The virtual reality game development industry in Europe is rapidly evolving, driven by technological advancements and a surge in demand for immersive gaming experiences. Companies in this sector range from seasoned developers crafting AAA titles to innovative startups experimenting with interactive content. They offer a variety of products, including entertainment, education, and training solutions using VR technology. With the growing interest in augmented reality and the metaverse, the industry anticipates significant expansion, encouraging investment and collaboration. The European market demonstrates a rich tapestry of talent and innovation, suggesting a bright future in reshaping how users engage with digital environments.


This list highlights notable investors in the European virtual reality gaming sector, covering a mix of venture capital firms and corporate backers. Predominantly headquartered in major cities like London and Paris, each investor varies in size and age, with investment counts for 2024 ranging from a handful to several hundred deals. Founded as recently as 2019 or as far back as 1986, these investors have dedicated resources to nurturing startups, reflecting their strategic vision for technological growth in the virtual space.


Top 17 Virtual Reality Game Development Investors in Europe


1. Keywords Studios


Keywords Studios plc, based in Dublin, Ireland, is a leading video game service provider specializing in various aspects of game development, including art, audio, localization, and quality assurance. Founded in 1998, the company has grown significantly, employing over 10,000 people and making strategic acquisitions to enhance its service offerings. Notably, Keywords Studios acquired High Voltage Software in December 2020 for approximately $50 million; High Voltage is recognized for its work on 'The Walking Dead: Saints & Sinners', a key title in the virtual reality gaming market. Additionally, their acquisition of Climax Studios in April 2021 for up to $60 million further strengthens their position in the industry, as Climax has experience in developing games across various platforms, including VR. These transactions highlight Keywords Studios' commitment to expanding its capabilities in the gaming sector, particularly in virtual reality.


2. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital investor 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 through various services, including direct funding and private equity investments. The firm aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions relevant to the virtual reality game development sector, including a significant investment in Esports Virtual Arenas, which raised $7,056,452 in July 2022. They also participated in funding rounds for My Serious Game, a game-based learning startup, and other gaming-related ventures, indicating their commitment to supporting the gaming industry.


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, specializing in early-stage investments within the gaming industry. Founded in 2014, the firm focuses on providing funding, strategic support, and industry connections to game developers and startups. Sisu Game Ventures aims to foster collaboration and innovation in the gaming sector. They have been involved in several notable transactions, particularly in the virtual reality space. For instance, they participated in a Series B funding round for Thirdverse, a virtual reality game developer, raising $8.5 million in Series A and $11.5 million in Series B. Additionally, they invested in Resolution Games, which has raised funds to expand its library of augmented and virtual reality games, including a $7.5 million Series B round. These transactions highlight Sisu Game Ventures' active role in supporting the development of virtual reality gaming.


4. 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, backing two startups per week with financial support and mentorship. Notable transactions include investments in Pixowl, a multi-platform mobile developer known for creating engaging games, which received funding in both 2012 and 2022. This highlights Kima Ventures' involvement in the gaming industry, making them a potential player in the virtual reality game development space. Additionally, their investment in Starchain Gazer, which raised $750,000 in a Pre-Seed round, further demonstrates their commitment to supporting innovative startups, potentially including those in the virtual reality sector.


5. Ubisoft

  • Website: ubisoft.com
  • Type: Corporate
  • Headquarters: Issy-Les-Moulineaux, Île-De-France, France
  • Founded year: 1986
  • Headcount: 10001+
  • LinkedIn: ubisoft

Ubisoft Entertainment SA, founded in 1986 and headquartered in Issy-Les-Moulineaux, Île-De-France, France, is a leading video game publisher and developer known for its popular franchises such as Assassin's Creed and Far Cry. The company has a workforce of over 10,000 employees and operates through various digital platforms, allowing consumers to purchase and access their games online. Ubisoft has been active in expanding its portfolio through strategic acquisitions, including Red Storm Entertainment, which enhances its capabilities in game publishing; the Far Cry franchise, which allows for independent development of new entries; and studios like RedLynx and Future Games of London, which contribute to its expertise in online and physics-based gaming. While the transactions listed do not specifically highlight VR, Ubisoft's innovative approach and diverse game offerings position it as a potential player in the virtual reality space.


