The mobile gaming industry in Benelux thrives on creating engaging experiences for players. This sector includes developers, publishers, and investors focused on mobile games, indicating heightened investment in innovative content. Companies range from veteran gaming studios to fresh startups, pushing boundaries in game design and technology. The rise of blockchain and eSports is influencing mobile game development, resulting in more interactive and monetizable experiences. As smartphone penetration increases and the light of 5G technology illuminates connectivity possibilities, businesses are likely to boost user engagement, tapping into an expanding global consumer base eager for digital entertainment.


The list features 18 investors varying from corporate giants to venture capital firms, headquartered predominantly in the Netherlands and Luxembourg. Founded between 2005 and 2021, they operate at varied capacities—some with thousands of employees and others with small teams. For instance, notable players like CVC Capital Partners and Azerion highlight significant activity in 2024, participating in multiple deal rounds. These investments illustrate the players' active presence in the flourishing mobile gaming market, indicating a robust appetite for growth and innovation within the industry.


Top 18 Mobile Gaming Investors in Benelux


1. Magnus Capital


Magnus Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in the cryptocurrency space, providing investment, advisory, incubation, and market education services to innovators in the industry. Magnus Capital has been involved in several notable transactions within the mobile gaming context, including investments in Zomfi, an NFT game that raised $2.6 million to support its development, and GoFungibles, which is set to launch a global game and a cross-chain gamified marketplace. Additionally, they participated in funding rounds for Battle Saga and Metastrike, both of which are related to gaming. These transactions highlight Magnus Capital's active role in supporting mobile gaming projects, particularly those that intersect with the cryptocurrency and NFT markets.


2. Fabric Ventures

  • Website: fabric.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: fabricventures

Fabric Ventures is a venture capital firm based in Luxembourg, founded in 2012. The firm focuses on investing in the Open Economy, supporting founders and startups across various sectors, including finance, gaming, and infrastructure. They provide not only venture capital but also business development support and community engagement to help early-stage companies succeed. Notably, Fabric Ventures has participated in significant transactions within the mobile gaming space, such as a Series B investment in Homa Games, which raised over $99 million, and a Seed round investment in Treasure Play. These investments highlight their active role in the mobile gaming industry and their commitment to fostering innovation in this sector.


3. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, specializing in digital assets and blockchain technology. Founded in 2017, DCI Capital focuses on providing funding, strategic networking, and community building services to startups in the crypto space. Their investment strategy includes sectors like DeFi and GameFi, positioning them as a key player in the evolving investment landscape. Notably, DCI has participated in several significant funding rounds for mobile gaming projects, including Sidus Heroes, a blockchain-based game that raised funds in a seed round, and Battle Saga, which raised over $3 million in a fundraising round. These transactions highlight DCI's commitment to supporting innovative gaming solutions that leverage blockchain technology, further solidifying their relevance in the mobile gaming sector.


4. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm specializing in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Founded in 2005 and based in Luxembourg, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the mobile gaming sector, highlighted by their acquisition of Jagex, a developer and publisher of video games known for the iconic RuneScape, which showcases their interest in the gaming industry. Additionally, their investment in Dream Games, which raised $255 million in a private equity round, further emphasizes their active role in mobile gaming, indicating a strategic focus on this growing market.


5. Azerion

  • Website: azerion.com
  • Type: Corporate
  • Headquarters: Schiphol-Rijk, North Holland, Netherlands
  • Founded year: 2014
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: azerion

Azerion Group N.V. is a corporate investor based in Schiphol-Rijk, North Holland, Netherlands, founded in 2014. The company operates as a digital entertainment and media platform, providing advertising solutions and managing a diverse portfolio of gaming content. Azerion has been actively expanding its presence in the mobile gaming industry through strategic acquisitions. Notable transactions include the acquisition of Whow Games, a free-to-play social casino developer, which enhances their gaming portfolio and monetization strategies. Additionally, they acquired Sulake, the developer of Habbo Hotel, further solidifying their position in the mobile gaming market. Other acquisitions, such as Spil Games and Widespace, also contribute to their overarching strategy of integrating gaming with digital advertising solutions, showcasing their commitment to the mobile gaming sector.


6. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, EIB has been involved in significant transactions within the mobile gaming context, such as providing debt financing to Rovio Entertainment Corporation, which raised over $34 million in 2014, and to Upstream, which raised approximately $26.5 million in a venture round in 2017. These transactions highlight EIB's engagement in the mobile gaming industry, despite its broader focus on sustainability and diverse sectors.


