The virtual reality game development industry in the Nordics is vibrant and rapidly evolving. Companies ranging from small start-ups to established gaming giants focus on creating immersive, interactive experiences. The region is home to innovative studios that produce everything from indie titles to high-budget game franchises, often harnessing advanced technology like VR and AR. As the global appetite for immersive gaming experiences grows, Nordic developers are positioning themselves at the forefront of this trend. The mix of talented creators and strong investment fuels the industry's growth, while collaborations continue to push the boundaries of what's possible in gaming immersion.


The investment landscape in the Nordics is represented by an array of entities, including venture capital firms and corporate investors. These organizations, headquartered in cities like Helsinki and Stockholm, vary in size from small teams to large corporations. Established between 1876 and 2022, many of these investors had an active deal flow in 2024, reflecting a robust interest in virtual reality game development. With notable involvement in companies like Varjo and Fast Travel Games, these investors demonstrate a commitment to fostering innovation in immersive technologies.


Top 17 Virtual Reality 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, 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, helping them navigate the challenges of building successful gaming companies. Sisu Game Ventures has been involved in several notable transactions in the virtual reality space, including participation in Resolution Games' Series B funding round, which aimed to expand their library of augmented and virtual reality games, and their investment in Thirdverse, a developer dedicated to virtual reality gaming. Additionally, they invested in Varjo, a company known for its high-fidelity virtual and mixed reality headsets. These transactions highlight Sisu Game Ventures' commitment to fostering innovation and collaboration within the virtual reality gaming sector.


2. 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. The organization plays a crucial role in promoting trade, tourism, and foreign investment in Finland. In the context of virtual reality game development, Business Finland has been involved in significant transactions such as the $6.7 million debt financing for Varjo, a leader in virtual reality technology, and a pre-seed funding round for Makea Games, which aims to enhance creativity in the gaming community. Additionally, they have supported Nitro Games through various debt financing rounds, indicating their active role in the gaming sector.


3. 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, leveraging a global presence with numerous internal studios. Notable acquisitions include Saber Interactive for $525 million in 2020, Gearbox Software for $1.3 billion in 2021, and Tarsier, known for their work on the Little Nightmares series. These acquisitions enhance Embracer Group's capabilities in game development, including potential ventures into virtual reality gaming, as the industry continues to evolve and expand. Their strategic acquisitions position them well to explore opportunities in emerging technologies, including VR.


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 and focuses on building long-term relationships with entrepreneurs. Heartcore has been actively involved in various sectors, including virtual reality game development. Notably, they participated in funding rounds for Fast Travel Games, a VR games studio based in Stockholm, Sweden, which raised a total of $2.9M to launch their first game and expand their team. This involvement highlights Heartcore's commitment to supporting innovative gaming ventures, particularly in the virtual reality space.


5. 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. FOV Ventures provides not only capital but also strategic guidance and access to a network of industry experts to help founders grow their businesses. In 2024, they have already made 11 investments, including notable transactions in the virtual reality game development sector. For instance, they participated in the Pre-Seed funding rounds for Psytec Games, which raised over $800,000 across two rounds in 2023 and 2024. They also invested in Makea Games and were part of the funding for Roro, a new gaming studio led by veterans from Toca Boca and Mojang. These transactions highlight FOV Ventures' active role in supporting innovative gaming startups, particularly those focused on virtual reality and immersive experiences.


6. 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 resilient founders across various sectors. Lifeline Ventures has been actively involved in the virtual reality space, notably through their investments in Varjo, a leading maker of high-end enterprise XR headsets, participating in multiple funding rounds including Series A, B, C, and D, which collectively raised significant capital to support the development of XR hardware and software products. Additionally, they invested in Vizor.io, a virtual reality software provider, further demonstrating their engagement in the virtual reality game development context. With a total of 14 investments in 2024, Lifeline Ventures continues to support innovative startups, including those in the virtual reality 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. Creandum provides venture capital investment, strategic support, and networking opportunities to startups. Notably, they have invested in Resolution Games, a prominent player in the virtual reality gaming industry, participating in several funding rounds: a $6 million Series A in 2015, a $7.5 million Series B in 2018, and a $25 million Series C in 2021. These investments highlight Creandum's active role in the virtual reality game development sector, as the funding has been directed towards creating higher quality games and expanding the company's library of augmented and virtual reality games. Additionally, they have invested in other gaming-related ventures, further solidifying their position in the gaming investment landscape.


8. 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 has a strong focus on technology and connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures led a €3.3 million funding round for WarDucks, a Dublin-based augmented reality game development studio, which aims to develop a new location-based AR game. Additionally, they have participated in multiple funding rounds for Varjo, a Helsinki-based company known for its high-end enterprise XR headsets, which has raised significant capital to expand its XR hardware and software products. These investments highlight EQT Ventures' commitment to the virtual and augmented reality sectors, making them a relevant player in the virtual reality game development landscape.


9. 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 within the virtual reality game development sector, including a seed funding round for Sólfar Studios, an Icelandic VR developer, which raised $2.1 million in 2015. They also co-led a funding round for Vizor.io, a Helsinki-based virtual reality software provider, which raised $2.3 million in 2017. Additionally, Inventure has invested in other gaming-related companies, such as Omeda Studios and Mindfield Games, further showcasing their commitment to the gaming and VR industries.


