The indie game development industry in the Nordics is vibrant and innovative, characterized by small studios and passionate developers. This sector focuses on creating unique games that often push the boundaries of creativity and storytelling. Companies in this space specialize in various genres, from mobile games to immersive experiences using VR and augmented reality. The Nordic region has a strong reputation for fostering startup culture, with many companies gaining international recognition. Trends such as cross-platform gaming and community engagement are shaping the industry's future, offering ample opportunities for growth and collaboration. Players here keep the spirit of indie gaming alive.


The list of indie game development investors showcases a mix of corporate giants and venture capital firms based across the Nordics. With varying sizes, from small teams to established companies, these investors represent different approaches to funding. Founded between 1987 and 2022, each investor brings specific expertise and insight, with deal counts ranging from 0 to 28 in 2024. Locations, such as Stockholm, Helsinki, and Copenhagen, highlight a concentrated effort to support local talent while tapping into emerging trends within the global gaming market.


Top 18 Indie 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 several notable transactions, including a seed round investment in indie game developer FuzzyBot, which raised $3.5 million to develop its first co-operative game. They also participated in seed rounds for Exit Plan Games and New Tales, raising significant amounts of funding. Additionally, Sisu was part of the Series A funding for Mainframe Industries, a gaming studio, indicating their active engagement in the gaming sector and their commitment to fostering collaboration and innovation within the industry.


2. Stillfront

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

Stillfront Group is a gaming company based in Ödeshög, Sweden, founded in 2010. The company develops and publishes a wide range of digital games, reaching nearly 50 million players monthly. Stillfront focuses on creating engaging gaming experiences across various genres, including strategy and simulation. They have a global presence and actively collaborate with independent game studios to enhance their offerings. Notable transactions include the acquisition of Babil Games for $17 million, a majority stake in Simutronics Corp for approximately $937,661, and the acquisition of Nanobit for at least $100 million, which highlights their strategy of integrating indie studios into their portfolio. Additionally, they acquired Playa Games for up to EUR 45 million, further emphasizing their commitment to indie game development.


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 is a mobile game developer based in Helsinki, Finland, known for its popular titles such as Hay Day, Clash of Clans, and Brawl Stars. Founded in 2010, Supercell operates with a unique structure that empowers small, independent teams to innovate and develop games autonomously. As an investor, Supercell has made significant moves in the indie game development sector, acquiring a 51% stake in the Finnish mobile developer Frogmind for $7.8 million in 2016, allowing Frogmind to continue operating independently while benefiting from Supercell's resources. In 2017, Supercell acquired 62% of London-based Space Ape Games for $55.8 million, establishing a long-term strategic partnership that enables Space Ape to retain a significant ownership stake. These transactions highlight Supercell's commitment to supporting indie developers and fostering innovation within the gaming industry.


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 globally, leveraging its expertise in user engagement and innovation. Notably, MTG has made significant investments in the gaming sector, including the acquisition of InnoGames, a developer known for its popular browser games, which they acquired in 2017. Additionally, MTG acquired a 35% stake in InnoGames in 2016, allowing for future expansion of their stake. More recently, in 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. These strategic acquisitions highlight MTG's commitment to enhancing its gaming portfolio and supporting the growth of innovative gaming experiences.


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 in the gaming industry, including Gearbox Software for $1.3 billion, Saber Interactive for $525 million, and Tarsier, known for their work on indie titles. Their acquisition of CrazyLabs further emphasizes their interest in diverse gaming experiences, including mobile and casual games, which often overlap with the indie game sector. With a global presence and numerous internal studios, Embracer Group is positioned to support and promote indie game development within their broader portfolio.


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 indie 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 highlight Heartcore's commitment to supporting innovative gaming studios and their growth in the competitive gaming market.


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 through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions relevant to the indie game development sector, including a seed round investment in Zordix, a company recognized for its contributions to game development. Other investments include Itatake.com, Sideline Labs, Flarie, and Eat Create Sleep, which, while not all directly related to gaming, demonstrate Almi's active engagement in supporting innovative ventures. This diverse portfolio suggests that Almi is open to exploring opportunities within the gaming industry, making them a potential ally for indie game developers seeking funding.


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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Notably, Creandum has also made significant investments in the gaming industry, demonstrating their commitment to nurturing innovative gaming startups. They participated in funding rounds for Futureplay Games, contributing to both a seed round in 2015 and a later funding round in 2016, which raised $2.5 million. Additionally, Creandum invested in Small Giant Games, a Helsinki-based gaming company, participating in multiple funding rounds, including a seed round in 2014 and a Series A round in 2017. Their investments in these gaming companies highlight their active role in the indie game development space, providing not only capital but also strategic support and networking opportunities for these startups.


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 founded in 2015, based in Stockholm, Sweden, that specializes in investing in early-stage tech startups. With a focus on technology, they provide financial support and operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. EQT Ventures has made significant investments in the gaming industry, including notable transactions such as leading an €8 million funding round for TrapLight Games, which focuses on mobile game development. They also led a $41 million investment in Small Giant Games, a Helsinki-based gaming company, and participated in a €3.3 million funding round for WarDucks, an augmented reality game development studio. Additionally, they invested $2.5 million in Colossi Games to support the development and marketing of their first game. These investments highlight EQT Ventures' commitment to fostering growth and innovation within the indie game development 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 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 context of indie game development, Business Finland has been involved in several significant transactions, including supporting Nitro Games with post-IPO debt, participating in a funding round for Superplus Games, and providing a grant to Next Games. Additionally, it played a role in the pre-seed funding round for Makea Games, a Finnish indie studio focused on creating innovative gaming experiences. These activities highlight Business Finland's commitment to promoting the Finnish gaming industry and supporting indie developers in their endeavors.


11. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments across various sectors, providing financial backing and advisory services to resilient founders. Notably, Lifeline Ventures has been involved in significant transactions within the indie game development space. They participated in the Series A funding for Supercell, a prominent Finnish game developer, which raised $12 million to accelerate growth and expand its team. Additionally, they invested in Mojiworks, a UK-based startup that raised £2.1M in Series A funding to launch new game projects. Lifeline also supported Everywear Games, which focuses on developing games for wearable technology, showcasing their interest in innovative gaming solutions. This diverse portfolio highlights Lifeline Ventures' commitment to fostering growth in the gaming industry, particularly in the indie sector.


12. Thunderful Games

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

Thunderful Games is a video game developer and publisher based in Gothenburg, Sweden, founded in 2017. The company specializes in creating and distributing engaging video games, with a strong emphasis on innovative titles that appeal to gamers. Thunderful Games has been active in the indie game development sector, acquiring several studios to bolster its portfolio. Notable acquisitions include Coatsink Software for approximately $29.9 million and Headup for about $13.4 million, both of which are known for their contributions to indie gaming. Other acquisitions, such as Station Interactive and Early Morning Studio, further demonstrate Thunderful's commitment to nurturing indie talent and expanding its influence in the gaming industry. Through these strategic acquisitions, Thunderful Games not only enhances its own offerings but also provides vital support to indie developers looking to publish their games.


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 industry, with notable investments including Omeda Studios, which raised $2.2 million in a seed round, and Mindfield Games, which secured $375,721 in seed funding. They also invested in Sólfar Studios, an Icelandic VR developer that raised $2.1 million, and Umbra, a graphics software provider for the gaming industry that closed a $3.4 million Series A round. Their participation in these transactions highlights their commitment to supporting innovative gaming projects and positions them as a significant player in the indie game development space.


14. Paradox Interactive


Paradox Interactive AB is a video game publisher and developer based in Solberga, Stockholm, Sweden, specializing in strategy and management games. Founded in 1999, the company has grown to operate multiple development studios and engage directly with its community to enhance player experiences. Paradox has made several strategic acquisitions to bolster its portfolio, including the purchase of Harebrained Schemes, known for its indie titles like BattleTech and Shadowrun Returns, and Iceflake Studios, which contributed to the strategy game Surviving the Aftermath. These acquisitions reflect Paradox's commitment to supporting indie developers and expanding its offerings in the gaming market, particularly in the strategy genre. Their approach allows these studios to maintain their independence while benefiting from Paradox's resources and expertise, further solidifying their role in the indie game development landscape.


15. 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 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 the indie game development context, 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 gaming studio led by veterans from Toca Boca and Mojang, which raised €1.5 million. Their participation in these transactions highlights their commitment to supporting innovative gaming projects and positions them as a relevant player in the indie game development space.


16. 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 specializes in supporting mid-sized game studios in the development and publishing of video games, operating within the entertainment industry. Aonic aims to foster creativity and collaboration among game developers by providing a platform that grants access to essential resources and expertise. Notably, Aonic has made significant investments in the indie game development context, including a $35 million investment in UK-based VR game developer nDreams in 2022, followed by a $110 million acquisition of the same company in 2023. Additionally, Aonic acquired Milky Tea in April 2023, further expanding its portfolio in the gaming sector. They also participated in funding rounds for OtherSide Entertainment and made a $10 million minority investment in Mega Fortuna, a mobile gaming platform. These transactions highlight Aonic's active role in the indie game development landscape.


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 specializes in investing in seed and early-stage startups across the Nordic region, with a strong focus on technology and innovation. Crowberry Capital has been involved in several notable transactions within the indie game development space, including significant investments in Mainframe Industries, a gaming studio that has raised multiple rounds of funding, including a €7.6M Series A round and a $19.6M Series B round. They also participated in the seed funding of Porcelain Fortress, which raised $3M in 2024. These investments highlight Crowberry Capital's commitment to supporting entrepreneurs in the gaming industry and their strategic approach to fostering growth in this sector.


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. Notably, byFounders has made significant investments in the indie game development sector, including a $1 million seed funding for Utopos Games, which is developing its first PC game, Raivo. They also led a $1.1 million seed round for StarBerry Games, known for its successful mobile game Idle Coffee Corp, and participated in a $6.8 million funding round for Dazzle Rocks, which is creating a next-generation social gaming experience. Additionally, byFounders led a $2.5 million seed round for GamerzClass, aimed at becoming a preferred partner for gaming creators. These transactions highlight byFounders' active role in the indie game development industry, providing capital and support to emerging game studios.



Indie 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
CreandumStockholm, Stockholm, Sweden11-50200317
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Thunderful GamesGothenburg, Västra Götaland, Sweden201-50020170
InventureHelsinki, Uusimaa, Finland11-5020059
Paradox InteractiveSolberga, Stockholm, Sweden501-100019990
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
AonicStockholm, Stockholm, Sweden501-100020210
Crowberry CapitalReykjavík, Reykjavíkurborg, Iceland1-1020176
byFoundersKøbenhavn, Denmark1-10201710


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