7. Maven 11

  • Website: maven11.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: maven11

Maven 11 is a venture capital firm based in Amsterdam, Netherlands, founded in 2015. The firm specializes in blockchain and distributed ledger technology, providing investment and active support to founders in the crypto space. They focus on research and insights into blockchain trends, positioning themselves as a key player in the investment landscape. Notably, Maven 11 has been involved in several transactions relevant to mobile gaming, including a Series A investment in Lava Labs, which raised over $10 million for its flagship game AFAR. Additionally, they participated in seed rounds for Stardust and Odyssey, both of which are involved in the gaming sector. Their investments reflect a commitment to supporting innovative gaming projects that leverage blockchain technology.


8. Stake Capital Group

  • Website: stake.capital
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: stake-capital

Stake Capital Group is a venture capital firm based in Luxembourg, founded in 2021. The firm specializes in blockchain and DeFi technologies, providing asset management and investment advisory services to businesses in the technology and finance sectors. In addition to their focus on blockchain, Stake Capital has made significant investments in the mobile gaming industry. They participated in the Seed funding round for Earn Alliance, which raised $4.75 million, and invested in Eterlast, which aims to launch Web3 games for sports fans, raising $4.5 million. They also backed MetaFight, which raised over $1 million in a Seed round. These transactions highlight Stake Capital's commitment to supporting innovative gaming projects that leverage blockchain technology.


9. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology. Notably, Prosus has made significant investments in the gaming sector, particularly through its involvement with Immutable Systems, which raised substantial funding to scale its gaming studio focused on non-fungible tokens (NFTs). Additionally, Prosus participated in funding rounds for DappRadar, a platform that provides insights into decentralized applications, including mobile games. These investments highlight Prosus's commitment to fostering innovation in the gaming industry, making it a relevant player in the mobile gaming investment landscape.


10. Tioga Capital Partners

  • Website: tioga.capital
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: tioga-capital

Tioga Capital Partners is a venture capital firm based in Belgium, founded in 2019. The firm specializes in investing in exceptional Web3 entrepreneurs and blockchain protocols, providing both venture capital investments and strategic support to startups in the decentralized finance and blockchain sectors. Tioga Capital has been active in the mobile gaming context, notably through their investments in companies like Aurory, which raised $1.5 million in a seed round in December 2023 and is focused on blockchain gaming. They also invested in Exclusible and Venly, both of which are involved in the NFT and gaming space. Their recent investment in Tropee, an NFT utility platform, further demonstrates their commitment to the intersection of gaming and blockchain technology. Overall, Tioga Capital Partners is positioned to support innovative gaming startups that leverage Web3 technologies.


11. Peech Capital

  • Website: peech.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: peech-capital

Peech Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2021. The firm specializes in the cryptocurrency and blockchain sectors, providing early-stage capital along with marketing, technical, and business development services to innovative start-ups. Notably, Peech Capital has been involved in several funding rounds for projects that are significant in the mobile gaming context. For instance, they participated in the seed funding for Continuum World, an upcoming NFT game, and also invested in Champion Games and MetaSoccer, both of which are related to gaming. These transactions highlight Peech Capital's commitment to supporting the intersection of gaming and blockchain technology, positioning them as a relevant investor in the mobile gaming industry.


12. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, providing funding and strategic guidance to startups in healthcare, life sciences, and advanced technology. Notably, M Ventures has also ventured into the mobile gaming industry, participating in significant transactions such as the seed funding round for Mighty Bear Games, a Singapore-based mobile studio, which raised several million dollars to expand its team and develop new titles. Additionally, M Ventures was involved in the funding round for Gamelynx, a company focused on mobile esports development, showcasing their interest in the gaming sector. This blend of investments highlights M Ventures' commitment to driving innovation and growth not only in traditional sectors but also in the dynamic mobile gaming landscape.


13. ForsVC

  • Website: fors.vc
  • Type: Corporate
  • Headquarters: Kortrijk, Flanders, Belgium
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: fors-vc

ForsVC is a venture capital firm based in Kortrijk, Flanders, Belgium, founded in 2021. The firm specializes in the video game industry, focusing on both early-stage and mature game studios. ForsVC provides various forms of financial support, including equity financing, convertible loans, and project funding, aimed at alleviating the financial burdens faced by game developers. In 2024, ForsVC has been actively involved in several transactions relevant to the mobile gaming context, including investments in Glowfish Interactive and Oro Interactive during their pre-seed rounds, as well as Mystic Forge and StriveCloud in seed and venture rounds, respectively. These investments highlight ForsVC's commitment to supporting innovative game development in the mobile gaming sector.


