The puzzles making industry in Europe thrives on creativity and innovation. Companies range from large publishers running extensive product lines to niche startups producing bespoke designs. They create everything from classic jigsaw puzzles to modern brain teasers, often intertwining themes from popular culture and art. Recent trends show a growing demand for interactive and educational puzzles, appealing to both children and adults. With a surge in eco-conscious consumers, many firms are focusing on sustainable materials and manufacturing processes. This shift is set to shape the industry's future, enhancing engagement and fostering a community around puzzle-making.

The roster of investors in Europe's puzzles making industry showcases a blend of venture capital and private equity firms, with many headquartered in vibrant cities like London and Paris. Founded between 1945 and 2019, these described players range from smaller teams to significant investment firms. In 2024, they collectively completed numerous deals—some investing heavily in the puzzles market like Eurazeo's acquisition of Asmodee or Index Ventures backing creative startups, highlighting their commitment to fostering growth in this unique sector.

Top 12 Puzzles Making Investors in Europe

1. Bgf

• Website: bgf.co.uk
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2011
• Headcount: 51-200
• Number of deals in 2024: 53
• LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm founded in 2011, based in London, England. The firm focuses on providing growth funding and value creation support to small and mid-sized businesses in the UK and Ireland. BGF addresses the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in Wow! Stuff, a toy development company, committing £4.8 million to help them bring new products to market, which may include puzzles. Additionally, BGF has made investments in various other sectors, including ceramics with Emma Bridgewater, but their involvement with Wow! Stuff highlights their engagement in the toy and potentially puzzles market.

2. Kima Ventures

• Website: kimaventures.com
• Type: Venture Capital
• Headquarters: Paris, Île-De-France, France
• Founded year: 2010
• Headcount: 1-10
• Number of deals in 2024: 50
• LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, providing financial support and mentorship to help them navigate initial challenges and achieve success. Kima Ventures backs two startups per week, demonstrating a robust investment strategy. Among their notable transactions, they have invested in Pixowl, a multi-platform mobile developer known for creating engaging games, including those featuring The Grub character. This investment aligns with the puzzles making context, as it involves game development that could include puzzle elements. Additionally, Kima Ventures has supported other startups like Flashbreak and Sparkup, further showcasing their commitment to innovative and interactive projects.

3. Index Ventures

• Website: indexventures.com
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1996
• Headcount: 51-200
• Number of deals in 2024: 67
• LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, providing capital and strategic support to entrepreneurs. Notably, Index Ventures has participated in funding rounds for Superplastic, a designer toy brand known for its collectible figures and animated characters, raising significant amounts in both seed and Series A rounds. This involvement highlights their interest in creative and design-oriented ventures, which can be closely related to the puzzles making industry. Additionally, they have invested in ROLI, a company focused on music technology, further showcasing their diverse investment portfolio. Index Ventures aims to build long-term partnerships with founders to drive success in their respective industries.

4. 3i Group plc

• Website: 3i.com
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1945
• Headcount: 201-500
• Number of deals in 2024: 3
• LinkedIn: 3i-group-plc

3i Group plc is a prominent investment firm based in London, specializing in private equity and infrastructure investments. Founded in 1945, the firm focuses on providing capital and expertise to mid-market companies, helping them grow sustainably. With a strong international presence and a diverse portfolio, 3i Group aims to create value for its stakeholders through strategic investments. Notably, 3i has made significant investments in the toy and entertainment sectors, including acquiring a 24% stake in The Character Group, a company listed on AIM that specializes in toys, which often includes puzzles. Additionally, their investment in Giochi Preziosi, a well-known toy manufacturer, further highlights their involvement in the puzzles and games industry. These transactions demonstrate 3i Group's engagement with the puzzles making sector, alongside their broader investment strategy.

5. Eurazeo

• Website: eurazeo.com
• Type: Private Equity
• Headquarters: Paris, Île-De-France, France
• Founded year: 1969
• Headcount: 201-500
• Number of deals in 2024: 40
• LinkedIn: eurazeo

Eurazeo is a prominent investment management firm based in Paris, Île-De-France, France, specializing in private equity, private debt, and real assets. Founded in 1969, the firm has established a significant presence in the investment management landscape, focusing on growth and expansion across various sectors, including technology and healthcare. Notably, Eurazeo has made strategic investments in the puzzles making context, particularly through their acquisition of Asmodee in January 2014 for approximately $132.76 million. Asmodee is a leading publisher and distributor of board games and puzzles, which aligns with Eurazeo's interest in the entertainment sector. Additionally, Eurazeo has participated in other funding rounds related to companies like Keesing Media Group and Carambar & Co, further showcasing their diverse investment portfolio while maintaining a foothold in the puzzles and games industry.

6. Ardian

• Website: ardian.com
• Type: Private Equity
• Headquarters: Paris, Île-De-France, France
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 21
• LinkedIn: ardian

Ardian is a prominent investment management firm founded in 1996, headquartered in Paris, Île-De-France, France. Specializing in private equity, real assets, and credit solutions, Ardian provides tailored investment strategies to institutional investors, family offices, and pension funds. With a global presence and a commitment to sustainable finance, Ardian aims to create lasting value for its clients. Notably, Ardian acquired Schleich in May 2014 for over $300 million, a company recognized for its high-quality toys and collectibles, including puzzles. This acquisition highlights Ardian's interest in the puzzles making industry. Additionally, Ardian's investment in Berlin Brands Group, which has engaged in various consumer products, and their stake in Saal Digital, an online platform for high-end photo products, further demonstrate their diverse investment portfolio, which includes companies that may intersect with the puzzles market.

