The mobile gaming industry in the Nordics is a vibrant sector characterized by innovative game developers and publishers. Companies in this region are known for producing engaging, high-quality games that appeal to a global audience. From casual puzzle games to immersive multiplayer experiences, the variety of offerings showcases the creativity fertile in these countries. The industry is growing rapidly, with advancements in technology, evolving game mechanics, and an increasing focus on player engagement. Notably, the Nordics have become hotspots for funding and collaboration, drawing in investments that promote further innovation and talent development.


This article highlights 18 influential investors actively supporting the Nordic mobile gaming scene. Comprising venture capital firms, corporate investors, and private equity groups, these investors span various sizes and have been founded between 1979 and 2022. They are headquartered primarily in Stockholm and Helsinki, and collectively made a notable number of investments in 2024, demonstrating a keen interest in this burgeoning segment. The combination of local expertise and global ambition positions these investors as critical players in the success of mobile gaming ventures in the Nordics.


Top 18 Mobile Gaming 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, Finland, founded in 2014. The firm specializes in early-stage investments in the gaming industry, providing funding, strategic support, and industry connections to game developers and startups. Sisu Game Ventures aims to help these companies navigate the challenges of building successful gaming businesses. Notably, they have participated in several significant transactions in the mobile gaming space, including a $4.7 million funding round for Superplus Games, a Finnish mobile studio focused on casual PvP titles, and a $6.8 million investment in Dazzle Rocks, which is developing a mobile MMO game. Additionally, they have supported Resolution Games in multiple funding rounds, contributing to the development of augmented and virtual reality games. Their focus on fostering collaboration and innovation within the gaming sector positions them as a key player in the mobile gaming investment landscape.


2. Stillfront

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

Stillfront Group is a corporate investor based in Ödeshög, Östergötland, Sweden, founded in 2010. The company specializes in developing and publishing a diverse range of digital games, with nearly 50 million players engaging with their offerings monthly. Stillfront has a global presence and collaborates with independent game studios to enhance its gaming experiences. Notably, Stillfront has made significant acquisitions in the mobile gaming sector, including:1. **Moonfrog Labs**: Acquired for $90 million, this Indian mobile games developer enhances Stillfront's portfolio in the mobile gaming market.2. **Storm8**: Acquired for $300 million upfront, with potential additional payments based on performance, Storm8 is a leading mobile mash-up game developer, further solidifying Stillfront's position in mobile gaming.3. **Nanobit**: Acquired for at least $100 million, this Croatia-based development studio adds to Stillfront's mobile game offerings.4. **Goodgame Studios** and **Babil Games**: These acquisitions also contribute to their diverse gaming portfolio, although they are not exclusively focused on mobile games. Overall, Stillfront's strategic acquisitions reflect their commitment to expanding their influence in the mobile gaming industry.


3. 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 that develop and publish a wide range of mobile and browser games, focusing on engaging gaming experiences for consumers worldwide. MTG has made notable investments in the mobile gaming space, including the acquisition of Plarium for USD 620 million, which is renowned for its mobile RPG RAID: Shadow Legends. They also acquired InnoGames, a company known for its popular browser games that is expanding into mobile gaming. Furthermore, MTG has invested in Joyride Games and led a funding round for Sviper, a mobile gaming studio, showcasing their active role in supporting mobile gaming development and innovation.


4. 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, Uusimaa, Finland, is a leading mobile game developer recognized for creating popular titles like Hay Day, Clash of Clans, and Brawl Stars. The company operates with a unique structure that empowers independent teams to innovate and develop games, fostering a strong community around its products. As an investor, Supercell has made significant contributions to the mobile gaming landscape, including acquiring a 62% stake in London-based Space Ape Games for $55.8 million in 2017, which allowed Space Ape to retain 38% ownership and continue its operations independently. Additionally, Supercell has invested in Metacore Games, providing $17.8 million in funding and an $11.8 million credit line to support the development of their game, Merge Mansion. These strategic investments highlight Supercell's focus on nurturing and expanding the mobile gaming ecosystem.


