The sports game development industry in the Nordics is a thriving, innovative sector that integrates gaming technology and sports culture. Companies range from startups to established studios, creating a variety of products, including mobile games, VR experiences, and esports platforms. This industry is characterized by a collaborative environment, with many firms pushing boundaries in gameplay and audience engagement. The rising interest in esports and augmented reality technology signals a promising future, with ongoing investment that fosters exciting developments and a focus on community and social interaction, making it an exciting niche within the broader gaming sector.


In the Nordic region, a mix of corporate giants and venture capital firms drives the sports game development scene. These investors, active in 2024, are predominantly based in Sweden, Denmark, and Finland, focusing on early-stage companies with growth potential. With firm sizes ranging from small teams to large corporations, their investment strategies vary, but they all share a passionate interest in gaming. From venture capital firms like Heartcore Capital and Creandum to established players like MTG and Betsson, these investors have completed numerous deals, reinforcing their commitment to the gaming industry and its evolving landscape.


Top 18 Sports Game Development Investors in the Nordics


1. 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 focus on developing and publishing a wide range of mobile and browser games, MTG operates a portfolio of gaming studios that aim to provide engaging gaming experiences to consumers worldwide. Notably, MTG has made significant acquisitions in the gaming sector, including Hutch Games Ltd., a prominent developer of mobile racing games, acquired for USD 275 million in December 2020. This acquisition highlights MTG's commitment to expanding its presence in the sports game development arena. Additionally, MTG has acquired InnoGames, known for its popular browser games, and Plarium, the developer of the mobile RPG RAID: Shadow Legends, further showcasing its strategy to enhance its gaming portfolio and leverage strong live-ops capabilities. These transactions reflect MTG's active role in the gaming industry, including sports-related gaming ventures.


2. 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 emphasizes building long-term relationships with entrepreneurs to support their business journeys. Heartcore has been involved in various transactions within the gaming sector, including investments in Fast Travel Games, a VR games studio, and BLAST Premier, a notable esports entertainment startup. Their investment in BLAST Premier highlights their interest in the esports domain, which is closely related to sports game development. Although they have also invested in companies like Everywear Games and Futureplay Games, which focus on mobile and wearable gaming, their engagement in the esports industry positions them as a potential investor in sports game development.


3. 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 been involved in several transactions within the gaming industry, such as their participation in funding rounds for Resolution Games, which focuses on creating high-quality augmented and virtual reality games. They also invested in BLAST Premier, a Danish esports entertainment startup, highlighting their engagement in the esports sector. Additionally, Creandum supported Futureplay Games, further showcasing their commitment to the gaming landscape.


4. Better Collective


Better Collective is a Copenhagen-based digital media company founded in 2001, specializing in sports and esports content. With a workforce of 1001-5000 employees, 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 acquisitions in the sports gaming sector, including the purchase of Futbin for 105 million euros, which is a leading esports platform for FIFA games. This acquisition reflects their strategy to expand into the esports market, which has seen substantial growth in user engagement. Additionally, they acquired Bola Webinformation, the owner of the sports betting affiliate site Wettbasis.com, for €36.3 million, further solidifying their presence in the sports-related digital media space.


5. 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 game development, Business Finland has been involved in several notable transactions, including investments in Nitro Games, which raised funds through post-IPO debt, and Makea Games, which received pre-seed funding to develop a parkour game. Additionally, they supported Superplus Games, a mobile studio focused on casual PvP titles. These transactions highlight Business Finland's role in promoting the gaming industry in Finland, including sports game development.


6. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have been involved in several transactions within the gaming industry, including investments in Everywear Games, which designs games for smartwatches, and Mindfield Games, which is engaged in game development. These investments highlight Lifeline Ventures' commitment to the gaming sector, making them a relevant player in the sports game development landscape, even if their portfolio is not exclusively focused on sports games.


7. 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 connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in several gaming companies, including WarDucks, a Dublin-based augmented reality game development studio that raised €3.3 million to develop a location-based AR game, and TrapLight Games, which secured €8 million to enhance their mobile game, Battle Legion. Additionally, they have invested in Small Giant Games, which raised significant funding to expand internationally and develop their team further. These transactions highlight EQT Ventures' active role in the gaming industry, making them a relevant player in the sports game development context.


8. 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, particularly those focused 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 gaming sector, FOV Ventures has participated in several notable transactions, including investments in Psytec Games, which raised funds in both 2023 and 2024, and Makea Games, which secured funding in 2023. Additionally, they were involved in the funding round for Virtex Stadium and Roro, a new gaming studio led by veterans from Toca Boca and Mojang. These transactions highlight FOV Ventures' active role in the gaming industry, including potential overlaps with sports game development.


9. 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 seed and early-stage investments across the Nordic region, focusing on technology startups. Notably, Crowberry Capital has participated in significant funding rounds for Mainframe Industries, a gaming studio known for its innovative approach to game development. They were involved in Mainframe's Series A funding round, contributing to a total of €7.6M raised, and also participated in subsequent funding rounds, including a Series B round that raised over $19 million. Additionally, Crowberry Capital has invested in 1939 Games, further showcasing their interest in the gaming sector. Their strategic guidance and capital support aim to empower entrepreneurs with bold visions, making them a notable player in the technology and gaming investment landscape.