10. 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, particularly in the technology sector. Crowberry Capital aims to support entrepreneurs with bold visions by providing them with capital and strategic guidance. Notably, they have invested in Aldin Dynamics, a VR company that raised $1 million in a funding round led by Crowberry, which highlights their commitment to the virtual reality space. Additionally, they have participated in funding rounds for Mainframe Industries, a gaming studio involved in developing innovative gaming experiences, further showcasing their engagement in the gaming and VR sectors.


11. Aonic

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

Aonic is a video gaming collective based in Stockholm, Sweden, founded in 2021. The company focuses on supporting mid-sized game studios in developing and publishing video games, fostering creativity and collaboration among developers. Aonic has made notable investments in the virtual reality gaming sector, including a $35 million investment in nDreams in 2022, followed by a $110 million acquisition of the same company in November 2023. This acquisition highlights Aonic's strategic interest in the VR gaming market. Additionally, Aonic has engaged in other transactions, such as acquiring Milky Tea and investing in OtherSide Entertainment, further showcasing their active role in the gaming industry.


12. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has been involved in significant transactions within the virtual reality game development sector, particularly with Fast Travel Games, a VR games studio based in Stockholm. They led a $2.1 million Series A funding round for Fast Travel Games in 2017, which was aimed at launching the studio's first game and expanding its team. Additionally, they participated in a $4 million investment round in 2021 and another round in 2023, further supporting the studio's growth and development of new IPs for VR platforms. This focus on VR game development showcases Industrifonden's commitment to fostering innovation in this emerging industry.


13. 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 focuses on early-stage technology companies, particularly those led by globally ambitious and impact-aware founders. By providing capital and access to a network of experienced operators, byFounders aims to help startups navigate their growth challenges. Notably, byFounders has invested in several gaming companies, including Utopos Games, which received $1 million in seed funding for its first PC game, Raivo, and Dazzle Rocks, which raised $6.8 million for its mobile MMO game. These investments highlight byFounders' commitment to the gaming sector, making them a relevant player in the industry.


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 video game start-ups. Behold Ventures aims to support ambitious and creative founders in creating innovative entertainment experiences. In 2024, they have already made three investments, including a significant Series A round for Red Rover, which raised approximately $14.87 million. They also participated in a seed funding round for Red Rover Interactive, which secured $5 million for a multiplayer survival game. Other notable transactions include a $7 million seed round for Blue Scarab Entertainment and a $3 million seed round for Porcelain Fortress. These investments highlight Behold Ventures' active role in the gaming sector, potentially including virtual reality game development.


15. Superhero Capital


Superhero Capital is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in seed funding for software-driven startups in the New Nordics region, providing financial backing and strategic support to entrepreneurs. Superhero Capital aims to empower founders and foster innovation in the technology sector. Notable transactions include investments in Doublepoint, a Helsinki-based company, and Port 6, which is innovating in human-computer interaction, a field closely related to virtual reality. Their portfolio also includes Arilyn and TopHatch, both of which have potential relevance to the virtual reality space, indicating a broader interest in technology that could intersect with game development.


16. 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 raised $15 million in a Series A round and has been involved in creating platforms for user-generated games. Additionally, they were part of the seed funding rounds for Omnigame and GamerzClass, both of which are relevant to the gaming ecosystem. Their focus on early-stage tech companies seeking investment and strategic guidance positions them as a supportive partner for startups in the gaming and potentially virtual reality sectors.


17. Wellstreet

  • Website: wellstreet.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: wellstreet

Wellstreet is a venture capital firm based in Stockholm, Sweden, founded in 2016. The firm specializes in early-stage investments in Nordic tech companies, providing entrepreneurs with capital and strategic support to foster growth and innovation. While Wellstreet primarily focuses on sectors such as FinTech, E-commerce, and GreenTech, they have also made notable investments in the gaming industry. For instance, they invested in Nuttery Entertainment, a gaming studio that raised 4 million SEK, indicating their interest in developing new entertainment content. Additionally, Wellstreet was involved in the Series C funding round for Pixotope, a company that specializes in virtual production technology, which is relevant to the virtual reality space. These transactions highlight Wellstreet's potential interest in the virtual reality game development sector, despite their broader focus.



Virtual Reality Game Development Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Embracer GroupKarlstad, Varmland, Sweden51-20019990
Heartcore CapitalCopenhagen, Denmark11-50200717
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
CreandumStockholm, Stockholm, Sweden11-50200317
EQT VenturesStockholm, Stockholm, Sweden11-50201528
InventureHelsinki, Uusimaa, Finland11-5020059
Crowberry CapitalReykjavík, Reykjavíkurborg, Iceland1-1020176
AonicStockholm, Stockholm, Sweden501-100020210
IndustrifondenStockholm, Stockholm, Sweden11-5019799
byFoundersKøbenhavn, Denmark1-10201710
Behold VenturesStockholm, Stockholm, Sweden1-1020213
Superhero CapitalHelsinki, Uusimaa, Finland1-1020157
Dreamcraft VenturesCopenhagen, Denmark11-5020195
WellstreetStockholm, Stockholm, Sweden1-1020163


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