The arcade game manufacturers industry in the Nordics boasts a mix of both established names and dynamic startups, all focused on creating engaging entertainment experiences. Companies range from indie developers to bigger studios, producing everything from retro-inspired games to cutting-edge VR entertainment. The region is known for its talent in game design and innovative gameplay mechanics. With the rise of mobile and interactive experiences, many manufacturers are capitalizing on trends like augmented reality and community-driven platforms. This industry is becoming increasingly competitive, with players investing heavily in technology to capture the attention of a broad audience.

In 2024, investors in the Nordic arcade game sector varied widely, spanning corporate giants to venture capitalists. Predominantly based in Stockholm and Helsinki, these firms range in size from small teams to substantial partnerships with hundreds of employees. Many were founded in the early 2000s, signaling a maturation of the investment environment. Collectively, these investors completed a robust number of deals in 2024, highlighting a sustained interest in tech-driven entertainment. Their strategic involvement focuses on supporting innovative gaming ideas while shaping the future of arcade gaming.

Top 17 Arcade Game Manufacturers Investors in the Nordics

1. 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 not only funding but also 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 participation in seed funding rounds for indie game developers like FuzzyBot, which raised $3.5 million to develop a co-operative game, and Exit Plan Games, which raised $114,855. Additionally, Sisu Game Ventures has invested in 1939 Games, which raised significant amounts for its digital collectible card game, Kards. These investments highlight their active role in supporting game development, which may include arcade-style games.

2. 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 corporate investor based in Stockholm, Sweden, founded in 1987. The company operates a diverse portfolio of gaming studios, focusing on developing and publishing a wide range of mobile and browser games. MTG has been actively expanding its presence in the gaming industry through strategic acquisitions and investments. Notable transactions include the acquisition of Kongregate, a US games publisher, for $55 million in 2017, which aligns with their strategy to enhance their gaming portfolio. In 2021, MTG acquired Ninja Kiwi, a mobile games developer, for approximately SEK 1,217 million, further diversifying their gaming segment. Additionally, MTG participated in a seed funding round for Joyride Games, which focuses on blockchain-based game projects, indicating their interest in innovative gaming technologies. These transactions highlight MTG's commitment to engaging with various aspects of the gaming industry, making them a relevant player in the broader gaming landscape.

3. 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 (SMEs) in Sweden, aiming to enhance their growth and competitiveness. Among its notable transactions, Almi has invested in Zordix, a company involved in game development, and Mionix, a gaming peripherals company, which highlights its engagement in the gaming sector. Mionix secured a significant investment from Almi to expand its sales and international presence. Other investments, such as those in Itatake.com and Flarie, also reflect Almi's interest in the broader gaming and technology landscape, although they are less directly related to arcade game manufacturing.

4. 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, with a strong emphasis on supporting entrepreneurs through capital and guidance. Heartcore has been active globally, building long-term relationships with founders to help them achieve their business goals. Notably, Heartcore has invested in gaming companies such as Fast Travel Games, a VR games studio that raised $2.1M in a Series A funding round, and Seriously, a mobile gaming studio that has raised significant funding over the years. These transactions highlight Heartcore's commitment to the gaming industry, particularly in innovative and interactive gaming experiences, which are relevant to the arcade game manufacturers sector.

5. 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 across various sectors, including fintech and health tech. Notably, Creandum has made significant investments in the gaming industry, particularly in companies like Resolution Games, which focuses on augmented and virtual reality games, and Futureplay Games, a mobile game developer. Creandum participated in multiple funding rounds for Resolution Games, including a $25 million Series C round and earlier Series A and B rounds, demonstrating their commitment to the growth of innovative gaming companies. Their investment strategy emphasizes providing venture capital, strategic support, and networking opportunities to help startups succeed, making them a valuable player in the arcade game manufacturing space.

6. 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, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to startups across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have invested in several gaming companies, including Supercell, a prominent Finnish game developer known for its mobile games, and Mojiworks, a UK-based startup that develops games. Their involvement in these companies highlights their commitment to the gaming industry, particularly in supporting innovative game development projects.

7. Business Finland

• Website: businessfinland.fi
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 501-1000
• Number of deals in 2024: 26
• LinkedIn: business-finland

Business Finland is a public entity established to support Finnish companies in their growth and internationalization efforts. Founded in 2018, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. In the gaming sector, Business Finland has been involved in several notable transactions, including a grant to Next Games, which raised over $2.2 million, and multiple debt investments in Nitro Games. Additionally, they participated in funding rounds for Makea Games and Superplus Games, both of which are focused on developing innovative gaming experiences. These transactions highlight Business Finland's active role in supporting the gaming industry, including arcade game manufacturers.

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. FOV Ventures provides capital, strategic guidance, and access to a network of industry experts to help founders grow their businesses. In 2024, they participated in several notable transactions, including investments in Psytec Games, which raised funds in pre-seed rounds, and Makea Games, which secured funding in a seed round. Additionally, they were involved in the funding of Roro, a new gaming studio led by veterans from Toca Boca and Mojang, indicating their active engagement in the gaming sector.

9. 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. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. They have made significant investments in the gaming sector, including leading funding rounds for companies such as WarDucks, a Dublin-based augmented reality game development studio, and Small Giant Games, a Helsinki-based gaming company known for its successful mobile games. Their investment in Colossi Games, which focuses on developing and marketing new games, further demonstrates their active role in the gaming industry. These transactions highlight EQT Ventures' commitment to supporting innovative gaming companies, making them a relevant investor in the arcade game manufacturers space.

