The arcade game manufacturers industry in Benelux is a vibrant sector characterized by creativity and technology. Companies in this field design, develop, and produce various arcade games, from classic cabinet games to modern interactive experiences. The industry is increasingly incorporating elements of virtual reality and blockchain technology, creating immersive games that resonate with both nostalgic and new gamers. The ongoing growth of mobile and social gaming expands market opportunities, leading companies to innovate constantly. Predictions show that the arcade segment is set to evolve further as trends like gamification in other industries rise and global arcade revivals continue.


The investors featured in this list represent a mix of venture capital and private equity firms headquartered across the Benelux region. With sizes ranging from small teams to giants managing thousands of professionals, these players have been instrumental in funding various gaming ventures. Established between 2005 and 2021, they collectively engaged in numerous impactful deals throughout 2024, showcasing their robust commitment to the gaming sector, particularly arcade game manufacturers. Investors like Dutch Crypto Investors and CVC Capital Partners highlight a trend toward strategic investments in both traditional and innovative gaming technologies.


Top 15 Arcade Game Manufacturers Investors in Benelux


1. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, founded in 2017. The firm specializes in digital assets and blockchain technology, providing funding, strategic networking, and community building services to crypto startups. DCI has been actively involved in the gaming sector, particularly in blockchain gaming, as evidenced by their investments in notable projects such as OP Games, which raised $8.6 million, and Good Games Guild, a play-to-earn gaming hub that raised $1.7 million. Their focus on GameFi positions them as a key player in the evolving investment landscape, making them a significant investor in the intersection of gaming and blockchain technology.


2. 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 gaming sector, exemplified by their acquisition of Jagex, a developer and publisher of video games known for its flagship title RuneScape. This acquisition, announced on February 9, 2024, highlights CVC's commitment to investing in the gaming industry. Additionally, their involvement in other sectors, such as the acquisition of Sisal Group and Hamleys, showcases their diverse investment portfolio, but their recent activities in gaming make them a relevant player in the arcade game manufacturers space.


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 strategic acquisitions to enhance its gaming offerings, including the acquisition of Whow Games, a free-to-play social casino developer, which reflects their commitment to expanding their gaming portfolio. Other notable acquisitions include Spil Games and Madvertise, which further solidify their presence in the digital gaming and advertising landscape. These transactions highlight Azerion's focus on leveraging technology and partnerships to enhance monetization opportunities within the gaming sector.


4. 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 specializes in investing in the Open Economy, with a strong focus on sectors such as finance, gaming, and infrastructure. They provide not only venture capital but also business development support and community engagement to help early-stage companies succeed. Notably, Fabric Ventures has participated in several significant transactions within the gaming industry, including a $99.8 million Series B investment in Homa Games, a company known for its mobile game development. They also invested in Magicave and Treasure Play, both of which are involved in gaming, showcasing their commitment to supporting innovative gaming startups.


5. 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 addition to their focus on blockchain, Stake Capital has made significant investments in the gaming industry, particularly in projects that leverage blockchain technology. Notable transactions include a seed investment in Cometh, a Paris-based blockchain game development studio, which raised €9.4 million to accelerate the development of future games. They also participated in the seed funding for Eterlast, which aims to launch Web3 games for sports fans. These investments highlight Stake Capital's active role in the gaming sector, particularly in innovative gaming solutions that could encompass arcade games.


6. 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, providing equity financing, convertible loans, and project funding to both early-stage and mature game studios. ForsVC aims to alleviate financial burdens for game developers, enabling them to realize their creative visions. In 2024, ForsVC has been involved in several notable transactions, including a pre-seed investment in Glowfish Interactive and a seed round for Mystic Forge, raising significant amounts to support game development. These investments reflect ForsVC's active role in fostering innovation within the gaming sector, which may include arcade game manufacturers among its portfolio.


7. 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 gaming industry, including a Series A investment in Lava Labs, which raised over $10 million for its flagship game AFAR. Additionally, they participated in seed rounds for companies like Stardust and Saga.xyz, which are also engaged in the gaming sector. These transactions highlight Maven 11's active role in supporting innovative gaming ventures, particularly those leveraging blockchain technology.


8. 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, focusing on token-based networks and innovations in gaming and NFTs. Notably, they have participated in several relevant transactions, including a $3.2 million seed round for Arcade2earn, which directly relates to the arcade gaming space. Additionally, they invested in Fancy Studios and Azuro, both of which are involved in gaming, further showcasing their commitment to the gaming industry. Their portfolio reflects a strategic interest in fostering long-term partnerships with companies that are innovating within the gaming sector.


