The puzzle game development industry in Benelux thrives on innovation and creativity. Companies across the region create engaging, brain-teasing games that cater to various audiences, from casual players to puzzle enthusiasts. This sector includes large studios, indie developers, and even tech startups experimenting with blockchain technologies. As puzzle games continue to gain popularity, especially with the rise of mobile gaming and digital play, there's an increasing demand for fresh ideas and innovative gameplay mechanics. The integration of augmented reality and virtual environments is just one direction the industry is heading, promising exciting opportunities for both developers and gamers.


The investors listed here represent a mix of corporate giants and nimble venture capital firms, primarily located in Amsterdam and Luxembourg. Founded between 2005 and 2021, these entities illustrate a range in size, from small teams to large organizations supporting hundreds. In 2024, they collectively engaged in various sectors, focusing on puzzle game development while also exploring realms like blockchain technology and digital entertainment. The combination of strategic investments and innovative projects positions them as key players in shaping the future of gaming in this vibrant region.


Top 15 Puzzle 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 in the gaming sector, particularly in the NFT gaming space. For instance, they participated in the seed funding rounds for Zomfi, an NFT game, which raised $2.6 million to support its development. Additionally, they were involved in funding rounds for other gaming projects like GoFungibles and Metastrike, indicating their active engagement in the gaming industry. Their focus on innovative projects that blend gaming and cryptocurrency positions them as a relevant investor in the evolving landscape of puzzle game development.


2. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, Netherlands, 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, a blockchain gaming startup that raised $8.6 million, and Battle Saga, which received over $3 million in funding. Their focus on GameFi positions them as a key player in the evolving investment landscape, making them a relevant investor in the puzzle game development industry, especially for projects that leverage blockchain technology.


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 digital entertainment and media platform based in Schiphol-Rijk, North Holland, Netherlands. Founded in 2014, the company operates within the gaming and advertising sectors, providing solutions for advertisers, digital publishers, and consumers. Azerion has made significant strides in expanding its gaming portfolio through strategic acquisitions. Notably, they acquired WHOW Games, a social casino developer, in June 2021, which aligns with their goal of enhancing monetization opportunities in gaming. In February 2020, they also acquired Spil Games, a company known for its casual and puzzle games, further diversifying their gaming content. Additionally, their acquisition of Sulake, the developer of Habbo Hotel, and other companies like Widespace and Sublime, showcases their commitment to growing their digital entertainment offerings and leveraging technology to connect with users. This strategic focus on gaming content positions Azerion as a relevant player in the puzzle game development landscape.


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, that focuses on investing in the Open Economy. They support founders and startups across various sectors, including finance, gaming, and infrastructure, providing venture capital, business development support, and community engagement to help early-stage companies succeed. Notably, Fabric Ventures has been involved in significant transactions within the gaming industry, such as their investment in Homa Games, which raised over $99 million in a Series B round, and Magicave, which secured $6.4 million in a seed round co-led by Fabric Ventures. These investments highlight their commitment to fostering innovation in gaming, including potential puzzle game development.


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 participated in several transactions relevant to the gaming industry, such as their investment in Lava Labs, which raised over $10 million for the development of its flagship game AFAR. This indicates their engagement in the gaming sector, particularly in projects that may include puzzle game elements. Other investments include MagicBlock, Stardust, and Odyssey, which further demonstrate their active role in supporting innovative gaming ventures.


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 specializing in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Founded in 2005 and based in Luxembourg, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant investments in the gaming industry, including a recent $255 million funding round for Dream Games, a developer recognized for its puzzle games. Additionally, CVC, in collaboration with Carlyle, acquired Jagex, the developer of the iconic game RuneScape, further solidifying their commitment to the gaming sector. These transactions highlight CVC's active role in the gaming industry, making them a relevant player in the puzzle game development space.


