes in the video game industry, focusing on both early-stage and mature game studios. ForsVC provides various forms of financial support, including equity financing, convertible loans, and project funding, aimed at alleviating the financial burdens faced by game developers. In 2024 alone, ForsVC has made six investments, including notable transactions such as Glowfish Interactive's pre-seed round and Mystic Forge's seed round, where they raised $2,138,399. Other investments include Cyborn, which raised $2,263,811 in a seed round, and Oro Interactive, which also secured funding in a pre-seed round. These transactions highlight ForsVC's active role in fostering innovation and creativity within the game development sector.


9. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, focusing on startups in healthcare, life sciences, and advanced technology. M Ventures provides funding and strategic guidance to help these startups achieve commercial success. Notably, M Ventures has participated in funding rounds for game development companies, including Mighty Bear Games, a Singapore-based mobile studio that raised several million dollars in seed funding to expand its team and develop new titles. Additionally, M Ventures has been involved in funding rounds for Akili Interactive Labs, a company that develops prescription video games, showcasing their interest in the intersection of technology and gaming. This involvement in the gaming sector highlights M Ventures' potential as an investor in the game development industry.


10. Sparkle Ventures


Sparkle Ventures is a venture capital firm based in Luxembourg, founded in 2021, that invests 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 significant transactions relevant to the game development industry. They were involved in a seed funding round for Kinetix, an AI-assisted 3D animation pioneer, which aims to humanize the Metaverse. Additionally, they participated in Helika's Series A funding round, which focuses on AI-powered Game Management products, showcasing their interest in enhancing gaming experiences. Furthermore, their investment in Immortal Game, a blockchain-based platform for chess players, underscores their commitment to innovative gaming solutions. These investments reflect Sparkle Ventures' strategic focus on the intersection of technology and gaming.


11. Tioga Capital Partners

  • Website: tioga.capital
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: tioga-capital

Tioga Capital Partners is a venture capital firm based in Belgium, founded in 2019. The firm specializes in investing in exceptional Web3 entrepreneurs and blockchain protocols, providing both venture capital investments and strategic support to startups navigating the complexities of the decentralized finance and blockchain sectors. Tioga Capital has been actively involved in several notable transactions, including investments in Aurory, a blockchain-based game that raised $1.5 million in a seed round in December 2023, and Venly, which raised $2.48 million in July 2021. Their investment in Tropee, an NFT utility platform, further highlights their engagement with projects that intersect with gaming and digital assets. Overall, Tioga Capital's focus on technology and finance startups, particularly in the blockchain space, positions them as a relevant investor in the evolving landscape of game development.


12. Skullavenue

  • Website: solanium.io
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: skullavenue

Skullavenue is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2021. It operates on the Solana blockchain, providing decentralized fundraising, token staking, and governance voting services. Skullavenue has been involved in several notable transactions in the gaming sector, including a seed round investment in VisionGame, which raised $3.8 million on February 18, 2022, and Project SEED, which focuses on expanding a blockchain-based gaming metaverse ecosystem. Additionally, they participated in the funding of Chain Crisis and Solice, both of which are also related to gaming. These investments highlight Skullavenue's active role in supporting the development of innovative gaming projects within the blockchain space.



Game Development Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
Fabric VenturesLuxembourg11-50201216
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
Maven 11Amsterdam, North Holland, Netherlands11-50201527
CvcLuxembourg1001-5000200516
Stake Capital GroupLuxembourg11-50202112
ForsVCKortrijk, Flanders, Belgium1-1020216
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Sparkle VenturesLuxembourg1-1020213
Tioga Capital PartnersBelgium1-1020195
SkullavenueAmsterdam, North Holland, Netherlands1-1020210


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