The game development industry in the Nordics is a vibrant and innovative sector that excels in creating quality video games across platforms. It includes independent studios, large corporations, and emerging tech firms, each contributing to a dynamic ecosystem. The region is renowned for its focus on mobile and online gaming, especially in genres like strategy, simulation, and VR. Companies are keenly exploring the Metaverse and augmented experiences. Insights reveal that Nordic games often prioritize narrative depth and player engagement, which resonate well with the global gaming community, indicating a positive trajectory driven by creativity and tech advancements.


The investors in this list represent a blend of corporate and venture capital entities, primarily headquartered in the Nordics. Founded between 1987 and 2022, these investors vary greatly in size, with some hosting fewer than 10 employees while others manage over 5,000. In 2024, the number of recorded investments highlights active participation in the gaming space, with several firms such as Creandum and EQT Ventures leading the charge in funding rounds and strategic investments. This engagement suggests a thriving environment for game developers, contributing to the industry's promising future.


Top 18 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 not only funding but also strategic support and industry connections to help game developers and startups navigate the challenges of building successful gaming companies. Sisu Game Ventures has been involved in notable transactions, including a €7.6 million Series A funding round for Mainframe Industries, a gaming studio with operations in Reykjavik and Helsinki, and a $37.5 million Series A funding for Theorycraft Games. Their participation in these funding rounds highlights their commitment to fostering collaboration and innovation within the gaming sector, making them a key player in the game development investment landscape.


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 gaming company that develops and publishes a diverse range of digital games, reaching nearly 50 million players monthly. The company focuses on creating engaging gaming experiences across various genres, including strategy and simulation. Stillfront has made significant investments in the game development sector through strategic acquisitions of independent game studios. Notable transactions include the acquisition of Kixeye for up to $120 million, Goodgame Studios for approximately $318 million, and a majority stake in Simutronics Corp. for about $938,000. Additionally, Stillfront acquired eRepublik Labs and Nanobit, with the latter deal valued at a minimum of $100 million, showcasing its strategy to enhance its portfolio and global presence in the gaming industry. Through these acquisitions, Stillfront collaborates with independent studios to bolster its offerings and maintain a competitive edge in the market.


3. 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, founded in 2010 and based in Helsinki, Finland, is a leading mobile game developer recognized for its hit games such as Hay Day, Clash of Clans, and Brawl Stars. The company operates with a unique structure that empowers small, independent teams to innovate and create engaging gaming experiences. Supercell has also made strategic investments in other game development companies, including acquiring a 51% stake in Frogmind for $7.8 million, which allowed Frogmind to maintain its independence while benefiting from Supercell's resources. Additionally, Supercell invested $17.8 million and provided an $11.8 million credit line to Metacore Games to support the scaling of their game Merge Mansion. Most recently, Supercell acquired a majority stake in Ultimate Studio, further expanding its influence in the gaming industry. These transactions highlight Supercell's active role as an investor in the game development sector, supporting both established and emerging studios.


4. 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 workforce of 11-50 employees, MTG operates a diverse portfolio of gaming studios that develop and publish a wide range of mobile and browser games. The company is dedicated to providing engaging gaming experiences to consumers worldwide, leveraging its expertise in user engagement and innovation. Notably, MTG has made significant investments in the gaming sector, including the acquisition of InnoGames in May 2017, which is known for its popular browser games. Additionally, MTG acquired a 35% stake in InnoGames in October 2016, with plans to increase its stake in the future. In November 2024, MTG announced the acquisition of Plarium, the developer behind the mobile RPG RAID: Shadow Legends, for a total upfront payment of USD 620 million, further enhancing its gaming portfolio and growth strategy. These transactions highlight MTG's active role in the game development industry and its commitment to expanding its influence in this sector.


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, providing a diverse range of video games across multiple platforms. Embracer Group has made significant strides in the gaming industry through strategic acquisitions, including Gearbox Software for $1.3 billion in 2021, Eidos in 2022, Saber Interactive for $525 million in 2020, CrazyLabs in 2021, and Tarsier in 2019. These acquisitions highlight their commitment to expanding their influence and capabilities within the gaming sector, serving gamers and entertainment consumers with engaging content and experiences.


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 game development sector, including investments in Fast Travel Games, a VR games studio, and TrapLight Games, which raised €8 million to support their mobile game, Battle Legion. These investments demonstrate Heartcore's commitment to supporting innovative gaming companies and their growth in the industry.


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, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi invested in Zordix, a company involved in game development, during a seed round in 2012. They have also participated in various venture rounds for other companies, such as Itatake.com, Flarie, Sideline Labs, and Eat Create Sleep, which, while not all directly related to gaming, showcase Almi's active role in supporting innovative startups. Their investment in Zordix highlights their engagement in the gaming sector, making them a relevant player in the game development investment landscape.


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 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 context of game development, Business Finland has been involved in several notable transactions, including providing post-IPO debt to Nitro Games and a grant to Next Games. Additionally, they participated in a pre-seed funding round for Makea Games, a Finnish game studio focused on launching innovative gaming experiences. These transactions highlight Business Finland's active role in fostering the growth of the gaming industry.


9. 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. However, Creandum has also made significant strides in the game development industry, evidenced by their investments in notable gaming companies. They participated in multiple funding rounds for Resolution Games, a studio focused on creating high-quality augmented and virtual reality games, contributing to their Series A, B, and C funding rounds. Additionally, Creandum invested in Futureplay Games, further showcasing their commitment to nurturing game development startups. Through their venture capital investment, strategic support, and networking opportunities, Creandum aims to help entrepreneurs succeed from seed to IPO, leveraging their expertise and connections in the gaming sector as well.


10. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient founders across various sectors. Notably, Lifeline Ventures has been involved in several significant transactions within the game development industry. They participated in the funding rounds for Supercell, a prominent Finnish game developer, and Everywear Games, which focuses on designing games for smartwatches. Additionally, they invested in Mindfield Games and Mojiworks, both of which are engaged in game development. These transactions highlight Lifeline Ventures' active role in supporting innovative gaming startups, reinforcing their relevance in the game development investment landscape.


11. 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 game development sector, including leading funding rounds for companies such as WarDucks, a Dublin-based augmented reality game studio, and TrapLight Games, a Finnish studio known for their mobile game Battle Legion. Additionally, they have invested in Small Giant Games, a Helsinki-based gaming company, which has raised substantial funding to expand internationally and enhance its development team. These transactions highlight EQT Ventures' active role in supporting the growth of game development companies.


12. 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 a $2.2 million seed investment in Omeda Studios, a $375,721 seed investment in Mindfield Games, and participation in a $3.4 million Series A round for Umbra, a graphics software provider for the gaming industry. Additionally, they invested in Sólfar Studios, an Icelandic VR developer, and participated in a Series B funding round for Solsten, which uses games as digital therapeutics. These investments highlight Inventure's active role in supporting game development and related technologies.


13. 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 the gaming sector, FOV Ventures has made notable investments, including a Pre-Seed round for Psytec Games, which raised over $500,000 in January 2024, and another Pre-Seed investment in Roro, a new gaming studio led by veterans from Toca Boca and Mojang, which raised €1.5 million in January 2024. Additionally, they participated in a Seed round for Makea Games, further demonstrating their active involvement in the game development 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. Thunderful has been active in the game development sector, evidenced by their strategic acquisitions of several game studios. Notable transactions include the acquisition of Coatsink Software for approximately $29.88 million in October 2020, Rising Star Games in July 2018 for an undisclosed amount, Headup for about $13.39 million in February 2021, Station Interactive in November 2020 for an undisclosed amount, and Early Morning Studio in November 2021 for an undisclosed amount. These acquisitions highlight Thunderful's commitment to enhancing their capabilities and offerings in the gaming industry.


15. 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 reputation for delivering a diverse range of video games and downloadable content to a global audience. Paradox operates through multiple development studios and actively engages with its community to enhance player experiences. In recent years, Paradox has made several strategic acquisitions to bolster its development capabilities, including Haemimont Games, Iceflake Studios, and Playrion Game Studio. These acquisitions reflect Paradox's strategy of integrating studios with which they have existing collaborations, thereby expanding their game offerings and market reach. Additionally, their investment in Hardsuit Labs showcases their approach to fostering independent studios while maintaining a stake in their success. Overall, Paradox Interactive is a significant player in the game development sector, actively investing in and acquiring studios to enhance its portfolio.


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. As a video gaming collective, Aonic focuses on supporting mid-sized game studios in their development and publishing efforts. The company aims to foster creativity and collaboration among game developers by providing access to resources and expertise. Aonic has been involved in several significant transactions in the gaming industry, including the acquisition of UK-based VR game developer nDreams for $110 million in November 2023, following an initial investment of $35 million in 2022. Additionally, Aonic acquired Milky Tea in April 2023 and participated in funding rounds for OtherSide Entertainment and Mega Fortuna, the latter being a mobile gaming discovery platform. These activities highlight Aonic's commitment to enhancing the capabilities of game studios and contributing to the gaming ecosystem.


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 founded in 2017, based in Reykjavík, Iceland. The firm focuses on seed and early-stage startups across the Nordic region, providing capital and strategic guidance to entrepreneurs with bold visions. Notably, Crowberry Capital has been involved in significant transactions within the game development sector, including investments in Mainframe Industries, a gaming studio that raised funds in multiple rounds (Seed, Series A, and Series B) with Crowberry participating in the Series A and B rounds. They also invested in 1939 Games, which raised funds in 2020 and 2021. These transactions highlight Crowberry Capital's active role in supporting game development companies, aligning with their focus on technology startups.


18. 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 investing in early-stage technology companies, with a focus on supporting globally ambitious and impact-aware founders. In the gaming sector, byFounders has made significant investments, including leading seed funding rounds for Utopos Games, a studio developing its first PC game, and StarBerry Games, a mobile game startup known for its successful title Idle Coffee Corp. They also participated in a Series A funding round for Dazzle Rocks, which is developing a next-generation social gaming experience. Additionally, byFounders led a seed round for GamerzClass, aimed at becoming a preferred partner for gaming creators. These transactions highlight byFounders' commitment to fostering innovation in the game development industry.



Game Development Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
SupercellHelsinki, Uusimaa, Finland501-100020106
MtgStockholm, Stockholm, Sweden11-5019871
Embracer GroupKarlstad, Varmland, Sweden51-20019990
Heartcore CapitalCopenhagen, Denmark11-50200717
AlmiStockholm, Stockholm, Sweden201-50019947
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
CreandumStockholm, Stockholm, Sweden11-50200317
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
EQT VenturesStockholm, Stockholm, Sweden11-50201528
InventureHelsinki, Uusimaa, Finland11-5020059
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
Thunderful GamesGothenburg, Västra Götaland, Sweden201-50020170
Paradox InteractiveSolberga, Stockholm, Sweden501-100019990
AonicStockholm, Stockholm, Sweden501-100020210
Crowberry CapitalReykjavík, Reykjavíkurborg, Iceland1-1020176
byFoundersKøbenhavn, Denmark1-10201710


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