The puzzle game development industry in Europe thrives on creativity and innovation, captivating gamers of all ages. Companies range from established giants to nimble startups, creating enthralling experiences using engaging mechanics and compelling narratives. Many studios focus on mobile platforms, harnessing the rising trend of casual gaming to attract a broader audience. If trends continue, we can expect a surge in hybrid game formats that fuse puzzles with emerging technologies like augmented reality. Furthermore, advanced analytics shape how games are designed and optimized, providing insights that cater directly to player preferences, thus enhancing user engagement.


The tableau of puzzle game development investors in Europe features a robust mix of venture capital firms, corporate investors, and accelerators. Headquartered primarily in thriving tech hubs like London, Paris, and Helsinki, these investors range from small teams to large entities, showcasing varied strategies and industry experiences. In total, 16 investors have made 388 deals in 2024, underscoring a strong commitment to the evolving gaming landscape. This breadth of investment indicates an enticing future for companies developing captivating puzzle games, drawing interest from traditional tech investors and dedicated gaming specialists alike.


Top 16 Puzzle Game Development Investors in Europe


1. Keywords Studios


Keywords Studios plc, founded in 1998 and based in Dublin, Ireland, is a prominent video game service provider that specializes in various aspects of game development, including art, audio, localization, and quality assurance. They cater to clients in the video game industry, offering tailored solutions to enhance game experiences and reach global audiences. In recent years, Keywords Studios has made several strategic acquisitions to expand its capabilities and portfolio. Notably, they acquired Mighty Games Group, a studio that may have experience in developing games across various genres, including puzzle games. Additionally, their acquisition of Smoking Gun Interactive and Climax Studios further demonstrates their commitment to enhancing their development services. While Keywords Studios does not focus solely on puzzle games, their involvement in acquiring studios that may develop such games positions them as a potential investor in the puzzle game development space.


2. Kima Ventures

  • Website: kimaventures.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 50
  • LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, providing financial support and mentorship to help them navigate initial challenges and achieve success. Kima Ventures backs two startups per week, demonstrating a robust investment strategy. Notably, they have invested in Pixowl, a multi-platform mobile developer known for creating engaging games, including those featuring The Grub character. This investment, along with their support for other gaming-related startups like Flashbreak, showcases their involvement in the gaming industry, particularly in the puzzle game development context. Their diverse portfolio and focus on early-stage companies make them a valuable partner for startups in the puzzle game sector.


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 in the gaming industry, providing funding, strategic support, and industry connections to game developers and startups. They aim to help these companies navigate the challenges of building successful gaming ventures. Notably, Sisu Game Ventures has participated in several funding rounds for gaming companies, including Cosmic Lounge, which raised $556,610 in a Pre-Seed round, and Extra Dimension Games, which secured $1.4 million in a Seed round. They also supported Superplus Games, a Finnish mobile studio focused on casual PvP titles, in a funding round that raised $4.7 million. Their investment strategy emphasizes collaboration and innovation, making them a valuable partner for game developers, including those in the puzzle game segment.


4. Initial Capital

  • Website: initialcapital.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: initial-capital

Initial Capital is a venture capital firm based in London, England, founded in 2010. The firm focuses on seed and early-stage technology companies, particularly within the Bitcoin ecosystem, providing capital and strategic advisory services to entrepreneurs. Notably, Initial Capital has participated in funding rounds for several gaming companies, including Supersolid, a mobile gaming business that aims to expand its team and game distribution, and Super Evil Mega Corp, known for developing the mobile game Vainglory. These investments highlight Initial Capital's engagement in the gaming industry, making them a potential player in the puzzle game development space.


5. Index Ventures

  • Website: indexventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1996
  • Headcount: 51-200
  • Number of deals in 2024: 67
  • LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, but has also made significant investments in the gaming industry. Notably, Index Ventures was an early investor in King.com, which raised $43 million in Series A funding in 2005 and is renowned for its puzzle games. They also invested in Supersolid, a mobile games developer, providing $4 million in funding in 2017 to enhance their game 'Home Street', and participated in earlier funding rounds for the same company. Furthermore, Index Ventures co-led a $130 million funding round for Supercell, a company known for its engaging mobile games. Their investment in Dream Games, which raised $255 million in Series C funding in 2022, further underscores their active role in the gaming sector, particularly in companies that may develop puzzle games.


