The amusement arcade industry in the Nordics blends technology and entertainment, featuring a mix of traditional arcades and innovative gaming experiences. Companies range from vintage arcade establishments to modern digital gaming hubs, offering a variety of games from classic pinball machines to the latest VR experiences. The sector is adapting to trends like the growth of mobile and social gaming, while also embracing immersive technologies. With a focus on family-friendly environments, many arcades provide self-service kiosks, food options, and themed events, keeping customer engagement high as they look to attract new audiences.

The investors highlighted here vary from venture capital firms to private equity companies, predominantly located in key Nordic cities like Stockholm, Helsinki, and Copenhagen. Founded between 1995 and 2022, they range from small teams to larger entities with up to 1,000 employees. In 2024, these investors made 176 deals altogether, signaling their active involvement in supporting innovation within the amusement arcade sector. Their diverse investment strategies are fueling growth, targeting companies that blend entertainment with technology.

Top 19 Amusement Arcade Investors in the Nordics

1. 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. Heartcore has been actively involved in the gaming sector, notably through its investments in Seriously, a mobile gaming studio that has raised significant funding over the years. Their transactions include multiple seed rounds and a Series A round for Seriously, which collectively raised over $28 million. Additionally, Heartcore's investment in Everywear Games, a company focused on designing games for wearable technology, further showcases their engagement in the gaming industry. This focus on technology and gaming positions Heartcore as a relevant player in the amusement arcade investment landscape.

2. 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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, Creandum has been involved in several transactions within the gaming industry, particularly with Resolution Games, where they participated in multiple funding rounds (Series A, B, and C) aimed at developing augmented and virtual reality games. This involvement highlights their interest in the gaming sector, which is closely related to amusement arcades. Additionally, Creandum's business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.

3. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: 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 has been involved in notable transactions within the gaming industry, such as their investments in Everywear Games, which focuses on developing games for smartwatches, and Nonstop Games, a company that creates core games for iOS and Android. These investments highlight Lifeline's commitment to supporting innovative gaming ventures, which may extend to the amusement arcade sector as well.

4. 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. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. In the context of the amusement arcade industry, they have been involved in several transactions with gaming companies, such as providing grants to Next Games and participating in funding rounds for Nitro Games, Superplus Games, and Makea Games. These investments highlight their engagement with the gaming sector, which is closely related to amusement arcades, particularly in the development of mobile and casual games that could be adapted for arcade formats.

5. 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, which raised €3.3 million to develop a location-based AR game. They also led a $41 million investment in Small Giant Games, a Helsinki-based gaming company, which focuses on expanding internationally and enhancing its development team. Additionally, EQT Ventures supported Colossi Games with $2.5 million in seed funding to develop and market their first game. These transactions highlight EQT Ventures' commitment to the gaming sector, making them a relevant player in the amusement arcade industry.

6. 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 2024, FOV Ventures has been active in the gaming sector, participating in the funding of Roro, a new gaming studio led by industry veterans, which raised €1.5 million in its first external investment round. They have also invested in Makea Games and Virtex Stadium, both of which are involved in gaming and immersive experiences. This portfolio indicates a commitment to supporting innovative gaming ventures, which could intersect with the amusement arcade industry.

7. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. Notably, CapMan has made significant strides in the amusement sector, particularly with its acquisition of HopLop, a children's indoor play center chain, in March 2021. This acquisition highlights CapMan's commitment to the amusement and entertainment industry, as HopLop has experienced substantial growth and internationalization under previous ownership. Additionally, CapMan's earlier involvement with Kidburg, a children's play and entertainment concept, further emphasizes their interest in family-oriented entertainment ventures. These transactions illustrate CapMan's capability and willingness to invest in the amusement arcade industry, making them a noteworthy player in this space.

8. 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 Copenhagen-based venture capital firm founded in 2019, specializing in tech-driven investments across various sectors, including gaming, esports, and B2B SaaS. They focus on early-stage tech companies, providing not only capital but also hands-on support to help startups grow and succeed. Notable transactions include investments in Hiber, a company that raised significant funding to develop a platform for user-generated games, which could be relevant to the amusement arcade industry. Additionally, their investment in Omnigame, which raised funds in a seed round, further emphasizes their engagement in the gaming sector. Overall, Dreamcraft Ventures is positioned to support innovative gaming ventures that may intersect with the amusement arcade market.

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 based in Reykjavík, Iceland, founded in 2017. The firm specializes in seed and early-stage investments across the Nordic region, focusing on technology startups with bold visions. Crowberry Capital has been actively involved in the gaming sector, notably investing in Mainframe Industries, a gaming studio that has raised substantial funding to expand its operations. They participated in multiple funding rounds for Mainframe, including a Series A round in 2020 and a Series B round in 2021. Additionally, Crowberry Capital invested in Rocky Road Games, a startup developing a social gaming network, further demonstrating their commitment to the gaming industry. These transactions highlight Crowberry Capital's strategic focus on supporting innovative gaming companies, making them a relevant player in the amusement arcade investment landscape.

10. 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. Specializing in the video game industry, Behold Ventures invests in early-stage video game start-ups, providing both financial support and industry expertise to help these companies succeed. They focus on ambitious and creative founders looking to create innovative entertainment experiences. In 2024, Behold Ventures has been involved in several significant transactions, including a $3 million seed round for Porcelain Fortress and a $7 million seed round for Blue Scarab Entertainment. They also led a $14.87 million Series A round for Red Rover, a new game studio, and participated in funding for the Esports Coaching Academy, which raised $750K in a pre-seed round. These transactions highlight their active role in the video game sector, which may include elements relevant to amusement arcades.