5. 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 (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Among its notable transactions, Almi has invested in Zordix, a company recognized for its contributions to video game development, indicating its engagement in the mobile gaming sector. Other investments, such as those in Itatake.com, Sideline Labs, and Flarie, while not directly linked to mobile gaming, reflect Almi's broader interest in innovative technology ventures. This diverse portfolio showcases Almi's commitment to supporting various sectors, including mobile gaming, through strategic investments.


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 to help them achieve their business goals. Heartcore has been active in the mobile gaming sector, notably investing in companies like Seriously, a mobile gaming studio that has raised substantial funding, including an $18 million Series A round and several seed rounds totaling over $5 million. Additionally, Heartcore has invested in Futureplay Games, which has also secured funding in both seed and later rounds. These transactions highlight Heartcore's engagement and expertise in the mobile gaming industry, alongside their broader investment strategy.


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 mobile gaming companies such as Futureplay Games, which raised $2.5 million in 2016 and $428,937 in a seed round in 2015, and Small Giant Games, which raised significant funding in multiple rounds, including $3.1 million in a seed round in 2014 and $5.7 million in a Series A round in 2017. Their investments in these gaming companies highlight their active role in the mobile gaming industry, alongside their broader investment strategy.


8. 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, including mobile. Embracer Group has made several strategic acquisitions to expand its portfolio, including CrazyLabs, a company known for its mobile games, acquired on August 5, 2021. They also acquired Easybrain, another mobile game developer, on February 2, 2021, for $640 million. Other notable acquisitions include Gearbox Software and Saber Interactive, which, while primarily focused on console and PC games, contribute to Embracer's overall gaming ecosystem. With numerous internal studios and a global presence, Embracer Group is well-positioned to serve gamers and entertainment consumers with engaging content and experiences across all gaming platforms.


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. They provide not only financial support but also operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. With a strong focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. In the mobile gaming context, EQT Ventures has made notable investments, including leading a $41 million funding round for Small Giant Games, a Helsinki-based gaming company, and participating in a €3.3 million funding round for WarDucks, an augmented reality game development studio. They also led a $2.5 million seed funding round for Colossi Games, which is focused on developing and marketing mobile games. These investments highlight EQT Ventures' commitment to supporting the mobile gaming industry and its potential for growth.


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 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. In the mobile gaming context, Business Finland has been involved in several notable transactions, including providing post-IPO debt to Nitro Games and participating in funding rounds for Superplus Games, a Finnish mobile studio focused on casual PvP titles. Additionally, they have supported Next Games with a grant, further demonstrating their engagement in the mobile gaming industry. Overall, Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland, while also contributing to the growth of the mobile gaming sector.


11. Lifeline Ventures


Lifeline Ventures is a Helsinki-based venture capital firm founded in 2009, specializing in early-stage investments in startups. The firm provides financial backing and advisory services to entrepreneurs across various sectors, with a particular focus on supporting resilient founders from the inception of their ventures. Lifeline Ventures has been involved in several notable transactions in the mobile gaming industry, including a significant investment in Supercell, a leading Finnish game developer known for its successful mobile games. They also invested in Everywear Games, which designs games specifically for Apple and Android smartwatches, showcasing their commitment to mobile gaming innovation. Additionally, Lifeline Ventures participated in funding rounds for Mojiworks, a UK-based startup that develops new game projects, further emphasizing their active role in the mobile gaming sector.


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 sector, including a $2.2 million seed investment in Omeda Studios, a company focused on game development. They also participated in the seed funding of Mindfield Games, which raised $375,721, and were part of the funding rounds for Solsten, a company that integrates gaming with digital therapeutics, raising $6.95 million in Series A and $22 million in Series B funding. These investments highlight Inventure's commitment to the gaming industry, particularly in mobile and digital gaming contexts.


