The gaming industry in the Nordics thrives as a vibrant space for innovation and creativity. Home to successful companies like Supercell and Paradox Interactive, the region fosters engaging mobile, PC, and console games that capture global attention. With a strong focus on multiplayer experiences and immersive storytelling, Nordic developers have set enticing benchmarks. Growing interest in areas such as augmented reality and the Metaverse indicates an exciting evolution ahead. Additionally, the Nordic gaming community benefits from supportive ecosystems, aligning startups and veteran studios toward collaborative growth while transforming gaming trends to shape future entertainment.

Among the top gaming investors in the Nordics, including venture capital firms like Sisu Game Ventures and corporate entities like Supercell, collaboration reigns. Investors range in size from small firms with just a few professionals to large corporations employing hundreds, while their headquarters span across key cities like Helsinki and Stockholm. Founded from 1994 to 2022, these investors made notable contributions in 2024, with some, like EQT Ventures, engaging in 28 deals. Collectively, they represent a blend of risk appetite and strategic vision, championing innovative gaming startups on their road to success.

Top 17 Gaming 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, Uusimaa, 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. Their mission is to foster collaboration and innovation within the gaming sector. Notable transactions include participation in Resolution Games' Series B and C funding rounds, which raised a total of $32.5 million to enhance their library of augmented and virtual reality games. Additionally, Sisu Game Ventures invested in Mainframe Industries during their Series A funding round, which secured €7.6 million to expand operations in Helsinki and Reykjavik. They also participated in the seed funding round for Utopos Games, contributing to the development of their first PC game. These transactions highlight Sisu Game Ventures' commitment to supporting the growth of gaming companies.

2. Stillfront

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

Stillfront Group, founded in 2010 and based in Ödeshög, Sweden, is a corporate investor and a prominent player in the gaming industry. The company develops and publishes a wide array of digital games, attracting nearly 50 million players monthly. Stillfront focuses on creating engaging gaming experiences across various genres, including strategy and simulation. The company has a global presence and collaborates with independent game studios to enhance its offerings. Notably, Stillfront has made several strategic acquisitions to bolster its portfolio, including:1. **KIXEYE** - Acquired for up to $120 million, this acquisition aimed to enhance Stillfront's portfolio of gaming studios.2. **Goodgame Studios** - Acquired for approximately $318 million, this transaction significantly expanded Stillfront's reach in the gaming market.3. **Storm8** - Acquired for $300 million upfront, with potential additional payments based on performance, this acquisition added a leading mobile game developer to Stillfront's portfolio.4. **Moonfrog Labs** - Acquired for $90 million, this acquisition included a significant initial tranche and facilitated exits for previous investors.5. **Babil Games** - Acquired for $17 million, further diversifying Stillfront's gaming offerings.These transactions highlight Stillfront's active role in the gaming industry and its strategy of growth through acquisitions.

3. 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 the development and publishing of mobile and browser games. MTG has made several notable investments in the gaming industry, including the acquisition of InnoGames, a company known for its popular browser games, in May 2017. Additionally, MTG acquired a 35% stake in InnoGames in October 2016, with the option to increase its stake to 51%. In November 2024, MTG signed a deal to acquire Plarium, the developer of the mobile RPG RAID: Shadow Legends, for a total upfront payment of USD 620 million, further enhancing its gaming portfolio. MTG also expanded its presence in the eSports market by acquiring DreamHack, an eSports firm and event organizer, in November 2015. These transactions highlight MTG's strategic focus on the gaming sector and its commitment to leveraging user engagement and innovation in gaming experiences.

4. 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 is a mobile game developer based in Helsinki, Finland, founded in 2010. The company is renowned for creating popular mobile games like Hay Day, Clash of Clans, and Brawl Stars, focusing on delivering engaging gaming experiences and fostering a community around its titles. Supercell operates with a unique structure that empowers independent teams to innovate and develop games. As an investor, Supercell has made significant moves in the gaming sector, including acquiring a 51% stake in Frogmind, a Finnish mobile developer, for $7.8 million in 2016, allowing Frogmind to operate independently while benefiting from Supercell's resources. Additionally, Supercell has invested in Metacore Games, providing $17.8 million and a credit line of $11.8 million to help scale their game, Merge Mansion. These investments highlight Supercell's strategy to support and grow other game development studios, reinforcing its position as a key player in the gaming industry.

5. Embracer Group

• Website: embracer.com
• Type: Corporate
• Headquarters: Karlstad, Varmland, Sweden
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: embracergroup

Embracer Group is a corporate investor based in Karlstad, Varmland, Sweden, founded in 1999. The company specializes in game development and entertainment publishing, creating and distributing a diverse range of video games across multiple platforms. With a global presence and numerous internal studios, Embracer Group serves gamers and entertainment consumers by providing engaging content and experiences. Notably, they have made significant acquisitions in the gaming industry, including Gearbox Software for $1.3 billion, Saber Interactive for $525 million, and Cryptic Studios, Eidos, and Crystal Dynamics for undisclosed amounts. These strategic acquisitions highlight their commitment to expanding their influence and capabilities within the gaming sector.

6. 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 focuses on building long-term relationships with entrepreneurs. Heartcore has been involved in several notable transactions within the gaming industry, including investments in Fast Travel Games, a VR games studio, and BLAST Premier, a Danish esports entertainment startup. Their investment in Fast Travel Games includes a $2.1M Series A funding round and earlier seed funding, demonstrating their support for innovative gaming ventures. Additionally, their participation in the funding round for BLAST Premier highlights their interest in the growing esports sector. Overall, Heartcore Capital's involvement in these gaming-related transactions showcases their relevance in the gaming investment landscape.