6. 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 specializes in seed and early-stage investments, particularly within the technology sector, with a notable focus on the Bitcoin ecosystem. They provide capital and strategic advisory services to entrepreneurs, helping them navigate the complexities of business growth and development. Notably, Initial Capital has participated in significant funding rounds for virtual reality game developers, including Resolution Games, where they contributed to both a $25 million Series C round and a $6 million Series A round. Additionally, they led a $5.2 million Seed funding round for Supersocial, a developer and publisher of experiences for the metaverse. These transactions highlight Initial Capital's engagement in the virtual reality gaming industry, showcasing their interest in innovative gaming technologies.


7. 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. With a focus on building the future of games, digital sports, and metaverse technologies, Hiro Capital provides funding, strategic insights, and networking opportunities to help startups grow and succeed. They have been involved in several notable transactions relevant to virtual reality, including leading a $9 million Series B investment in Polyarc, the studio behind the acclaimed VR game Moss, and a $7.5 million investment in FitXR, a developer focused on VR fitness solutions. Additionally, they have invested in Telltale Games, which is developing titles that may incorporate immersive technologies, further demonstrating their engagement in the gaming landscape.


8. ZBS Capital

  • Website: zbs.capital
  • Type: Venture Capital
  • Headquarters: Kyiv, Kyiv, Ukraine
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 11
  • LinkedIn: zbscapital

ZBS Capital is a venture capital firm based in Kyiv, Ukraine, founded in 2017. The firm specializes in the cryptocurrency and blockchain sectors, investing in and advising web 3.0 startups. ZBS Capital leverages its media expertise and extensive network to support innovative projects. Among its notable transactions, ZBS Capital invested in Victoria VR, which raised $5.5 million in a seed round, and was involved in the funding of Highstreet, a VR metaverse that raised $5 million. These investments highlight ZBS Capital's engagement in the virtual reality game development sector, alongside its broader focus on blockchain technology.


9. 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, and is known for providing capital and strategic support to entrepreneurs. A notable aspect of their investment portfolio is their involvement in the gaming sector, particularly with Rec Room, a platform for user-generated content that has raised significant funding across multiple rounds: $15 million in Series B (2019), $20 million in Series C (2020), $100 million in Series D (2021), and $145 million in Series F (2021). This consistent support highlights Index Ventures' commitment to the virtual reality game development space, making them a relevant player in this industry.


10. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. It offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in significant transactions within the virtual reality domain, such as its investment in Gleechi, a company that has developed a virtual reality training platform, receiving SEK 25 million to expand its services. Additionally, the EIC has provided grants to other companies like SPIKA TECH S.L. and Lightspace Labs, which, while not exclusively focused on VR, contribute to the broader technological landscape that supports VR development. These activities highlight the EIC's role as a key player in promoting innovation in the virtual reality game development industry.


11. 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 has been involved in several notable transactions in the gaming sector, particularly in play-to-earn and blockchain-based games. For instance, they participated in the funding rounds for Elumia, an MMORPG, and Metastrike, an AI/ML car racing game. They also invested in Good Games Guild, which aims to become a leading hub for play-to-earn gaming, and Aether Games, which raised significant funds for its gaming initiatives. These transactions highlight MV Global's commitment to innovative technology companies in the gaming industry, making them a relevant player in the virtual reality game development landscape.


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 within the gaming sector, particularly in projects that integrate blockchain technology and gaming. For instance, they participated in the seed funding for Zomfi, an NFT game, and Battle Saga, which raised over $3 million. They also invested in Metastrike and RaceFi, the latter being an AI/ML car racing game, indicating their engagement with innovative gaming concepts. Their focus on projects that blend gaming with cryptocurrency positions them as a relevant player in the evolving landscape of virtual reality game development.


