Top 17 Puzzle Game Development Investors in the Nordics
Top 17 Puzzle Game Development Investors in the Nordics
The puzzle game development industry in the Nordics thrives with creativity and innovation. Companies range from established giants to agile startups, all focused on delivering engaging experiences through mobile and PC games. Popular genres include casual, trivia, and arcade styles, appealing to both young and older audiences. Nordic developers often prioritize user engagement, leveraging analytics to refine their games. The market is rapidly growing, driven by an increasing demand for mobile gaming, particularly puzzles that combine fun with cognitive challenges. With advancements in technology, including AR and AI, the future holds exciting opportunities for new puzzle game creations.
In 2024, the Nordic region witnessed dynamic activity among puzzle game development investors. This investor landscape features both corporate entities and venture capital firms, primarily headquartered in Sweden and Finland. Most of the listed investors range in size from small teams to large conglomerates, showcasing a mix of investment philosophies. Many of these firms were established in the early 2000s and have engaged in multiple funding arrangements, underscoring their active involvement in the sector during the past year. Companies like Stillfront and Creandum illustrate the variety of strategies employed to support innovative gaming endeavors.
Top 17 Puzzle Game Development 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. 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, indicating their interest in diverse gaming experiences that may include puzzle elements. Their investment strategy emphasizes collaboration and innovation, making them a valuable partner for game developers in the puzzle genre.
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 in the gaming industry that develops and publishes a wide array of digital games, reaching nearly 50 million players monthly. The company has a global presence and collaborates with independent game studios to enhance its offerings. Notably, Stillfront has made several strategic acquisitions to expand its portfolio, including the acquisition of Storm8, a leading mobile mash-up game developer, for $300 million in 2020, which may include puzzle elements. Additionally, they acquired Moonfrog Labs, a mobile games developer, for $90 million in 2021, further diversifying their game offerings. Other acquisitions include Goodgame Studios and KIXEYE, which also contribute to their diverse gaming portfolio. These transactions highlight Stillfront's commitment to expanding its influence in the gaming market, including potential involvement in puzzle game development.
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 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, an Indian startup that specializes in mobile games, further diversifying their gaming offerings. Their recent acquisition of Plarium, known for the mobile RPG RAID: Shadow Legends, and Ninja Kiwi, a developer of mobile games, showcases MTG's commitment to expanding its gaming segment and enhancing its capabilities in live-ops and proprietary technology. These strategic investments position MTG as a significant player in the gaming industry, including the puzzle game development space.
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. Known for creating popular titles such as Hay Day, Clash of Clans, and Brawl Stars, Supercell focuses on delivering engaging gaming experiences and fostering a community around its games. The company operates with a unique structure that empowers teams to innovate and develop games independently. In addition to their own game development, Supercell has made several strategic investments in other mobile game studios. Notably, they acquired Trailmix, a studio that could potentially develop puzzle games, and Frogmind, which is known for its mobile games. Supercell also invested in Everywear Games, a developer focused on smartwatch games, which may include puzzle elements. These transactions highlight Supercell's interest in expanding its influence in the mobile gaming industry, including the puzzle game segment.
5. 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 made several notable acquisitions, including Easybrain, which focuses on mobile puzzle games, CrazyLabs, known for casual games, and Tarsier, which has developed games with puzzle elements. Their acquisition of Saber Interactive and Gearbox Software further expands their portfolio, allowing them to leverage a global presence with numerous internal studios. This diverse range of acquisitions highlights Embracer Group's commitment to various gaming genres, including puzzle games.
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 emphasizes building long-term relationships with entrepreneurs. Heartcore has been involved in several notable transactions in the gaming sector, particularly with Seriously, a mobile gaming studio that has raised a total of $28 million since its inception in 2013. Heartcore participated in multiple funding rounds for Seriously, including seed and Series A rounds, showcasing their commitment to supporting innovative gaming ventures. Additionally, they have shown interest in companies like Everywear Games, which focuses on game development for wearable technology, further highlighting their engagement in the gaming industry.
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. Notably, Creandum has made significant investments in the gaming industry, particularly in companies like Small Giant Games and Futureplay Games. Small Giant Games, which raised multiple funding rounds with Creandum's participation, is recognized for its successful mobile puzzle game, 'Empires & Puzzles'. Additionally, Futureplay Games, another recipient of Creandum's investment, focuses on mobile gaming, further showcasing Creandum's commitment to the gaming sector. Their business model emphasizes nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed in competitive markets.
8. 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. In the gaming sector, Business Finland has been involved in several notable transactions, including providing funding to Nitro Games, which raised significant amounts in post-IPO debt, and Next Games, which received a grant to support its operations. Additionally, they participated in funding rounds for Superplus Games, a studio focused on casual PvP titles, and Makea Games, which is developing a parkour game. These transactions highlight Business Finland's role in promoting the Finnish gaming industry, including puzzle game development.
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. Notably, they have invested in Small Giant Games, a Helsinki-based gaming company known for its mobile puzzle game "Empires & Puzzles," which raised $41M in funding led by EQT Ventures. They also participated in earlier funding rounds for Small Giant Games, including a Series A round. Additionally, EQT Ventures led a €3.3 million funding round for WarDucks, a studio developing augmented reality games, showcasing their commitment to innovative gaming projects. These transactions highlight EQT Ventures' active role in the gaming industry, particularly in areas that intersect with puzzle game development.
