The gaming console industry in the Nordics is vibrant and integral to the region's tech ecosystem. Comprising a mix of startups and established entities, the industry includes game developers, publishers, and accessory manufacturers. Companies are focused on creating innovative gaming experiences, often embracing cutting-edge technologies such as VR and AR. With the rise in mobile and cloud gaming, there's a strong push towards strengthening online gaming services and expanding the reach of gaming consoles. Additionally, numerous local firms are forming strategic alliances to leverage cross-platform capabilities, paving the way for even more enriched user experiences.

Investors in the Nordics’ gaming console sector include a mix of venture capital firms and corporate entities, showcasing a healthy investment climate. Spanning locations from Helsinki to Stockholm and Copenhagen, these investors have established a strong foothold since their founding, with many operations dating back to the late 1990s and early 2000s. Notably, 2024 witnessed a collective count of 92 deals among these 12 investors, underscoring their active participation in supporting innovative gaming ventures across the region.

Top 12 Gaming Console Investors in the Nordics

1. 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, founded in 2014. The firm specializes in early-stage investments within the gaming industry, providing funding, strategic support, and industry connections to game developers and startups. Their mission is to help these companies navigate the challenges of building successful gaming ventures. Notable transactions include their participation in funding rounds for Return Entertainment, which focuses on cloud-native gaming technology, and Utopos Games, a studio developing PC games. They also supported Lightheart Entertainment in a Series A funding round, which aims to expand their game development efforts. These investments highlight Sisu Game Ventures' commitment to fostering innovation and growth in the gaming sector, which may encompass console-related projects.

2. Mtg

• Website: mtg.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1987
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: mtg

Modern Times Group (MTG) is a gaming and entertainment company based in Stockholm, Sweden, founded in 1987. The company operates a diverse portfolio of gaming studios, focusing on developing and publishing a wide range of mobile and browser games. MTG has made significant strides in the gaming industry through strategic acquisitions, including the purchase of Kongregate, a US games publisher, for $55 million in 2017, which has seen substantial revenue growth. In 2015, MTG acquired ESL - Turtle Entertainment for approximately $86 million, enhancing its presence in the eSports sector. More recently, in 2024, MTG signed a deal to acquire Plarium, known for the mobile RPG RAID: Shadow Legends, for a total upfront payment of $620 million, indicating their focus on high-quality gaming experiences. Additionally, the acquisition of Ninja Kiwi in 2021 for around SEK 1,217 million further diversifies their gaming segment. These transactions highlight MTG's commitment to innovation and user engagement in the gaming industry, making them a relevant player in the gaming console ecosystem.

3. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It provides loans, risk capital, and business development support to small and medium-sized enterprises, aiming to enhance their growth and competitiveness. Almi has made several investments in the gaming sector, notably in Mionix, a gaming peripherals company, which received a significant investment to expand its sales and international presence. Additionally, Almi invested in Zordix, a game development company, and IGDB.com, a platform for game database and information, further demonstrating its engagement in the gaming industry. These transactions highlight Almi's commitment to supporting businesses that are part of the gaming ecosystem, making it a relevant player in the gaming console investment landscape.

4. Embracer Group

• Website: embracer.com
• Type: Corporate
• Headquarters: Karlstad, Varmland, Sweden
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: embracergroup

Embracer Group is a corporate investor based in Karlstad, Varmland, Sweden, founded in 1999. The company specializes in game development and entertainment publishing, focusing on creating and distributing a diverse range of video games across multiple platforms. Embracer Group has made significant acquisitions in the gaming industry, including Gearbox Software for $1.3 billion, Saber Interactive for $525 million, and the acquisition of Eidos and Crystal Dynamics in 2022. These transactions highlight their strategy to expand their portfolio and enhance their capabilities in the gaming console market, serving gamers and entertainment consumers with engaging content and experiences.

5. 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 several notable transactions in the gaming sector, including investments in Fast Travel Games, a VR games studio, and Quell, a startup developing hardware and games for various platforms. These investments highlight Heartcore's interest in the gaming industry, particularly in innovative gaming technologies and experiences, aligning with their mission to support entrepreneurs in achieving their goals.

6. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: lifeline-ventures

Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, 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 involved in significant transactions within the gaming industry, such as their participation in the Series A funding round for Supercell, a prominent Finnish game developer known for its mobile games. Additionally, they invested in Mojiworks, a UK-based startup focused on game development, which aims to launch new game projects and expand its operations. These transactions highlight Lifeline Ventures' active role in supporting gaming startups, making them a relevant player in the gaming console investment landscape.