14. Sparkle Ventures


Sparkle Ventures is a venture capital firm based in Luxembourg, founded in 2021, that invests in equity and tokens to support technologies in Web 3.0 and the Metaverse. The firm targets technology companies and startups, providing them with the necessary capital to scale their operations. Notable transactions include their participation in Helika's Series A funding round, which raised $8 million for AI-powered Game Management products, and their involvement in Immortal Game's Series A round, which secured $12 million for a blockchain-based chess platform. These investments highlight Sparkle Ventures' commitment to supporting innovative gaming technologies and platforms, particularly those that leverage AI and blockchain.


15. Skullavenue

  • Website: solanium.io
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: skullavenue

Skullavenue is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2021. The firm operates on the Solana blockchain, providing decentralized fundraising, token staking, and governance voting services. Skullavenue has been involved in several notable transactions in the gaming sector, particularly in blockchain-based gaming projects. For instance, they participated in the funding of Project SEED, which raised $3.1 million to expand its blockchain-based gaming metaverse ecosystem. Additionally, they were involved in the seed funding of VisionGame, which raised $3.8 million, further emphasizing their commitment to investing in innovative gaming solutions. Other relevant transactions include their participation in the funding rounds for Chain Crisis and Solice, both of which are also linked to gaming initiatives. This portfolio highlights Skullavenue's focus on the intersection of gaming and blockchain technology, making them a relevant player in the mobile gaming investment landscape.


16. Laton Ventures

  • Website: laton.vc
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: laton-ventures

Laton Ventures is a venture capital firm based in Amsterdam, North Holland, Netherlands, specializing in the gaming industry. Founded with a focus on early-stage gaming companies, Laton Ventures provides not only funding but also operational support in critical areas such as game design and marketing. In 2024, they participated in significant transactions, including a $2.25 million investment in Pine Games, a mobile game development company based in Istanbul, Turkey, which highlights their commitment to mobile gaming. They also supported Grand Games in both a Pre-Seed round of $3 million and a Series A round of $30 million, further demonstrating their active role in the mobile gaming landscape. Additionally, their investment in Layer AI, which aims to empower game studios with AI tools, showcases their broader interest in enhancing gaming experiences. Overall, Laton Ventures is dedicated to fostering innovation and growth within the gaming sector, particularly in mobile gaming.


17. Flow Ventures


Flow Ventures is a venture capital firm based in Randstad, Netherlands, specializing in early-stage investments primarily in the blockchain and decentralized finance sectors. The firm provides capital and strategic advisory services to startups, with a keen focus on token-based networks and innovations in areas such as gaming and NFTs. Notably, Flow Ventures has participated in several significant transactions within the gaming context, including a $4 million investment in Vorto Gaming, which exceeded its initial funding target, and a $3.2 million investment in Arcade2earn and Azuro, both of which are involved in gaming. These investments highlight Flow Ventures' commitment to fostering innovation in the gaming industry, particularly at the intersection of gaming and blockchain technology.


18. LUMO Labs

  • Website: lumolabs.io
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: lumo-labs

LUMO Labs is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2016. The firm specializes in impact-driven investments in emerging technologies, providing funding and tailored support programs to early-stage startups that address social and environmental challenges. LUMO Labs has been involved in several transactions, including notable investments in the mobile gaming space. One of their key investments is in CityLegends, where they participated in two funding rounds, including a pre-seed round in July 2021 and a more recent seed funding round in November 2023, which raised close to €1 million. This funding is aimed at enhancing CityLegends' marketing efforts and refining their in-app premium model, indicating a direct connection to mobile gaming. Additionally, LUMO Labs has invested in other technology-focused startups, showcasing their commitment to fostering innovation and growth in various sectors, including mobile gaming.



Mobile Gaming Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Fabric VenturesLuxembourg11-50201216
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
CvcLuxembourg1001-5000200516
AzerionSchiphol-Rijk, North Holland, Netherlands1001-500020142
European Investment Bank (EIB)Luxembourg1001-5000195899
Maven 11Amsterdam, North Holland, Netherlands11-50201527
Stake Capital GroupLuxembourg11-50202112
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Tioga Capital PartnersBelgium1-1020195
Peech CapitalAmsterdam, North Holland, Netherlands1-1020210
M VenturesAmsterdam, North Holland, Netherlands11-50200918
ForsVCKortrijk, Flanders, Belgium1-1020216
Sparkle VenturesLuxembourg1-1020213
SkullavenueAmsterdam, North Holland, Netherlands1-1020210
Laton VenturesAmsterdam, North Holland, Netherlands1-102
Flow VenturesRandstad, Netherlands1-101
LUMO LabsEindhoven, North Brabant, Netherlands11-5020165


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