10. 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 been involved in notable transactions within the gaming industry, including investments in Supercell, a prominent Finnish game developer known for its successful mobile games, and Mojiworks, a UK-based startup focused on game development. Their investment in Everywear Games, which designs games for smartwatches, also highlights their interest in innovative gaming solutions. These transactions demonstrate Lifeline Ventures' commitment to supporting resilient founders and fostering growth in the gaming sector, making them a relevant player in the puzzle game development landscape.
11. 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. They operate 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 2023, Aonic made significant investments, including a $110 million acquisition of UK-based VR game developer nDreams, following an earlier investment of $35 million in the same company. They also acquired Milky Tea, a studio known for its creative game development. Aonic's investment in Mega Fortuna, a mobile gaming discovery platform, further demonstrates their engagement in the gaming sector, although it does not directly relate to puzzle games. Overall, Aonic's commitment to supporting game studios positions them as a potential investor in the puzzle game development space.
12. 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 focus on the Metaverse and spatial computing. They provide capital, strategic guidance, and access to a network of industry experts to help founders grow their businesses. In 2023 and 2024, FOV Ventures has been involved in several notable transactions in the gaming sector, including investments in Makea Games and Psytec Games, both of which are engaged in game development. Additionally, they participated in the funding round for Roro, a gaming studio led by veterans from Toca Boca and Mojang, further demonstrating their commitment to the gaming industry. These transactions highlight FOV Ventures' active role in supporting innovative gaming startups, making them a potential investor for puzzle game development projects.
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 involved in several notable transactions in the gaming industry, including investments in Mindfield Games, which raised $375,721 in a seed round, indicating their engagement in game development. They also participated in funding rounds for companies like Sólfar Studios, a VR developer, and Solsten, which, while focused on digital therapeutics, shows their interest in innovative tech applications. This diverse portfolio highlights Inventure's commitment to supporting growth in the tech and gaming sectors.
14. Thunderful Games
- Website: thunderfulgames.com
- Type: Corporate
- Headquarters: Gothenburg, Västra Götaland, Sweden
- Founded year: 2017
- Headcount: 201-500
- LinkedIn: thunderful
Thunderful Games, founded in 2017 and based in Gothenburg, Sweden, is a corporate investor in the video game industry, focusing on both development and publishing. The company has made several strategic acquisitions to enhance its portfolio, including Rising Star Games, Headup, Early Morning Studio, Coatsink Software, and Guru Games. These acquisitions reflect Thunderful's commitment to expanding its reach and capabilities in the gaming market. Notably, Coatsink Software has developed games that incorporate puzzle elements, which aligns with the interests of puzzle game development. Thunderful Games also provides support for indie developers, indicating a broader engagement with various game genres, including puzzles.
15. 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 investing in seed and early-stage startups across the Nordic region, with a strong emphasis on technology-driven businesses. They provide not only capital but also strategic guidance to help entrepreneurs realize their bold visions. Notably, Crowberry Capital has been involved in several transactions within the gaming industry, including multiple rounds of funding for 1939 Games, a company known for its digital collectible card game, Kards. Their investments in 1939 Games, which include seed and venture rounds totaling over $10 million, demonstrate their commitment to supporting innovative gaming projects, thereby positioning them as a relevant player in the puzzle game development space.
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 StarBerry Games, which raised $1.1 million for its mobile game, Idle Coffee Corp, and Dazzle Rocks, which secured $6.8 million for its mobile MMO game. Additionally, byFounders backed Utopos Games with $1 million for their first PC game, Raivo. These investments highlight byFounders' commitment to the gaming sector, making them a relevant player in the puzzle game development landscape.
17. 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, investing in early-stage video game start-ups. They provide both financial support and industry expertise to help these companies succeed, focusing on ambitious and creative founders who aim to create innovative entertainment experiences. In 2024, Behold Ventures has been involved in several significant transactions, including a $3 million seed round for Porcelain Fortress and a $7 million seed round for Blue Scarab Entertainment. Additionally, they participated in a $14.87 million Series A round for Red Rover, a new game studio, indicating their active role in funding diverse gaming projects. Their involvement in these transactions highlights their commitment to supporting the growth of the video game industry, which may encompass various genres, including puzzle games.
Puzzle Game Development Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Sisu Game Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2014 | 2 |
| Stillfront | Ödeshög, Östergötland, Sweden | 1001-5000 | 2010 | 0 |
| Mtg | Stockholm, Stockholm, Sweden | 11-50 | 1987 | 1 |
| Supercell | Helsinki, Uusimaa, Finland | 501-1000 | 2010 | 6 |
| Embracer Group | Karlstad, Varmland, Sweden | 51-200 | 1999 | 0 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
| EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
| Lifeline Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2009 | 14 |
| Aonic | Stockholm, Stockholm, Sweden | 501-1000 | 2021 | 0 |
| FOV Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2022 | 11 |
| Inventure | Helsinki, Uusimaa, Finland | 11-50 | 2005 | 9 |
| Thunderful Games | Gothenburg, Västra Götaland, Sweden | 201-500 | 2017 | 0 |
| Crowberry Capital | Reykjavík, Reykjavíkurborg, Iceland | 1-10 | 2017 | 6 |
| byFounders | København, Denmark | 1-10 | 2017 | 10 |
| Behold Ventures | Stockholm, Stockholm, Sweden | 1-10 | 2021 | 3 |
Want to find more investors focusing on the puzzle game development industry?
If you want to find more investors that are active in the puzzle game developmentindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.With Inven, you'll also get to know:
- Deal History: Number of deals and their sizes.
- Portfolio: Companies they've invested in.
- Contact data: Key dealmakers, including their emails and phonenumbers.
- ...and much more!
.jpg)
Trusted by 700+ companies
