Top 15 Tabletop Gaming Investors in the Nordics
Top 15 Tabletop Gaming Investors in the Nordics
The tabletop gaming industry in the Nordics is vibrant and growing, featuring a mix of board games, card games, and role-playing experiences. Companies ranging from small studios to established publishers operate here, creating engaging products that cater to a global audience. The industry thrives on community involvement and social interaction, often drawing inspiration from Nordic folklore and history. As digital adaptations of tabletop games gain popularity, traditional board games see renewed interest alongside innovative designs. Pew research shows that the genre is increasingly popular, making it a fertile ground for new products and investment opportunities.
The investors featured here represent a blend of venture capital and corporate firms located primarily in Stockholm, Helsinki, and Reykjavík. Ranging in size from small teams to well-established firms, they were founded between 1987 and 2022, reflecting a rich history in funding tech innovations. In 2024, these investors actively engaged in approximately 100 deals across various sectors, showcasing their interest in supporting gaming startups and growth companies, particularly in the engaging domain of tabletop gaming.
Top 15 Tabletop Gaming Investors in the Nordics
1. 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 portfolio of gaming studios, developing and publishing a wide range of mobile and browser games. In 2023, MTG acquired Snowprint Studios, the developer of Warhammer 40,000: Tacticus, for an estimated $50 million, securing a 70% majority stake. This acquisition reflects MTG's strategy to enhance its portfolio with games that have strong ties to established tabletop franchises. Additionally, MTG has been involved in other gaming investments, such as acquiring Plarium, known for mobile RPGs, and participating in funding rounds for various gaming studios, indicating a robust engagement in the gaming sector.
2. Embracer Group
- Website: embracer.com
- Type: Corporate
- Headquarters: Karlstad, Varmland, Sweden
- Founded year: 1999
- Headcount: 51-200
- LinkedIn: embracergroup
Embracer Group is a game development and entertainment publishing company based in Karlstad, Varmland, Sweden, founded in 1999. The company specializes in creating and distributing a wide range of video games across various platforms, serving gamers and entertainment consumers with engaging content and experiences. Notably, Embracer Group made a significant move in the tabletop gaming industry by acquiring Asmodee on December 15, 2021, for approximately $3.1 billion. Asmodee is a leading publisher of tabletop games, which includes popular titles such as 'Catan' and 'Ticket to Ride'. This acquisition highlights Embracer Group's strategic expansion into the tabletop gaming sector, complementing their existing portfolio that includes various video game studios like Gearbox Software and Saber Interactive. Embracer Group's diverse investments reflect their ambition to leverage a global presence with numerous internal studios, while also tapping into the growing tabletop gaming market.
3. 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 also invested in the gaming industry, participating in funding rounds for companies like Small Giant Games and Resolution Games. Small Giant Games, known for its mobile games, received multiple rounds of funding from Creandum, including a seed round in 2014 and a Series A round in 2017. Resolution Games, which focuses on augmented and virtual reality gaming, also received funding from Creandum in their Series B and Series C rounds. These transactions highlight Creandum's active role in the gaming sector, making them a significant player in the investment landscape for gaming startups.
4. 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. Among its notable transactions, Almi invested in Mionix, a gaming peripherals company, which highlights its engagement in the gaming industry. This investment, along with others in various sectors, showcases Almi's commitment to supporting innovative businesses. While its primary focus is not exclusively on tabletop gaming, its involvement in the gaming sector suggests a potential interest in related areas.
5. 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 in startups, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have been involved in several transactions within the gaming industry, including investments in Mindfield Games, which raised $375,721 in a seed round in 2014, and Mojiworks, a UK-based startup that raised £2.1M in Series A funding in 2017. These investments highlight Lifeline Ventures' commitment to the gaming sector, particularly in supporting innovative game development projects.
