The virtual reality game development industry in Benelux is an innovative and vibrant sector, known for its engaging gaming experiences that utilize immersive technologies. Companies in this industry range from startups focused on VR training solutions to established firms offering complex gaming platforms. With a strong emphasis on tech and creativity, this industry consistently attracts talents creating entertainment, educational tools, and training programs. Growth projections indicate an upward trend as VR applications expand in both consumer and commercial markets, emphasizing flexibility and creativity in meeting user demands. Collaborations are on the rise, bolstered by venture capital injections to fuel further advancements.


The investors in the virtual reality game development sector across Benelux showcase a mix of corporate and venture capital firms. Their headquarters can be traced to key locations in Belgium, Luxembourg, and the Netherlands. Ranging in size from small partnerships to large entities managing thousands, these investors were formed between 2005 and 2021, with some making notable contributions as recent as 2024. The overall count of deals in the past year reflects a strong interest in blockchain, gaming, and virtual reality technologies, indicating a robust commitment to fostering innovation in the region.


Top 15 Virtual Reality Game Development Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has made significant investments in the virtual reality space, including a SEK 25 million investment in Gleechi, a company that specializes in VR training solutions. This funding is intended to help Gleechi expand its platform to meet the growing demand for scalable VR training services. Additionally, the EIC has provided grants to other companies in the VR sector, such as SPIKA TECH S.L. and Lightspace Labs, further demonstrating its commitment to supporting innovation in virtual reality game development.


2. 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 within the gaming sector, particularly those that intersect with blockchain technology. For instance, they participated in the seed funding for Zomfi, an NFT game, and were also involved in the fundraising for Battle Saga, which raised over $3 million. Additionally, they contributed to the seed round for Metastrike and RaceFi, both of which are gaming projects that leverage innovative technologies. These transactions highlight Magnus Capital's commitment to supporting the development of gaming projects, making them a relevant player in the virtual reality game development landscape.


3. 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 Capital has made significant strides in the GameFi sector, with notable investments in projects such as Netvrk, which raised $490,000 in a seed round aimed at developing a virtual reality platform, and Horizon Land, which secured $720,000 for its virtual land project. Additionally, they participated in the funding of Battle Saga and Good Games Guild, both of which are focused on gaming and virtual economies. Good Games Guild, in particular, raised $1.7 million to support play-to-earn gaming initiatives, highlighting DCI's commitment to fostering innovation in the gaming landscape. Their diverse portfolio and focus on sectors like DeFi and GameFi position them as a key player in the evolving investment landscape of virtual reality and gaming.


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 Luxembourg-based venture capital firm founded in 2012, focusing on the Open Economy and supporting early-stage companies across various sectors, including finance, gaming, and infrastructure. They provide not only venture capital but also business development support and community engagement to help startups succeed. Notably, Fabric Ventures has invested in Decentraland, a prominent virtual reality platform, which raised $25 million in an Initial Coin Offering in 2017. They also participated in the funding of MatchboxDAO, a community of on-chain game developers that raised $7.5 million in 2022, and Magicave, which secured $6.4 million in a seed round co-led by Fabric Ventures. These transactions highlight their active role in the gaming and virtual reality sectors, reinforcing their commitment to supporting innovative projects in this space.


5. 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 significant strides in the gaming industry through strategic acquisitions, including the full acquisition of Sulake, the developer of Habbo Hotel, and the cross-platform kids MMO Woozworld. These acquisitions reflect Azerion's commitment to expanding its gaming offerings and enhancing monetization opportunities. Additionally, their acquisition of Whow Games, a social casino developer, further demonstrates their strategy to diversify their gaming portfolio. While their focus is not exclusively on virtual reality, their active role in the gaming sector positions them as a potential investor in virtual reality game development.


6. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, EIB has been involved in several transactions that intersect with the virtual reality space, such as a debt financing round for Varjo, which raised approximately $22.6 million in December 2021, focusing on advanced VR technology. Additionally, EIB has supported other technology firms like Prophesee and USound, which, while not exclusively in the gaming sector, contribute to the technological advancements that can benefit virtual reality applications. This diverse investment portfolio showcases EIB's commitment to fostering innovation, including in areas that may impact virtual reality game development.


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 participated in several transactions relevant to the gaming industry, including a significant investment in Lava Labs, which raised over $10 million for its flagship game AFAR. This game is part of the blockchain gaming sector, which often intersects with virtual reality gaming. Additionally, they have invested in other gaming-related projects like Stardust and MagicBlock, further demonstrating their engagement in the gaming space. Their portfolio reflects a commitment to supporting innovative gaming ventures, particularly those leveraging blockchain technology.