6. Hiro Capital

  • Website: hiro.capital
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: hirocapital

Hiro Capital is a venture capital firm based in London, England, founded in 2019. The firm specializes in investing in innovative companies within the gaming, esports, and technology sectors. They provide funding, strategic insights, and networking opportunities to help startups grow and succeed. Hiro Capital is particularly focused on building the future of games, digital sports, and metaverse technologies. Notably, they have led significant funding rounds for companies like Telltale Games, which is known for narrative-driven games, and Polyarc, the studio behind the acclaimed VR game Moss. Most relevantly, they invested in Double Loop Games, which raised $8 million for the production of a mobile puzzle hybrid game, highlighting their interest in the puzzle game development space. This diverse portfolio showcases their commitment to fostering innovation in the gaming industry, including puzzle games.


7. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally by providing a range of services including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation through coaching and partnerships, helping businesses navigate growth and international expansion. In recent years, Bpifrance has been actively investing in the gaming sector, with notable transactions including a significant investment in Homa Games, which raised over $99 million in a Series B round, and other investments in startups like Supercosi and Dogami. These transactions highlight Bpifrance's commitment to supporting innovative companies in the gaming industry, including those involved in puzzle game development.


8. 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 to consumers worldwide. Notable transactions include the acquisition of InnoGames, a company known for its popular browser games, which enhances MTG's portfolio in the gaming sector. Additionally, MTG acquired PlaySimple Games, a significant player in the mobile gaming market, for at least $360 million, indicating their interest in expanding into mobile puzzle games. Their acquisition of Plarium, known for its RPGs, and Ninja Kiwi, a mobile games developer, further illustrates MTG's strategy to diversify and strengthen its gaming segment, making them a relevant player in the puzzle game development industry.


9. Supercell

  • Website: supercell.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 501-1000
  • Number of deals in 2024: 6
  • LinkedIn: supercell

Supercell Ltd, founded in 2010 and based in Helsinki, Finland, is a leading mobile game developer recognized for its hit titles such as Hay Day, Clash of Clans, and Brawl Stars. The company operates with a unique structure that empowers independent teams to innovate and develop games, fostering a strong community around its products. In addition to its own game development, Supercell has made strategic investments in other gaming studios. Notably, they acquired Trailmix in 2022, a studio that focuses on narrative-driven mobile games, which may include puzzle elements. They also acquired a 51% stake in Frogmind in 2016, a developer known for the game Badland, which features puzzle-like gameplay. Furthermore, Supercell has invested in other gaming companies, such as Everywear Games, which indicates their commitment to supporting the broader gaming ecosystem.


10. MV Global

  • Website: mvglobal.io
  • Type: Venture Capital
  • Headquarters: Cumbria, England, United Kingdom (UK)
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: masterventures

MV Global is a venture capital firm based in Cumbria, England, founded in 2017. The firm specializes in building and supporting early-stage web3 businesses, providing services such as venture creation, equity and token investments, and strategic operational support. MV Global primarily targets innovative technology companies looking to navigate the complexities of the market. Notably, they have participated in several funding rounds for gaming companies, including Aether Games, which raised $4.5 million for its blockchain gaming initiatives, and OP Games, which secured $8.6 million in seed funding. These transactions highlight MV Global's commitment to the gaming sector, particularly in the realm of blockchain and NFT-based games, making them a relevant player in the puzzle game development landscape.


11. Velo Partners

  • Website: velopartners.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: velo-partners

Velo Partners is a venture capital firm based in London, England, founded in 2013. They specialize in investing in early-stage companies within the gaming and gambling sectors, providing both financial backing and strategic guidance to help these businesses grow. Notable transactions include their investment in Tripledot Studios, which raised $8 million in a seed round in 2018 and is recognized for its mobile puzzle games. They also participated in the funding of Candivore, which raised $12 million in 2021, and Gamezop, which is involved in mobile gaming. These investments highlight Velo Partners' commitment to supporting innovative gaming companies, including those in the puzzle game development space.