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, particularly those focused on the Metaverse and spatial computing. FOV Ventures provides capital, strategic guidance, and access to a network of industry experts to help founders grow their businesses. In 2024, they have made 11 investments, including notable transactions in the mobile gaming space. They participated in the funding of Roro, a new gaming studio led by veterans from Toca Boca and Mojang, which raised €1.5 million in its first external investment round. Additionally, they have invested in Psytec Games, which raised over $800,000 in pre-seed rounds in both 2023 and 2024, and Makea Games, which secured funding in a seed round. These transactions highlight FOV Ventures' active role in supporting mobile gaming startups.


14. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Recently, EQT has made headlines with its acquisition of Keywords Studios for approximately £2.1 billion, which highlights their strategic focus on the gaming industry. This acquisition not only represents a significant financial commitment but also positions EQT as a key player in the mobile gaming sector, given Keywords' extensive services in game development and support. Other transactions by EQT, such as their acquisitions in telecommunications and IT automation, showcase their broad investment strategy, but the Keywords Studios deal specifically underscores their relevance to mobile gaming.


15. 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. The company operates as a video gaming collective that supports mid-sized game studios in developing and publishing video games. Aonic provides a platform for studios to access resources and expertise, enhancing their ability to create high-quality games. Notably, Aonic has made significant investments in the gaming industry, including a $10 million minority investment in Mega Fortuna, a mobile gaming discovery platform with 10 million monthly active users. This investment highlights Aonic's interest in the mobile gaming sector. Additionally, Aonic has acquired UK-based VR game developer nDreams for $110 million, following an earlier investment of $35 million in the same company. Aonic's strategy also includes acquiring companies like Milky Tea and exmox, an ad-tech firm, which further supports its goal of enhancing capabilities in the gaming industry.


16. 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. The company operates as a video game developer and publisher, focusing on creating and distributing engaging video games. Thunderful Games has been active in acquiring various game studios to expand its portfolio, including notable transactions such as the acquisition of Coatsink Software for approximately $29.9 million, which is known for its work on mobile and console games. Other acquisitions include Rising Star Games, Early Morning Studio, Headup, and Guru Games, all of which contribute to their diverse gaming offerings. While their primary focus is not solely on mobile gaming, their involvement in the gaming industry and support for indie developers suggest a potential interest in mobile game development.


17. 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. Notably, Paradox has made significant strides in the mobile gaming space, highlighted by their acquisition of Playrion Game Studio in July 2020, which is recognized for its mobile game Airlines Manager. This acquisition marked a strategic move to bolster their mobile game offerings. Additionally, Paradox has acquired other studios like Haemimont Games and Iceflake Studios, further expanding their portfolio, although these studios primarily focus on PC and console games. Nevertheless, the acquisition of Playrion underscores Paradox's intent to invest in mobile gaming, making them a relevant player in this sector.


18. Better Collective


Better Collective is a digital media company based in Copenhagen, Denmark, specializing in sports and esports content. Founded in 2001, the company operates a portfolio of media brands that engage sports fans and bettors through various content formats. Better Collective focuses on performance-based marketing and community building, providing valuable insights and resources for navigating the sports betting landscape. Notably, they have made significant investments in the gaming sector, including the acquisition of Futbin, a leading esports company for FIFA games, for a total of 105 million euros in April 2022. This acquisition highlights their strategy to expand into the esports market, which has seen substantial growth in user engagement. Additionally, their acquisitions of various betting websites, such as PariuriX and Bola Webinformation, further demonstrate their commitment to the iGaming sector, which often intersects with mobile gaming.



Mobile Gaming Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
MtgStockholm, Stockholm, Sweden11-5019871
SupercellHelsinki, Uusimaa, Finland501-100020106
AlmiStockholm, Stockholm, Sweden201-50019947
Heartcore CapitalCopenhagen, Denmark11-50200717
CreandumStockholm, Stockholm, Sweden11-50200317
Embracer GroupKarlstad, Varmland, Sweden51-20019990
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
InventureHelsinki, Uusimaa, Finland11-5020059
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AonicStockholm, Stockholm, Sweden501-100020210
Thunderful GamesGothenburg, Västra Götaland, Sweden201-50020170
Paradox InteractiveSolberga, Stockholm, Sweden501-100019990
Better CollectiveCopenhagen, Denmark1001-500020011


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