7. 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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, Creandum has invested in Resolution Games, a VR gaming studio, participating in multiple funding rounds including Series A, B, and C, which collectively raised significant capital to enhance their gaming offerings. This involvement highlights Creandum's commitment to the gaming industry, particularly in the context of emerging technologies like virtual and augmented reality, making them a relevant player in the gaming console investment landscape.

8. 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 within the gaming industry, including investments in Mindfield Games, which raised $375,721 in a seed round in 2014, and Omeda Studios, which secured $2.2 million in 2021. Additionally, they participated in funding for Sólfar Studios, a VR developer known for its product EVEREST VR, and Umbra, a graphics software provider for the gaming industry that raised $3.4 million in a Series A round. These investments highlight Inventure's active role in supporting companies that contribute to the gaming ecosystem, particularly in areas that could enhance gaming console experiences.

9. 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 based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in several gaming companies, including Small Giant Games, which raised $41 million to expand internationally and enhance their development team, and TrapLight Games, which received €8 million to support their mobile game, Battle Legion. Additionally, they led a funding round for WarDucks, an augmented reality game development studio, indicating their active role in the gaming sector. These transactions highlight EQT Ventures' engagement with the gaming industry, making them a relevant player in the gaming console investment landscape.

10. Thunderful Games

• Website: thunderfulgames.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 2017
• Headcount: 201-500
• LinkedIn: thunderful

Thunderful Games is a corporate investor based in Gothenburg, Sweden, founded in 2017. As a video game developer and publisher, Thunderful Games focuses on creating and distributing engaging video games, catering to gamers seeking innovative titles. They also provide support for indie developers looking to publish their games. Thunderful has been active in the gaming industry, acquiring several studios to enhance their portfolio. Notable acquisitions include Rising Star Games in 2018, Coatsink Software in 2020 for approximately $29.9 million, and Headup in 2021 for about $13.4 million. These transactions reflect their strategy to strengthen their presence in the gaming market, including the console segment, by bringing in diverse game development capabilities through these studios.

11. Aonic

• Website: aonic.co
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 501-1000
• LinkedIn: aonic-ab

Aonic is a corporate investor based in Stockholm, Sweden, founded in 2021. The firm operates as a video gaming collective, focusing on supporting mid-sized game studios in the development and publishing of video games. Aonic provides a platform for studios to access essential resources and expertise, enhancing their ability to create high-quality games. Notably, Aonic has made significant investments in the gaming sector, including a $35 million investment in UK-based VR game developer nDreams in 2022, followed by a $110 million acquisition of the same company in 2023. Additionally, Aonic acquired Milky Tea in April 2023, further expanding its portfolio in the gaming industry. These transactions highlight Aonic's commitment to fostering creativity and collaboration among game developers, which is crucial for the gaming console market.

12. Zordix AB (publ)

• Website: zordix.com
• Type: Corporate
• Headquarters: Bure, Västerbotten, Sweden
• Founded year: 2009
• Headcount: 51-200
• LinkedIn: zordix-ab

Zordix AB (publ) is a corporate investor based in Bure, Västerbotten, Sweden, founded in 2009. The company operates under the brand Maximum Entertainment, focusing on video game development and publishing. Zordix has been actively expanding its portfolio through strategic acquisitions, including Just For Games, a French gaming publisher, Merge Games, a British publisher and developer, and Maximum Games, which they acquired for a total of $42 million. These acquisitions aim to enhance Zordix's capabilities in the gaming space, particularly in the AA gaming sector, and strengthen their publishing activities. Additionally, Zordix acquired Dimfrost Studio, further solidifying their commitment to growth in the gaming industry. Their diverse range of games, including titles like 'Squirrel with a Gun' and 'Wild Bastards', caters to a community of gaming enthusiasts, indicating their active participation in the gaming console market.

Gaming Console Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Sisu Game Ventures	Helsinki, Uusimaa, Finland	1-10	2014	2
Mtg	Stockholm, Stockholm, Sweden	11-50	1987	1
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Embracer Group	Karlstad, Varmland, Sweden	51-200	1999	0
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Thunderful Games	Gothenburg, Västra Götaland, Sweden	201-500	2017	0
Aonic	Stockholm, Stockholm, Sweden	501-1000	2021	0
Zordix AB (publ)	Bure, Västerbotten, Sweden	51-200	2009	0

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