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 notable transactions including a $2.25 million investment in Pine Games, a mobile game development company, and a $3 million investment in Grand Games during its Pre-Seed round. Additionally, they invested in Layer AI, which aims to empower game studios with AI tools for creating game art and content. These transactions highlight Laton Ventures' active role in supporting innovative gaming startups, which may include those involved in arcade game development.


10. Irdeto

  • Website: irdeto.com
  • Type: Corporate
  • Headquarters: Hoofddorp, North Holland, Netherlands
  • Founded year: 1969
  • Headcount: 1001-5000
  • LinkedIn: irdeto

Irdeto, founded in 1969 and based in Hoofddorp, North Holland, is a corporate investor specializing in cybersecurity solutions for various industries, particularly video entertainment and gaming. They provide essential services such as content protection and anti-piracy measures, which are crucial for safeguarding the revenue of game developers and publishers. Notably, Irdeto acquired Denuvo, an anti-piracy firm, in January 2018, aiming to enhance security in the gaming industry and prevent revenue loss for game publishers. Additionally, in October 2022, Irdeto made a strategic investment of USD$6 million in Bidstack, a company focused on in-game advertising, which will support its growth strategy in the US. These transactions highlight Irdeto's active involvement in the gaming sector, making them a significant player in the ecosystem that supports arcade game manufacturers.


11. 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, focusing on managing investments in blockchain technology and providing financial services related to DeFi. DeFi Capital has been involved in several notable transactions in the gaming sector, including a seed round investment in Apeiron, a blockchain game that raised over $17 million, and participation in funding rounds for Elpis Battle and Polemos, which raised $2.15 million and $2 million respectively. These investments highlight DeFi Capital's engagement with innovative gaming projects that leverage blockchain technology, positioning it as a relevant player in the arcade game manufacturers industry.


12. 212

  • Website: 212.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: 212vc

212 is a venture capital firm based in Luxembourg, founded in 2011, that specializes in supporting B2B technology startups. The firm provides funding through various investment funds, including a growth fund and accelerator programs, aimed at helping entrepreneurs scale their businesses. In 2012, 212 made a notable investment in ArcadeMonk during its seed round, which indicates their involvement in the arcade game sector. However, their other investments, such as in AppSamurai, which raised $2.4 million in a Series A round, reflect a broader focus on technology rather than specifically on arcade games. This diverse investment strategy highlights their capability to support various tech startups, but it also suggests that their primary focus may not be on arcade game manufacturers.


13. 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 focuses on various sectors, including healthcare and sustainability, and operates across Europe. Notably, Waterland has made significant strides in the gaming sector, acquiring Krijco Amusement BV, a Dutch land-based gaming operator, in June 2015, which strengthened their position in the Dutch gaming market. They also acquired Napoleon Games Group in August 2021, further solidifying their involvement in the gaming industry. These transactions highlight Waterland's interest in the gaming sector, which includes arcade game manufacturers, making them a relevant investor in this space.


14. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology and operates in various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Prosus partners with local entrepreneurs to create valuable products and services, fostering community growth and sustainable business practices. Notably, Prosus has been involved in significant transactions in the gaming sector, such as leading a $200 million Series C funding round for Immutable Systems, a startup focused on NFT scaling solutions and gaming. They also participated in earlier funding rounds for Immutable Systems, including a $60 million Series B. Additionally, their investment in DappRadar, a platform for decentralized applications, further highlights their interest in the gaming and blockchain space. These transactions demonstrate Prosus Group's commitment to investing in innovative gaming technologies, making them a relevant player in the arcade game manufacturers industry.


15. s16vc - Founders for Founders Fund

  • Website: s16vc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: s16vc

s16vc - Founders for Founders Fund is a venture capital firm based in Amsterdam, Netherlands, founded in 2020. The firm specializes in providing advisory services to businesses, focusing on management and strategy. In 2024, they participated in a seed round investment for Playgama, raising $3,000,000. This investment highlights their engagement in the arcade game manufacturers sector, showcasing their interest in supporting innovative companies within this industry.



Arcade Game Manufacturers Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
CvcLuxembourg1001-5000200516
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
Fabric VenturesLuxembourg11-50201216
Stake Capital GroupLuxembourg11-50202112
ForsVCKortrijk, Flanders, Belgium1-1020216
Maven 11Amsterdam, North Holland, Netherlands11-50201527
Flow VenturesRandstad, Netherlands1-101
Laton VenturesAmsterdam, North Holland, Netherlands1-102
IrdetoHoofddorp, North Holland, Netherlands1001-500019690
DeFi CapitalUtrecht, Utrecht, Netherlands1-1020191
212Luxembourg1-1020115
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
s16vc - Founders for Founders FundAmsterdam, North Holland, Netherlands11-5020207


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