The fantasy sports industry in the Nordics is rapidly evolving, driven by a growing user base and innovative technology. Companies in this sector create platforms for competitive gaming around real-world sports, allowing players to assemble virtual teams and compete based on actual player performance. This market comprises operators and tech firms that offer interactive gameplay, analytics, and tools for community engagement. As more fans engage with sports digitally, the industry is expected to further expand, with increased investments geared towards mobile applications, data analytics, and enhancing user experiences to captivate the next generation of sports enthusiasts.


This article highlights notable investors in the fantasy sports space across the Nordics. The list includes venture capital firms, corporate entities, and private equity investors, anchored in major cities like Stockholm, Copenhagen, and Helsinki. Founded between 1987 and 2019, these firms vary in size—from small teams of under ten to larger organizations with thousands of employees. In 2024, the total investment activity reflects a combination of strategic initiatives to support innovative gaming startups, underscoring a robust vision for the industry's future.


Top 16 Fantasy Sports Investors in the Nordics


1. Better Collective


Better Collective is a digital media company based in Copenhagen, Denmark, specializing in sports and esports content. Founded in 2001, the company operates a portfolio of media brands that engage sports fans and bettors through various content formats. Better Collective focuses on performance-based marketing and community building, providing valuable insights and resources for navigating the sports betting landscape. Notably, Better Collective acquired RotoGrinders in May 2019 for approximately $36.9 million, enhancing its presence in the fantasy sports sector. Additionally, their acquisition of Canada Sports Betting in March 2022 for up to $23.5 million further positions them strategically in the sports betting market, which is closely related to fantasy sports. Their recent acquisition of Playmaker Capital, announced in November 2023, aims to expand their media capabilities and audience reach in the sports media sector, reinforcing their commitment to the sports and fantasy sports industries.


2. 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. They provide loans, risk capital, and business development support to small and medium-sized enterprises, aiming to enhance their growth and competitiveness. Almi has been actively involved in the sports sector, with notable investments including Playmaker, which raised $579,420 in 2021, and Sportswik AB, which raised $1,142,700 in 2017. These investments indicate Almi's commitment to supporting companies that contribute to the sports industry, particularly in areas that intersect with fantasy sports, such as sports analytics and technology.


3. Sisu Game Ventures

  • Website: sisu.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: sisu-game-ventures

Sisu Game Ventures is a venture capital fund based in Helsinki, Finland, founded in 2014. The firm specializes in early-stage investments within the gaming industry, providing funding, strategic support, and industry connections to game developers and startups. Their mission is to foster collaboration and innovation in the gaming sector. Notable transactions include investments in Hipfire Games, Return Entertainment, and Tribo Games, which focus on various aspects of gaming technology and development. While their primary focus is on gaming, the nature of their investments in multiplayer and social gaming could align with the fantasy sports industry, indicating a potential interest in this area as well.


4. 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. With a focus on developing and publishing a wide range of mobile and browser games, MTG leverages its expertise in user engagement and innovation to provide engaging gaming experiences worldwide. Notably, MTG has been involved in several significant transactions that highlight its commitment to the gaming sector. In 2022, MTG co-led a funding round for Legendary Play, which raised $4 million to develop titles aimed at the esports audience, showcasing their interest in the competitive gaming space that often intersects with fantasy sports. Additionally, MTG's acquisition of Hutch Games, a leading developer of mobile racing games, for $275 million, reflects their strategy to diversify their gaming portfolio. Furthermore, their participation in the seed funding round for Joyride Games, which focuses on blockchain-based game projects, indicates a forward-thinking approach to gaming innovation. These transactions illustrate MTG's active role in the gaming industry, making them a relevant investor in the context of fantasy sports.


5. Stillfront

  • Website: stillfront.com
  • Type: Corporate
  • Headquarters: Ödeshög, Östergötland, Sweden
  • Founded year: 2010
  • Headcount: 1001-5000
  • LinkedIn: stillfront

Stillfront Group is a gaming company based in Ödeshög, Sweden, founded in 2010. The company develops and publishes a diverse range of digital games, engaging nearly 50 million players monthly. Stillfront focuses on creating immersive gaming experiences across various genres, including strategy and simulation. Notably, Stillfront has made strategic acquisitions to enhance its portfolio, including the acquisition of Power Challenge, a leading studio in online social sports games, which strengthens its position in the sports gaming market. Additionally, Stillfront acquired 51% of OnlineFussballManager, a sports management game, for $735,000, further demonstrating its commitment to the sports gaming sector. These transactions highlight Stillfront's active role in the fantasy sports industry, as they seek to expand their offerings in this niche.


6. Betsson AB (publ)

  • Website: betssonab.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1963
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: betssonab

Betsson AB (publ) is an online gaming company based in Stockholm, Sweden, founded in 1963. The company offers a diverse range of gaming services, including sports betting and casino games, through a regulated digital platform. In recent years, Betsson has made several strategic acquisitions to enhance its market position. Notably, in October 2022, they acquired 80% of KickerTech Malta Limited for EUR 14 million, aiming to improve their sportsbook technology, which is crucial for fantasy sports operations. Additionally, their acquisition of TonyBet in 2016 and the B2C online gambling business of Inkabet in 2021 further solidifies their footprint in the gaming industry, particularly in regions where fantasy sports are gaining traction. These transactions reflect Betsson's commitment to expanding its capabilities in the sports betting and fantasy sports sectors.