12. 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 and blockchain gaming space. For instance, they participated in the seed funding rounds for Zomfi, an NFT game, and GoFungibles, which plans to launch a gamified marketplace. Their investments in projects like Rise Of Defenders and Metastrike further demonstrate their engagement in the gaming industry, making them a relevant player in the puzzle game development context.


13. Balderton Capital

  • Website: balderton.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2000
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: balderton-capital_2

Balderton Capital is a London-based venture capital firm founded in 2000, specializing in investing in European-founded technology companies. They provide not only financial backing but also support programs aimed at enhancing founder wellbeing and performance. Balderton has been actively involved in the gaming sector, particularly in puzzle game development. They led a seed funding round for Agave Games, a casual puzzle game studio based in Istanbul, which raised $7 million to develop its first game for iOS and Android. Additionally, they participated in funding rounds for Big Fish Games, which raised $83.3 million for global expansion, and Wooga, a social game developer known for its casual games. These transactions highlight Balderton's commitment to supporting innovative gaming companies, particularly in the puzzle game genre.


14. Gsr

  • Website: gsr.io
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2013
  • Headcount: 201-500
  • Number of deals in 2024: 39
  • LinkedIn: gsr-markets

GSR Markets is a venture capital firm based in London, England, founded in 2013. While primarily known for its expertise in cryptocurrency trading and providing liquidity solutions, GSR has also made notable investments in the gaming sector. In 2023, they participated in the seed funding round for Pixion Games, which raised $5.5 million, indicating their interest in innovative gaming projects. Additionally, GSR was involved in the funding of Aether Games, contributing to a $4.5 million private sale, further showcasing their engagement in the gaming industry. Their investment in KAP Games, which raised $7 million, also highlights their commitment to supporting game development ventures. This diverse portfolio suggests that GSR is not only focused on cryptocurrency but is also exploring opportunities within the gaming landscape, including puzzle game development.


15. 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, 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. Embracer Group has a global presence with numerous internal studios and has made several notable acquisitions in the gaming industry. Among these, the acquisition of Easybrain in February 2021 for $640 million stands out, as Easybrain is known for its mobile puzzle games. Additionally, the acquisition of CrazyLabs in August 2021 further emphasizes their interest in casual and puzzle game development. Other acquisitions, such as Tarsier and Saber Interactive, expand their portfolio but also include studios that may contribute to the puzzle genre indirectly. Overall, Embracer Group's strategic acquisitions reflect a commitment to diversifying their game offerings, including puzzle games.


16. Avalon Wealth Club

  • Website: avalonwealthclub.com
  • Type: Corporate
  • Headquarters: Helmshore, England, United Kingdom (UK)
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 4

Avalon Wealth Club is a consulting firm based in Helmshore, England, specializing in marketing and investment services for blockchain and cryptocurrency projects. Founded in 2021, the firm assists crypto entrepreneurs with marketing strategies, fundraising, branding, and securing exchange listings. Their clients primarily consist of businesses in the blockchain sector looking to launch and promote innovative projects effectively. Notably, Avalon Wealth Club has participated in several seed funding rounds for gaming-related projects, including Zomfi, an NFT game, and Rise Of Defenders, which raised significant amounts to support their development. These transactions highlight their engagement in the gaming industry, particularly in sectors that could intersect with puzzle game development.



Puzzle Game Development Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
Keywords StudiosDublin, Dublin, Ireland10001+19982
Kima VenturesParis, Île-De-France, France1-10201050
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
Initial CapitalLondon, England, United Kingdom (UK)1-1020102
Index VenturesLondon, England, United Kingdom (UK)51-200199667
Hiro CapitalLondon, England, United Kingdom (UK)1-1020195
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
MtgStockholm, Stockholm, Sweden11-5019871
SupercellHelsinki, Uusimaa, Finland501-100020106
MV GlobalCumbria, England, United Kingdom (UK)11-5020178
Velo PartnersLondon, England, United Kingdom (UK)1-1020132
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Balderton CapitalLondon, England, United Kingdom (UK)51-200200025
GsrLondon, England, United Kingdom (UK)201-500201339
Embracer GroupKarlstad, Varmland, Sweden51-20019990
Avalon Wealth ClubHelmshore, England, United Kingdom (UK)1-1020214


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