10. 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. Inventure has been involved in several notable transactions in the gaming sector, including a seed investment in Mindfield Games, which raised $375,721 in 2014, indicating their interest in arcade game development. They also participated in the seed funding of Sólfar Studios, an Icelandic VR developer, which raised $2.1 million in 2015, showcasing their engagement with innovative gaming technologies. Furthermore, Inventure was part of the funding round for Omeda Studios, which raised $2.2 million in 2021, further emphasizing their commitment to the gaming industry. Their involvement in these transactions highlights their relevance in the arcade game manufacturers context.

11. 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 based in Reykjavík, Iceland, founded in 2017. The firm specializes in seed and early-stage investments across the Nordic region, focusing on technology startups. They provide capital and strategic guidance to entrepreneurs with bold visions. Notably, Crowberry Capital has invested in 1939 Games, a company known for its digital collectible card game, Kards, which has received significant funding from Crowberry and other investors. Their investment in 1939 Games, which raised a total of $5.3 million in 2021 and additional funding in previous years, highlights their commitment to the gaming sector, making them a relevant player in the arcade game manufacturers space.

12. 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 venture capital firm based in Copenhagen, Denmark, founded in 2019. The firm specializes 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, Dreamcraft Ventures participated in significant funding rounds for companies like Hiber, which focuses on user-generated games, indicating their interest in the gaming space. They also invested in Omnigame, a company that raised funds in 2018, further showcasing their commitment to the gaming industry. Their portfolio reflects a strategic approach to supporting early-stage tech companies, making them a valuable partner for startups in the arcade game manufacturing sector.

13. Zordix AB (publ)

• Website: zordix.com
• Type: Corporate
• Headquarters: Bure, Västerbotten, Sweden
• Founded year: 2009
• Headcount: 51-200
• LinkedIn: zordix-ab

Zordix AB (publ) is a corporate investor based in Bure, Västerbotten, Sweden, founded in 2009. The company operates as a video game developer and publisher under the brand Maximum Entertainment, offering a diverse range of games to consumers. Zordix has been active in expanding its influence in the gaming industry through strategic acquisitions. Notable transactions include the acquisition of Just For Games SAS, a French gaming publisher, for EUR 14 million, aimed at enhancing their global expansion strategy. They also acquired Merge Games Ltd for £10 million, which is expected to accelerate growth in their publishing capabilities. Additionally, Zordix acquired Maximum Games for $42 million, further strengthening their resources in the AA gaming space. These acquisitions reflect Zordix's commitment to growing its presence in the gaming market, which may encompass arcade games among other genres.

14. Behold Ventures

• Website: behold.vc
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: beholdventures

Behold Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2021. The firm specializes in the video game industry, focusing on early-stage start-ups that are led by ambitious and creative founders. Behold Ventures provides both financial support and industry expertise to help these companies succeed in creating innovative entertainment experiences. Notable transactions include a $3 million seed round for Porcelain Fortress in September 2024, a $2.2 million seed funding round for Firestoke in May 2022, and a $14.87 million Series A round for Red Rover in April 2024. These investments reflect their active engagement in the gaming sector, which may include potential opportunities in arcade game manufacturing.

15. 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 prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. In 2024, EQT has been particularly active, completing 30 investments. Notably, EQT recently announced the acquisition of Keywords Studios for approximately £2.1 billion, which is a significant player in the gaming industry, providing essential services to game developers and publishers. This acquisition highlights EQT's strategic interest in the gaming sector, which includes arcade games. Additionally, EQT has a history of investing in various consumer goods and entertainment companies, further showcasing their broad investment approach while maintaining a focus on sectors that can intersect with gaming.

16. 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 early-stage technology companies and aims to support globally ambitious and impact-aware founders by providing capital and access to a network of experienced operators. Notably, byFounders has invested in several gaming startups, including Utopos Games, which received $1 million in seed funding for its first PC game, and StarBerry Games, which raised $1.1 million for its mobile game, Idle Coffee Corp. Additionally, they participated in funding rounds for Dazzle Rocks and GamerzClass, further demonstrating their commitment to the gaming sector. These transactions highlight byFounders' active role in the gaming industry, suggesting a potential interest in various gaming formats, including arcade games.

17. First Fellow Partners

• Website: firstfellow.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: first-fellow-partners

First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in investing in startups and providing strategic guidance to entrepreneurs, particularly in technology and innovation sectors. They have been involved in several notable transactions, including investments in Small Giant Games, a game studio that raised over $5 million in Series A funding in 2017, and has a history of developing successful mobile games. Additionally, they participated in funding rounds for Dodreams and Futurefly, showcasing their engagement in the gaming and tech industries. Their approach emphasizes long-term partnerships with founders, aiming to support growth and innovation in their portfolio companies.

Arcade Game Manufacturers Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Sisu Game Ventures	Helsinki, Uusimaa, Finland	1-10	2014	2
Mtg	Stockholm, Stockholm, Sweden	11-50	1987	1
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Business Finland	Helsinki, Uusimaa, Finland	501-1000	2018	26
FOV Ventures	Helsinki, Uusimaa, Finland	1-10	2022	11
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Crowberry Capital	Reykjavík, Reykjavíkurborg, Iceland	1-10	2017	6
Dreamcraft Ventures	Copenhagen, Denmark	11-50	2019	5
Zordix AB (publ)	Bure, Västerbotten, Sweden	51-200	2009	0
Behold Ventures	Stockholm, Stockholm, Sweden	1-10	2021	3
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
byFounders	København, Denmark	1-10	2017	10
First Fellow Partners	Helsinki, Uusimaa, Finland	1-10	2016	4

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