7. 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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups. Notably, they have invested in Forza Football, a platform with approximately 3 million active users, which is directly related to fantasy sports. Additionally, their investments in esports companies like BLAST Premier and RFRSH Entertainment highlight their involvement in the gaming and competitive sports sectors, further aligning them with the fantasy sports industry.


8. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. Heartcore has been active in the esports sector, which is closely related to fantasy sports. Notable transactions include their investment in BLAST Premier, a Danish esports entertainment startup, and RFRSH Entertainment, which manages esports teams like Astralis and Heroic. These investments highlight Heartcore's commitment to supporting companies that operate at the intersection of gaming and competitive sports, making them a relevant player in the broader fantasy sports landscape.


9. 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 across various sectors, providing financial backing and advisory services to resilient founders. Lifeline Ventures has been involved in several notable transactions within the gaming and esports industries, which are relevant to fantasy sports. For instance, they participated in a funding round for VersusGame, which raised $25 million to enhance product development and engage with players, indicating a focus on competitive gaming. Additionally, their investment in Nonstop Games, a gaming company that raised $2.9 million, showcases their commitment to the gaming sector. Although they have also invested in companies like Supercell and RFRSH Entertainment, their overall portfolio reflects a strong interest in gaming, making them a significant player in the broader context of fantasy sports.


10. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong focus on sectors such as SaaS and Fintech, helping founders navigate their growth journey and secure further funding. Notably, Seed Capital has invested in Tonsser, a football app that raised €5.5M in Series A funding in December 2018, and previously raised funds in seed rounds in 2016 and 2017. This involvement in Tonsser highlights their engagement in the sports technology space, particularly in applications that could intersect with fantasy sports. Additionally, they have invested in Sportcaster, which also relates to sports, further demonstrating their interest in this sector.


11. 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 based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. They leverage a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has participated in significant transactions relevant to the sports and gaming sectors. For instance, they led a $15 million Series A funding round for Let’s Do This, a UK-based marketplace for endurance sporting events, which connects athletes and event organizers, thus engaging with the fantasy sports community. Additionally, their investment in Small Giant Games, a gaming company, highlights their interest in the gaming industry, which often intersects with fantasy sports. Overall, EQT Ventures is positioned as a forward-thinking investor in the tech and sports landscape.


12. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the fantasy sports context, including a venture round investment in Sportradar, a leading sports data provider, in 2012 and 2014. Additionally, their strategic investment in United Talent Agency in 2022 highlights their commitment to the sports and entertainment industries, which are closely linked to fantasy sports. Furthermore, their acquisition of XXL Sport & Villmark, a major sports retail chain, demonstrates their interest in the broader sports market.


13. Butterfly Ventures

  • Website: butterfly.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and provides both capital and strategic support to help early-stage companies navigate growth challenges. Butterfly Ventures is committed to fostering innovation with a focus on social and environmental impact. Among their notable transactions, they invested in Sports Tracking Technologies in 2014, which is relevant to the sports industry, indicating their engagement with sports-related ventures. This investment, along with their other activities, showcases their potential interest in the fantasy sports sector, as they actively seek to support innovative companies in various fields.


14. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. Specializing in growth equity investments, Verdane focuses on technology-enabled companies, providing capital and hands-on support to help businesses scale. Their investment strategy emphasizes digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Among their notable transactions, Verdane acquired Watch it Live AB and PerformIQ in 2014, both of which are relevant to the sports sector. In 2021, they participated in a venture round for MATCHi, a platform that facilitates sports facility bookings, which directly connects to the fantasy sports ecosystem. Additionally, their recent investment in Urban Sports Club highlights their ongoing commitment to the sports industry, making them a significant player in the realm of sports technology.


15. Bonnier Ventures

  • Website: bonnierventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, they focus on providing capital and management support to promising companies in structurally growing industries, including healthcare, media, sustainability, fintech, and SaaS. Notably, Bonnier Ventures has participated in several transactions relevant to the sports industry, such as their investment in Heja, a youth sports management social platform, which raised $4.2 million in a seed round in June 2021. They also invested in Resolution Games, a company that develops augmented and virtual reality games, which may intersect with the gaming aspects of fantasy sports. Their diverse portfolio and involvement in sports-related companies suggest a strategic interest that could extend to fantasy sports.


16. 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. With a team size of 11-50, they focus on early-stage tech companies, providing not only capital but also hands-on support to help startups grow and succeed. Notably, Dreamcraft Ventures has been involved in several transactions relevant to the fantasy sports context, such as their investment in GRID Esports, which raised €8.3 million to expand its data platform in the US. They also participated in funding rounds for GamerzClass, a platform aimed at gaming creators, which aligns with the interests of fantasy sports participants. Their diverse portfolio reflects a strong commitment to the gaming and esports industries, making them a significant player in the fantasy sports investment landscape.



Fantasy Sports Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Better CollectiveCopenhagen, Denmark1001-500020011
AlmiStockholm, Stockholm, Sweden201-50019947
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
MtgStockholm, Stockholm, Sweden11-5019871
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
Betsson AB (publ)Stockholm, Stockholm, Sweden11-5019633
CreandumStockholm, Stockholm, Sweden11-50200317
Heartcore CapitalCopenhagen, Denmark11-50200717
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
EQT VenturesStockholm, Stockholm, Sweden11-50201528
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
VerdaneOslo, Oslo, Norway51-20019857
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
Dreamcraft VenturesCopenhagen, Denmark11-5020195


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