11. 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, particularly in the gaming sector. They focus on supporting globally ambitious and impact-aware founders by providing capital and access to a network of experienced operators. Notable transactions include investments in StarBerry Games, a mobile game startup that raised $1.1 million for its game Idle Coffee Corp, and Utopos Games, which received $1 million for its first PC game, Raivo. Additionally, byFounders participated in a $6.8 million funding round for Dazzle Rocks, a company developing a next-generation social gaming experience. These investments highlight byFounders' commitment to the gaming industry, which is closely related to the amusement arcade sector.

12. Kirkbi A/s

• Website: kirkbi.com
• Type: Venture Capital
• Headquarters: Billund, Denmark
• Founded year: 1995
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: kirkbi-a-s

Kirkbi A/S is a family-owned holding and investment company based in Billund, Denmark, founded in 1995. It manages the wealth of the Kristiansen family and oversees the LEGO brand, focusing on long-term investment strategies, brand management, and educational initiatives aimed at inspiring future generations through play. Kirkbi operates in various sectors, including investment management and brand development. Notably, in 2019, Kirkbi, in partnership with Blackstone and CPPIB, acquired Merlin Entertainments for £4.8 billion, a significant player in the amusement industry known for operating Legoland and other attractions. This acquisition highlights Kirkbi's commitment to the amusement sector. Additionally, they have invested in Epic Games, a company that, while primarily focused on gaming, also intersects with entertainment and interactive experiences, further showcasing their diverse investment portfolio.

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 involved in several notable transactions, particularly in the gaming sector. They invested in Mindfield Games, which raised $375,721 in a Seed Round in 2014, and Boomlagoon, which secured $3.6 million in Series A funding in the same year. These investments highlight Inventure's engagement with companies that contribute to the gaming landscape, which is relevant to the amusement arcade industry. Additionally, their participation in the Series B funding of Solsten, a company exploring the use of games as digital therapeutics, further demonstrates their interest in the gaming sector.

14. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden has invested in Fast Travel Games, a VR games studio, participating in multiple funding rounds including a $4 million investment in 2023 and a $2.1 million Series A round in 2017. These transactions highlight Industrifonden's engagement in the gaming sector, which is relevant to the amusement arcade industry.

15. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, particularly in deep tech and brand-driven companies, providing funding and support to early-stage startups. Maki.vc operates primarily in the Nordic region but maintains a global investment mandate. Notably, Maki.vc has participated in significant transactions within the gaming industry, including investments in Mainframe Industries, a gaming studio that raised €7.6M in Series A funding, and $2.2M in a seed round. They also invested in BLAST Premier, a Danish esports entertainment startup, showcasing their interest in the broader gaming and entertainment landscape. These transactions highlight Maki.vc's commitment to supporting innovative companies in the gaming sector, making them a relevant player in the amusement arcade investment space.

16. RightBridge Ventures

• Website: rightbridge.se
• Type: Venture Capital
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn:

RightBridge Ventures Group AB is a venture capital firm based in Solna, Stockholm, Sweden, founded in 2020. The firm specializes in the esports and gaming industry, aiming to create a synergistic ecosystem that enhances growth and revenue opportunities for its portfolio companies. Notable transactions include the acquisition of Raketspel AB in October 2024 for approximately $7.4 million, which may indicate a strategic move towards enhancing their gaming portfolio. Additionally, they have invested in Lilmix Esports through multiple seed rounds in 2021, and led a pre-series A funding round for ESPL, a platform focused on amateur esports tournaments. These activities highlight RightBridge's commitment to fostering growth in the gaming sector, which could encompass elements relevant to amusement arcades.

17. 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 invested in Nuttery Entertainment, a gaming studio that raised 4 million SEK in funding to develop new entertainment content, indicating their interest in the gaming and entertainment space. This investment suggests that Wellstreet is open to opportunities within the amusement arcade industry, despite their primary focus on technology sectors.

18. Litorina

• Website: litorina.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1998
• Headcount: 11-50
• LinkedIn: litorina

Litorina is a private equity investment firm based in Stockholm, Sweden, founded in 1998. The firm specializes in private equity investments in Nordic niche market-leading companies, focusing on well-managed, profitable businesses in the business services and consumer sectors. Litorina partners with management teams and entrepreneurs to provide capital, strategic guidance, and operational support to drive growth and value creation. Notably, Litorina acquired Leos Lekland on October 29, 2014, a company that operates amusement centers, indicating their involvement in the amusement and entertainment industry. Additionally, they acquired Fractal Design on December 1, 2016, although this company operates in a different sector, showcasing Litorina's diverse investment strategy.

19. Brunnur Ventures

• Website: brunnurventures.com
• Type: Venture Capital
• Headquarters: Reykjavík, Reykjavíkurborg, Iceland
• Founded year: 2014
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: brunnur

Brunnur Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2014. The firm specializes in investing in early-stage startups and growth companies, providing not only capital but also mentorship and access to valuable networks to help entrepreneurs navigate their business challenges. Their investment portfolio spans various industries, including biotech and fintech, but they have also shown interest in the gaming sector. Notably, Brunnur Ventures led a $2 million seed round investment in Arctic Theory, an Icelandic gaming studio, which is set to launch its first game by the end of 2023. This transaction highlights their engagement in the gaming industry, aligning with the interests of the amusement arcade sector. Additionally, they participated in a seed round for Porcelain Fortress, although this company does not appear to be directly related to the amusement arcade industry.

Amusement Arcade Insights: Key Investors in the Nordics

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