10. 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 specializes in 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 investments in Omeda Studios and Mindfield Games, both of which are focused on game development. They also participated in funding rounds for Sólfar Studios, a VR developer, and Solsten, a company that integrates gaming into digital therapeutics. These transactions highlight Inventure's commitment to supporting innovative gaming companies, making them a relevant player in the sports game development landscape.


11. Betsson AB (publ)

  • Website: betssonab.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1963
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: betssonab

Betsson AB (publ) is an online gaming company based in Stockholm, Sweden, founded in 1963. The company offers a diverse range of gaming services, including sports betting and casino games, operating under multiple licenses to ensure a regulated environment for its users. In recent years, Betsson has made several strategic acquisitions to strengthen its position in the gaming market. Notably, the acquisition of KickerTech Malta Limited for €14 million in 2022 highlights its commitment to improving sportsbook technology, which is crucial for sports game development. Additionally, Betsson's acquisition of Holland Gaming Technology Ltd in 2024 for €27.5 million marks its re-entry into the Dutch market, further expanding its reach in the sports betting sector. These transactions demonstrate Betsson's active involvement in the sports gaming industry, making it a relevant player in the sports game development landscape.


12. 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 supports mid-sized game studios in developing and publishing video games, operating within the entertainment industry. 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 various gaming companies, including the acquisition of UK-based VR game developer nDreams for $110 million in 2023, following an initial investment of $35 million in 2022. They also acquired Milky Tea in April 2023. These transactions reflect Aonic's strategy to bolster its portfolio and support innovative game development, which could encompass sports games as part of their broader gaming focus.


13. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in Denmark. With a strong focus on sectors such as SaaS and Fintech, Seed Capital has a proven track record of supporting portfolio companies from seed stage to exit. Notably, they have participated in funding rounds for Veo, a Copenhagen-based developer of sports camera and AI technology, which raised significant capital in Series B and Series C funding rounds. This involvement highlights Seed Capital's interest in the sports technology sector, aligning them with the sports game development industry. Additionally, they have invested in Skidos Labs, a company that focuses on educational games, further showcasing their engagement in the gaming space.


14. 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 the Series A funding round for GRID Esports, a Berlin-based company that raised €8.3 million to expand its data platform in the US, highlighting their commitment to the esports sector. Additionally, they have been involved in multiple funding rounds for Hiber, a company focused on user-generated games, which aligns with the gaming industry. Their focus on early-stage tech companies seeking investment and strategic guidance further emphasizes their role in fostering innovation within the gaming landscape.


15. 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. They provide both financial support and industry expertise to help ambitious and creative founders succeed in creating innovative entertainment experiences. In 2024, Behold Ventures has been involved in several notable transactions, including leading a $14.87 million Series A round for Red Rover, a game studio working on a multiplayer survival game. They also participated in seed funding rounds for other game studios such as Porcelain Fortress, which raised $3 million, and Blue Scarab Entertainment, which secured $7 million. Their investment in Red Rover Interactive, which is developing a multiplayer game, highlights their engagement in the gaming sector, potentially including sports game development.


16. 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. Wellstreet has a diverse investment portfolio, focusing on sectors such as FinTech, E-commerce, and GreenTech. Notably, they have invested in Nuttery Entertainment, a gaming studio that raised 4 million SEK in funding, indicating their interest in the gaming sector. This investment suggests that Wellstreet is open to supporting companies in the gaming industry, which may include sports game development. Other transactions include investments in Pixotope and Elias, but these are less relevant to the sports gaming context. Overall, Wellstreet's involvement in the gaming sector through Nuttery Entertainment positions them as a potential player in the sports game development landscape.


17. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Recently, EQT has made significant strides in the gaming and sports sectors, highlighted by their acquisition of Keywords Studios for approximately £2.1 billion, which positions them as a key player in the video game development industry. Additionally, EQT has invested in Sportradar, a company that provides data and analytics for sports, and Sportfive, which focuses on sports marketing. These transactions reflect EQT's commitment to expanding its portfolio in the sports and gaming industries, making them a relevant investor in the sports game development space.


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 early-stage technology companies and aims to support globally ambitious and impact-aware founders by providing capital and access to a network of experienced operators. Notably, byFounders has invested in several gaming startups, including Utopos Games, which focuses on PC game development, and StarBerry Games, known for its mobile game 'Idle Coffee Corp'. Additionally, they participated in funding rounds for Dazzle Rocks, a mobile MMO game, and GamerzClass, which aims to become a preferred partner for gaming creators. These investments highlight byFounders' engagement in the gaming sector, particularly in companies that could intersect with sports game development.



Sports Game Development Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
MtgStockholm, Stockholm, Sweden11-5019871
Heartcore CapitalCopenhagen, Denmark11-50200717
CreandumStockholm, Stockholm, Sweden11-50200317
Better CollectiveCopenhagen, Denmark1001-500020011
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
EQT VenturesStockholm, Stockholm, Sweden11-50201528
FOV VenturesHelsinki, Uusimaa, Finland1-10202211
Crowberry CapitalReykjavík, Reykjavíkurborg, Iceland1-1020176
InventureHelsinki, Uusimaa, Finland11-5020059
Betsson AB (publ)Stockholm, Stockholm, Sweden11-5019633
AonicStockholm, Stockholm, Sweden501-100020210
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Dreamcraft VenturesCopenhagen, Denmark11-5020195
Behold VenturesStockholm, Stockholm, Sweden1-1020213
WellstreetStockholm, Stockholm, Sweden1-1020163
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
byFoundersKøbenhavn, Denmark1-10201710


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