6. Paradox Interactive
- Website: paradoxinteractive.com
- Type: Corporate
- Headquarters: Solberga, Stockholm, Sweden
- Founded year: 1999
- Headcount: 501-1000
- LinkedIn: paradox-interactive
Paradox Interactive AB is a video game publisher and developer based in Solberga, Stockholm, Sweden, specializing in strategy and management games. Founded in 1999, the company has grown to employ between 501 and 1000 people and operates through multiple development studios. Paradox is known for engaging directly with its community to enhance player experiences. Notably, Paradox has made significant acquisitions that extend its reach into the tabletop gaming industry. In 2015, they acquired White Wolf Publishing from CCP Games, a company renowned for its tabletop role-playing games, including the iconic Vampire: The Masquerade series. In 2018, they acquired Harebrained Schemes for $7.5 million, a studio known for its BattleTech and Shadowrun Returns games, which have strong ties to tabletop gaming. These strategic acquisitions highlight Paradox's interest in the tabletop sector, alongside their core focus on video games.
7. 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 founded in 2015, based in Stockholm, Sweden, specializing in early-stage tech startups. They provide financial support and operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. 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 Colossi Games, which raised $2.5 million in seed funding to develop and market its first game, and Small Giant Games, which raised $41 million to expand internationally and enhance its development team. Additionally, they led a €3.3 million funding round for WarDucks, a studio focused on augmented reality games. These transactions highlight EQT Ventures' active role in the gaming sector, showcasing their commitment to supporting innovative gaming companies.
8. FOV Ventures
- Website: fov.ventures
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2022
- Headcount: 1-10
- Number of deals in 2024: 11
- LinkedIn: fov-ventures
FOV Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2022. The firm specializes in investing in early-stage technology startups, particularly those focused on the Metaverse and spatial computing. They provide capital, strategic guidance, and access to a network of industry experts to help founders grow their businesses. In 2023, FOV Ventures participated in a seed round for Makea Games, a gaming company, and in early 2024, they were involved in a pre-seed round for Roro, a new gaming studio founded by industry veterans from Toca Boca and Mojang. These transactions highlight FOV Ventures' engagement in the gaming sector, particularly in companies that may have connections to tabletop gaming.
9. Dreamcraft Ventures
- Website: dreamcraft.vc
- Type: Venture Capital
- Headquarters: Copenhagen, Denmark
- Founded year: 2019
- Headcount: 11-50
- Number of deals in 2024: 5
- LinkedIn: bumbleventures
Dreamcraft Ventures is a Copenhagen-based venture capital firm founded in 2019, specializing in investing in tech-driven companies across various sectors, including gaming, esports, and B2B SaaS. They provide not only capital but also hands-on support to help startups grow and succeed. In 2021, they participated in multiple funding rounds for Hiber, a company that enables the creation of user-generated games, which aligns with the gaming industry. Additionally, they have invested in Omnigame, which raised funds in 2018, further showcasing their interest in gaming-related ventures. Their portfolio reflects a commitment to supporting early-stage tech companies, making them a potential player in the tabletop gaming market.
10. Crowberry Capital
- Website: crowberrycapital.com
- Type: Venture Capital
- Headquarters: Reykjavík, Reykjavíkurborg, Iceland
- Founded year: 2017
- Headcount: 1-10
- Number of deals in 2024: 6
- LinkedIn: crowberry-capital
Crowberry Capital is a venture capital firm founded in 2017, based in Reykjavík, Iceland. The firm specializes in seed and early-stage investments across the Nordic region, focusing on supporting entrepreneurs with innovative ideas. Crowberry Capital has been actively involved in the gaming industry, particularly through its investments in Mainframe Industries, a gaming studio that has raised significant funding in multiple rounds, including a Series A round where they participated alongside notable investors like Andreessen Horowitz and Riot Games. This involvement highlights Crowberry's commitment to the gaming sector, which may include tabletop gaming ventures in the future.
11. byFounders
- Website: byfounders.vc
- Type: Venture Capital
- Headquarters: København, Denmark
- Founded year: 2017
- Headcount: 1-10
- Number of deals in 2024: 10
- LinkedIn: byfounders
byFounders VC is a venture capital firm based in København, Denmark, founded in 2017. The firm specializes in investing in early-stage technology companies, particularly those led by globally ambitious and impact-aware founders. ByFounders has been actively involved in the gaming sector, with notable investments including StarBerry Games, which raised $1.1 million for its mobile game, Idle Coffee Corp; Utopos Games, which secured $1 million for its first PC game, Raivo; and GamerzClass, which completed a $2.5 million seed round to support gaming creators. These transactions highlight byFounders' commitment to the gaming industry, indicating their potential interest in expanding into the tabletop gaming space.