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 participated in several notable transactions, including a significant investment in Cometh, a Paris-based blockchain game development studio that raised €9.4 million to accelerate the development of future games and deploy its blockchain software suite in the video game industry. They also invested in Eterlast, which raised $4.5 million to launch Web3 games for sports fans. These transactions highlight Stake Capital's active role in the gaming sector, particularly in projects that leverage blockchain technology.


8. 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 platform for chess players, which incorporates strategic and puzzle-like elements. They also invested in Helika, which raised $8 million in a Series A round to develop AI-powered game management products, indicating their interest in innovative gaming solutions. These transactions highlight Sparkle Ventures' engagement in the gaming sector, particularly in projects that may align with puzzle game development.


9. 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 made several notable investments, including Glowfish Interactive and Oro Interactive in pre-seed rounds, as well as Mystic Forge and Cyborn in seed rounds. These transactions highlight their active engagement in the gaming sector, which encompasses various genres, including puzzle games.


10. 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 participated in the seed funding round for Mighty Bear Games, a mobile studio that aims to develop and launch its first set of titles, which may include puzzle games. This investment reflects M Ventures' interest in the gaming industry, particularly in innovative mobile gaming studios. Additionally, while M Ventures has been involved in other sectors, their engagement in gaming positions them as a potential investor in puzzle game development.


11. 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 Solanium platform, which specializes in decentralized fundraising, token staking, and governance voting services on the Solana blockchain. Skullavenue has participated in several notable transactions in the gaming sector, including a seed round for VisionGame, which raised $3.8 million, and Project SEED, which is focused on expanding a blockchain-based gaming metaverse ecosystem. These investments indicate Skullavenue's active role in the gaming industry, particularly in projects that leverage blockchain technology, making them a relevant player in the broader gaming landscape.


12. 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. The firm provides capital and strategic advisory services to startups, focusing on token-based networks and innovations in areas such as gaming and NFTs. Flow Ventures aims to accelerate the digital revolution by fostering long-term partnerships with its portfolio companies. Notable transactions include investments in Vorto Gaming, which raised $4 million, and Arcade2earn, which secured $3.2 million. These investments highlight Flow Ventures' engagement in the gaming sector, particularly in projects that may leverage blockchain technology, which could be relevant to the puzzle game development context.


13. 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 a pre-seed funding round for Pine Games, which raised $2.25 million for mobile game development, indicating their commitment to supporting innovative gaming startups. They also invested in Grand Games, which raised significant funding in both pre-seed and Series A rounds, showcasing their active role in the gaming sector. Furthermore, their investment in Layer AI, an AI startup aimed at empowering game studios, highlights their interest in enhancing game development processes. Overall, Laton Ventures is well-positioned to support puzzle game developers through their investments and expertise.


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. With over 21 investments in 2024 alone, Prosus partners with local entrepreneurs to create valuable products and services. Notably, they have invested in Immutable Systems, a company that is scaling solutions for non-fungible tokens (NFTs) in gaming, and DappRadar, which provides analytics for decentralized applications, including games. These transactions suggest an interest in the gaming sector, although they do not specifically highlight puzzle game development.


15. 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. 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. Additionally, they participated in funding rounds for Elpis Battle and Polemos, both of which are also related to gaming. This involvement in gaming projects highlights their interest in the intersection of blockchain technology and the gaming industry, particularly in the context of puzzle games.



Puzzle Game Development Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
Fabric VenturesLuxembourg11-50201216
Maven 11Amsterdam, North Holland, Netherlands11-50201527
CvcLuxembourg1001-5000200516
Stake Capital GroupLuxembourg11-50202112
Sparkle VenturesLuxembourg1-1020213
ForsVCKortrijk, Flanders, Belgium1-1020216
M VenturesAmsterdam, North Holland, Netherlands11-50200918
SkullavenueAmsterdam, North Holland, Netherlands1-1020210
Flow VenturesRandstad, Netherlands1-101
Laton VenturesAmsterdam, North Holland, Netherlands1-102
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
DeFi CapitalUtrecht, Utrecht, Netherlands1-1020191


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