8. 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 their participation in a $4.75 million seed funding round for Earn Alliance, a platform that connects gamers and rewards them for their engagement. They also invested in MetaFight, which raised over $1 million in a seed round, and Katana Inu, which is involved in blockchain gaming. A key investment was in Cometh, a Paris-based blockchain game development studio that raised €9.4 million in a seed round, aimed at accelerating the development of future games and deploying blockchain software in the gaming industry. These transactions highlight Stake Capital's active role in the gaming sector, particularly in projects that may incorporate virtual reality elements.


9. 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 private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC focuses on delivering sustainable value and growth through strategic investments. Notably, in February 2024, CVC, alongside Carlyle, acquired Jagex, a developer and publisher of video games known for its flagship title RuneScape. This acquisition highlights CVC's commitment to the gaming sector, which is increasingly intersecting with virtual reality technologies. Additionally, CVC's involvement in other gaming-related investments, such as Dream Games, further emphasizes their active role in the gaming industry, making them a significant player in the context of virtual reality game development.


10. 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. The firm specializes in decentralized fundraising, token staking, and governance voting services on the Solana blockchain. Skullavenue has been involved in several notable transactions in the gaming sector, including investments in Solice, VisionGame, and Project SEED. Solice raised $4.36 million in a seed round, while VisionGame secured $3.8 million, both of which are indicative of the firm's engagement in the gaming industry. Project SEED, which focuses on expanding a blockchain-based gaming metaverse ecosystem, also received funding from Skullavenue, highlighting their commitment to projects that intersect with gaming and virtual reality.


11. 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 $2,138,399 seed round for Mystic Forge and undisclosed pre-seed rounds for Glowfish Interactive and Oro Interactive. These investments highlight ForsVC's active engagement in the gaming sector, which may include virtual reality game development.


12. Peech Capital

  • Website: peech.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: peech-capital

Peech Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2021. The firm specializes in the cryptocurrency and blockchain sectors, providing early-stage capital along with marketing, technical, and business development services to innovative start-ups. Notably, Peech Capital has been involved in several funding rounds for gaming projects, including Continuum World, an upcoming NFT game, and MetaSoccer, which raised significant capital in private funding rounds. Their participation in these transactions highlights their interest in the gaming industry, particularly in projects that leverage blockchain technology, which is increasingly relevant in the context of virtual reality gaming.


13. LUMO Labs

  • Website: lumolabs.io
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: lumo-labs

LUMO Labs is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2016. The firm specializes in impact-driven investments in emerging technologies, providing funding and tailored support programs to early-stage startups that address social and environmental challenges. LUMO Labs has been involved in several transactions relevant to the virtual reality space, including their investment in Pillow's Willow VR Studios during its seed round in December 2016, which is directly related to virtual reality game development. They also led a funding round for Enliven in September 2022, a Dutch startup developing XR-based empathy training, further showcasing their engagement with extended reality technologies. Other investments include Maaind and Enatom, which, while not directly related to virtual reality, indicate a broader interest in innovative tech solutions.


14. 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 relevant transactions, including a seed funding round for Kinetix, an AI-assisted 3D animation company aimed at enhancing the Metaverse experience, and a Series A funding round for Helika, which focuses on AI-powered game management products. Additionally, they invested in Immortal Game, a blockchain platform for chess players, showcasing their interest in innovative gaming solutions. These transactions highlight Sparkle Ventures' commitment to supporting the development of technologies that are integral to the virtual reality gaming landscape.


15. Tioga Capital Partners

  • Website: tioga.capital
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: tioga-capital

Tioga Capital Partners is a venture capital firm based in Belgium, founded in 2019. The firm specializes in investing in exceptional Web3 entrepreneurs and blockchain protocols, providing both venture capital investments and strategic support to startups navigating the complexities of the Web3 landscape. Tioga Capital has been active in the technology and finance sectors, with a notable focus on decentralized finance. Among their relevant transactions, they invested in Aurory, which raised $1,500,000 in a seed round in December 2023; Aurory is a game that leverages blockchain technology, indicating Tioga's interest in the gaming sector. Additionally, they have invested in other blockchain-related companies such as Exclusible and Venly, which further demonstrates their engagement in the technology space that overlaps with gaming and virtual reality.



Virtual Reality Game Development Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
Fabric VenturesLuxembourg11-50201216
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
European Investment Bank (EIB)Luxembourg1001-5000195899
Maven 11Amsterdam, North Holland, Netherlands11-50201527
Stake Capital GroupLuxembourg11-50202112
CvcLuxembourg1001-5000200516
SkullavenueAmsterdam, North Holland, Netherlands1-1020210
ForsVCKortrijk, Flanders, Belgium1-1020216
Peech CapitalAmsterdam, North Holland, Netherlands1-1020210
LUMO LabsEindhoven, North Brabant, Netherlands11-5020165
Sparkle VenturesLuxembourg1-1020213
Tioga Capital PartnersBelgium1-1020195


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