12. 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. Among their notable transactions, Inventure invested in Mindfield Games, which raised $375,721 in a seed round in November 2014, directly linking them to the tabletop gaming industry. They also participated in funding rounds for other companies, such as Solsten, which raised significant amounts in Series A and Series B funding, indicating their active role in the gaming sector. While their primary focus is on tech startups, their involvement in gaming-related investments highlights their potential relevance to the tabletop gaming market.
13. Spintop Ventures
- Website: spintopventures.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2009
- Headcount: 1-10
- Number of deals in 2024: 4
- LinkedIn: spintop-ventures
Spintop Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2009. The firm specializes in early-stage technology investments and is dedicated to supporting entrepreneurs by providing capital and strategic advisory services to help them build innovative software-based companies. Spintop Ventures emphasizes sustainable investments and fostering growth in the technology sector. Notably, they have participated in several funding rounds for gaming companies, including Small Giant Games, which raised significant amounts of capital to develop and launch mobile games. Their involvement in Small Giant Games includes a $3.1 million seed funding round in 2014, a $5.7 million Series A round in 2017, and a $41 million investment in 2018. Additionally, they participated in a $6.8 million funding round for Dazzle Rocks, a company focused on developing a next-generation social gaming experience. These transactions highlight Spintop Ventures' active role in the gaming industry, making them a potential player in the tabletop gaming space.
14. Brunnur Ventures
- Website: brunnurventures.com
- Type: Venture Capital
- Headquarters: Reykjavík, Reykjavíkurborg, Iceland
- Founded year: 2014
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: brunnur
Brunnur Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2014. The firm specializes in investing in early-stage startups and growth companies, providing not only capital but also mentorship and access to valuable networks to help entrepreneurs navigate their business challenges. While their investment focus includes diverse sectors such as biotech and fintech, they have also made significant strides in the gaming industry. Notably, Brunnur Ventures led a $2 million seed round for Arctic Theory, an Icelandic gaming studio, which is set to launch its first game by the end of 2023. Additionally, they participated in a $3 million seed round for Porcelain Fortress in September 2024, further demonstrating their commitment to supporting innovative gaming ventures. This blend of investments highlights their role as a supportive player in the gaming landscape, particularly in the tabletop gaming context.
15. Maki.vc
- Website: maki.vc
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2018
- Headcount: 1-10
- Number of deals in 2024: 11
- LinkedIn: maki-vc
Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, primarily in deep tech and brand-driven companies, providing funding and support to early-stage startups. Maki.vc has a global investment mandate but operates mainly in the Nordic region. Notably, they have participated in significant transactions within the gaming sector, including investments in Mainframe Industries, a gaming studio that has raised funds to expand its operations in Helsinki and Reykjavik. Maki.vc was involved in both the seed round and Series A funding for Mainframe Industries, showcasing their interest in the gaming industry. Additionally, they participated in a financing round for BLAST Premier, an esports entertainment startup, further indicating their engagement in the broader gaming landscape.
Tabletop Gaming Insights: Key Investors in the Nordics
Investor | Headquarter | Size | Founded | Deals 2024 |
---|---|---|---|---|
Mtg | Stockholm, Stockholm, Sweden | 11-50 | 1987 | 1 |
Embracer Group | Karlstad, Varmland, Sweden | 51-200 | 1999 | 0 |
Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
Lifeline Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2009 | 14 |
Paradox Interactive | Solberga, Stockholm, Sweden | 501-1000 | 1999 | 0 |
EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
FOV Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2022 | 11 |
Dreamcraft Ventures | Copenhagen, Denmark | 11-50 | 2019 | 5 |
Crowberry Capital | Reykjavík, Reykjavíkurborg, Iceland | 1-10 | 2017 | 6 |
byFounders | København, Denmark | 1-10 | 2017 | 10 |
Inventure | Helsinki, Uusimaa, Finland | 11-50 | 2005 | 9 |
Spintop Ventures | Stockholm, Stockholm, Sweden | 1-10 | 2009 | 4 |
Brunnur Ventures | Reykjavík, Reykjavíkurborg, Iceland | 1-10 | 2014 | 2 |
Maki.vc | Helsinki, Uusimaa, Finland | 1-10 | 2018 | 11 |
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