7. Ldc

• Website: ldc.co.uk
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1981
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited, known as LDC, is a private equity firm based in London, England, founded in 1981. LDC specializes in providing growth capital and strategic support to mid-market businesses across various sectors. As part of Lloyds Banking Group, LDC focuses on helping management teams achieve their growth ambitions through investment and advisory services, fostering long-term partnerships to drive business success. Notably, LDC has invested in Paladone, a giftware company, to facilitate its expansion into the US market and enhance its online ecosystem, which may include puzzles as part of its product range. Other transactions include investments in companies like Card Factory Plc and Fatboy, as well as acquisitions such as Corico and Showcard Print, showcasing LDC's diverse investment portfolio and capability to support various businesses, including those in the puzzles making sector.

8. Endless LLP

• Website: endlessllp.com
• Type: Private Equity
• Headquarters: Leeds, England, United Kingdom (UK)
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 2
• LinkedIn: endless-llp

Endless LLP is a private equity firm based in Leeds, England, founded in 2005. The firm specializes in investment management and consulting services, focusing on providing tailored investment solutions to businesses in complex situations. Endless LLP has a diverse portfolio, with notable acquisitions including Amscan International, a party products manufacturer, which they acquired for $45 million in December 2020. This acquisition is particularly relevant as it may involve products related to puzzles and games. Other acquisitions include Theo Fennell, a jewelry chain, and Trutex, a schoolwear supplier, showcasing their strategy of investing in companies facing financial difficulties and supporting their management teams to drive growth and transformation. While their primary sectors of focus are Food & Beverage and Industrials, their involvement with Amscan suggests a potential interest in the puzzles making industry.

9. 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 specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in various transactions, including investments in Mionix, a gaming peripherals company, which suggests an interest in the gaming and technology sectors. Additionally, Almi invested in Zyyx 3D Printer, a company that operates in the 3D printing space, which could relate to puzzle-making through the creation of physical puzzle components. Other investments include Strawbees, which focuses on educational construction toys, and Adamant Quanta, a deep tech startup, indicating a diverse portfolio that touches on innovative and creative industries.

10. Partners Group

• Website: partnersgroup.com
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Among its notable transactions, Partners Group acquired a majority equity stake in Schleich, a company that produces high-quality toys and collectibles, including puzzles, which aims to support its international growth and enhance online capabilities. This investment highlights Partners Group's engagement in the consumer goods sector, particularly in areas that intersect with the puzzles making industry. Other transactions include acquisitions in diverse sectors, showcasing their broad investment strategy.

11. Hachette Livre

• Website: hachette.com
• Type: Corporate
• Headquarters: Paris, Île-De-France, France
• Founded year: 1826
• Headcount: 1001-5000
• LinkedIn: hachette-livre

Hachette Livre is a prominent publishing company based in Paris, Île-De-France, France, founded in 1826. It specializes in book publishing, educational materials, and games, serving a diverse customer base that includes educational institutions and consumers seeking quality literature. In recent years, Hachette Livre has made significant strides in the board game sector, acquiring several companies to enhance its offerings. Notably, in 2023, Hachette Livre acquired a majority stake in CATCH UP GAMES, an independent French board game publisher, to strengthen its Boardgames division. Additionally, in 2021, it acquired the Quebec-based board game publisher Le Scorpion Masqué, further expanding its portfolio in the board game market. In 2022, Hachette Livre reached an agreement to acquire a majority stake in La Boîte de jeu, a French company specializing in board games. These transactions highlight Hachette Livre's strategic focus on the puzzles and games industry, making it a significant player in this space.

12. Cathay Capital

• Website: cathaycapital.com
• Type: Private Equity
• Headquarters: Paris, Île-De-France, France
• Founded year: 2006
• Headcount: 51-200
• Number of deals in 2024: 10
• LinkedIn: cathay-capital

Cathay Capital is a private equity investment firm based in Paris, Île-De-France, France, founded in 2006. The firm specializes in private equity, venture capital, and healthcare investments, supporting companies in scaling their operations globally and sustainably. Among their notable transactions, they acquired K’NEX on May 24, 2016, a significant player in the construction toy and puzzle industry, which highlights their engagement in the puzzles making sector. Additionally, they led a Series B funding round for Tongshifu, a Chinese online crafts platform, showcasing their interest in creative and craft-related businesses. Their clientele includes entrepreneurs and management teams across various industries seeking growth and transformation, further emphasizing their diverse investment strategy.

Puzzles Making Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
Bgf	London, England, United Kingdom (UK)	51-200	2011	53
Kima Ventures	Paris, Île-De-France, France	1-10	2010	50
Index Ventures	London, England, United Kingdom (UK)	51-200	1996	67
3i Group plc	London, England, United Kingdom (UK)	201-500	1945	3
Eurazeo	Paris, Île-De-France, France	201-500	1969	40
Ardian	Paris, Île-De-France, France	1001-5000	1996	21
Ldc	London, England, United Kingdom (UK)	51-200	1981	15
Endless LLP	Leeds, England, United Kingdom (UK)	11-50	2005	2
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Partners Group	Baar, Zug, Switzerland	1001-5000	1996	19
Hachette Livre	Paris, Île-De-France, France	1001-5000	1826	0
Cathay Capital	Paris, Île-De-France, France	51-200	2006	10

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