13. Agoranov

  • Website: agoranov.com
  • Type: Corporate
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 42
  • LinkedIn: agoranov

Agoranov is a corporate investor based in Paris, Île-De-France, France, founded in 2000. As a startup incubator, Agoranov provides personalized assistance, fully equipped facilities, and acceleration programs to early-stage startups across various innovative sectors. They have been involved in several transactions relevant to the virtual reality game development context, such as Actronika, which focuses on haptic technology, and Mocaplab, which specializes in motion capture solutions. These investments highlight Agoranov's commitment to supporting technology-driven startups, including those in the virtual reality space, making them a valuable partner for emerging companies in this industry.


14. Enterprise Ireland


Enterprise Ireland is a public entity that serves as the Irish government's enterprise development agency, founded in 1998. It supports Irish businesses at all stages of their growth journey by providing funding, advisory services, and market access assistance. The agency focuses on helping companies scale and compete internationally across various industries, including technology and manufacturing. Notably, Enterprise Ireland has been involved in several transactions within the virtual reality space, such as WarDucks, which raised $495,725 in a seed round in 2015, and Immersive VR Education, which raised €1M with their participation in 2017. Additionally, they supported Volograms, which raised $278,244 in 2019, and VRAI, which raised $4,365,496 in a Series A round in 2025. These investments highlight their commitment to fostering innovation in the virtual reality game development sector.


15. 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. The firm specializes in cryptocurrency trading and provides liquidity and trading solutions to clients in the digital asset ecosystem. GSR serves a diverse range of customers, including cryptocurrency projects, exchanges, and financial institutions, offering services such as market making, OTC trading, and risk management. In addition to their core focus on cryptocurrency, GSR has made notable investments in the virtual reality and metaverse sectors. They participated in a $3.5 million Pre-Seed round for Hypersonic Laboratories, which is involved in innovative technologies. GSR also invested in Atmos Labs, a Chicago-based play-and-earn metaverse developer that raised $11 million in seed funding to build a virtual game world. Furthermore, they were part of the $60 million Series A funding for Everyrealm, a company focused on the metaverse and NFTs. These transactions highlight GSR's engagement in the virtual reality game development space, making them a relevant investor in this category.


16. 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. The company operates a portfolio of gaming studios, focusing on developing and publishing a wide range of mobile and browser games. MTG has made significant investments in the gaming industry, including the acquisition of InnoGames, known for its popular browser games, and a recent acquisition of Plarium, the developer of the mobile RPG RAID: Shadow Legends, for a total upfront payment of USD 620 million. These acquisitions highlight MTG's strategy to enhance its gaming portfolio and leverage strong live-ops capabilities. While their current focus is not explicitly on virtual reality, their expertise in gaming and user engagement positions them as a potential player in the VR game development space.


17. 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 founded in 2021, based in Helmshore, England, specializing in marketing and investment services for blockchain and cryptocurrency projects. They assist crypto entrepreneurs with strategies for fundraising, branding, and securing exchange listings. Their clientele primarily consists of businesses in the blockchain sector looking to launch and promote innovative projects effectively. Notably, Avalon Wealth Club has been involved in several transactions relevant to the gaming industry, including their participation in the seed funding for Zomfi, an NFT game, which raised $2.6 million. This involvement highlights their engagement in the gaming sector, particularly in projects that leverage blockchain technology. Additionally, they have participated in funding rounds for other projects like Affyn and U.A. Fabrica, which may also have connections to gaming and virtual reality.



Virtual Reality Game Development Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
Keywords StudiosDublin, Dublin, Ireland10001+19982
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
Kima VenturesParis, Île-De-France, France1-10201050
UbisoftIssy-Les-Moulineaux, Île-De-France, France10001+19860
Initial CapitalLondon, England, United Kingdom (UK)1-1020102
Hiro CapitalLondon, England, United Kingdom (UK)1-1020195
ZBS CapitalKyiv, Kyiv, Ukraine1-10201711
Index VenturesLondon, England, United Kingdom (UK)51-200199667
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
MV GlobalCumbria, England, United Kingdom (UK)11-5020178
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
AgoranovParis, Île-De-France, France11-50200042
Enterprise IrelandDublin, Dublin, Ireland501-1000199848
GsrLondon, England, United Kingdom (UK)201-500201339
MtgStockholm, Stockholm, Sweden11-5019871
Avalon Wealth ClubHelmshore, England, United Kingdom (UK)1-1020214


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