7. 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, that provides loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the gaming industry, including a seed round investment in Zordix, a company known for its video game development, and a venture round investment in IGDB.com, a comprehensive database for video games. These investments highlight Almi's commitment to supporting innovative companies in the gaming sector, alongside their broader mission to foster business growth across various industries.

8. 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. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has been involved in several significant transactions within the gaming industry, including multiple funding rounds for Resolution Games, which focuses on creating high-quality augmented and virtual reality games. They participated in Series A, B, and C funding rounds for Resolution Games, contributing to a total of $25 million raised in Series C alone. Additionally, Creandum invested in BLAST Premier, a Danish esports entertainment startup, and Futureplay Games, further showcasing their active role in the gaming sector. This diverse portfolio highlights Creandum's commitment to fostering innovation in the gaming industry while also supporting a broader range of sectors.

9. 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 across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures has a notable track record in the gaming industry, having invested in prominent companies such as Supercell, a leading Finnish game developer known for its successful mobile games. Additionally, they participated in funding rounds for Mojiworks, a UK-based startup focused on game projects, and Everywear Games, which develops games for wearable devices. These transactions highlight Lifeline Ventures' active role in supporting innovative gaming ventures and their commitment to fostering growth in the gaming sector.

10. 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 that supports 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 context, Business Finland has been involved in several notable transactions, including providing debt financing to Nitro Games in 2019 and 2024, and granting funds to Next Games in 2019. Additionally, they supported Superplus Games in a funding round aimed at developing casual PvP titles, showcasing their active role in the gaming industry.

11. 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, with a particular emphasis on the Metaverse and spatial computing. They provide not only capital but also strategic guidance and access to a network of industry experts to help founders grow their businesses. In 2024, FOV Ventures has already made 11 investments, including notable transactions in the gaming sector such as Psytec Games, which raised funds in both 2023 and 2024, and Makea Games, which secured funding in a Seed Round in 2023. These investments highlight FOV Ventures' active role in supporting innovative gaming companies and their commitment to the gaming industry.

12. 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 both financial support and operational assistance to entrepreneurs. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has made significant investments in the gaming industry, including leading funding rounds for companies such as WarDucks, a Dublin-based augmented reality game development studio, and TrapLight Games, a Finnish studio known for their mobile game Battle Legion. They also invested in Small Giant Games, a Helsinki-based gaming company that raised substantial funding to expand internationally and enhance its development team. Additionally, EQT Ventures led a seed funding round for Colossi Games, a gaming company in Cyprus, to support the development and marketing of their first game. These transactions illustrate EQT Ventures' active role in the gaming sector and their commitment to fostering innovation within this space.

13. 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 actively involved in the gaming sector, with notable investments including Omeda Studios, which raised $2.2 million in a seed round in 2021, and Mindfield Games, which secured $375,721 in a seed round in 2014. They also invested in Sólfar Studios, an Icelandic VR developer known for its product EVEREST VR, and Boomlagoon, which raised $3.6 million in a Series A round in 2014. More recently, Inventure participated in a Series B funding round for Solsten, a company utilizing games as digital therapeutics, further showcasing their commitment to the gaming industry.

14. Thunderful Games

• Website: thunderfulgames.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 2017
• Headcount: 201-500
• LinkedIn: thunderful

Thunderful Games is a corporate investor based in Gothenburg, Sweden, founded in 2017. As a video game developer and publisher, Thunderful Games creates and distributes engaging video games, catering to gamers seeking innovative titles. They also provide support for indie developers looking to publish their games. The company has been active in the gaming industry through several significant acquisitions, including Rising Star Games in July 2018, Coatsink Software in October 2020 for approximately $29.9 million, Headup in February 2021 for about $13.4 million, Station Interactive in November 2020, and Early Morning Studio in November 2021. These acquisitions reflect Thunderful's strategy to enhance their portfolio and strengthen their position in the gaming market.

15. 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 prominent video game publisher and developer based in Solberga, Stockholm, Sweden, specializing in strategy and management games. Founded in 1999, the company has built a strong reputation for its diverse range of video games and downloadable content, catering to a global audience of gamers. Paradox operates through multiple development studios and actively engages with its community to enhance player experiences. In recent years, Paradox has made significant acquisitions to bolster its position in the gaming industry, including Haemimont Games, Iceflake Studios, Playrion Game Studio, White Wolf Publishing, and Harebrained Schemes. These strategic acquisitions reflect Paradox's commitment to expanding its capabilities and offerings in the gaming market, particularly in areas such as mobile gaming and collaborative development.

16. Aonic

• Website: aonic.co
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 501-1000
• LinkedIn: aonic-ab

Aonic is a corporate investor based in Stockholm, Sweden, founded in 2021. The company operates as a video gaming collective that supports mid-sized game studios in developing and publishing video games. Aonic provides a platform for studios to access resources and expertise, enhancing their ability to create high-quality games. In recent transactions, Aonic has made significant investments in the gaming industry, including the acquisition of UK-based VR game developer nDreams for $110 million in November 2023, following an earlier investment of $35 million in March 2022. Additionally, Aonic acquired Milky Tea in April 2023 and participated in funding rounds for OtherSide Entertainment and Mega Fortuna, further demonstrating their active involvement in the gaming sector.

17. 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. Notably, Crowberry Capital has made significant investments in the gaming sector, including participation in funding rounds for Mainframe Industries, a gaming studio known for its innovative projects. They contributed to Mainframe's Series A funding of €7.6M in March 2020, alongside notable investors like Riot Games and Andreessen Horowitz. Additionally, they participated in subsequent funding rounds for Mainframe, including a Series B round in November 2021, raising over $19 million. Crowberry Capital also invested in 1939 Games, contributing to their funding rounds in 2020 and 2021, further demonstrating their active role in the gaming industry.

Gaming Insights: Key Investors in the Nordics

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