The game development industry in Europe has flourished into a vibrant sector, producing hits that captivate global audiences. Within this ecosystem, companies range from indie studios creating innovative gameplay experiences to established giants like Ubisoft and Supercell. They offer products spanning mobile, PC, and console gaming, along with burgeoning opportunities in virtual reality and blockchain-based games. As consumer demand for richer narratives and immersive experiences grows, the industry is evolving to include more collaboration and cross-platform functionality. Europe has become a hotspot for talent, innovation, and investments, poised for continued expansion in the coming years.


This list showcases a variety of game development investors, including corporate entities like Ubisoft and venture capital firms such as Index Ventures. Headquartered across Europe, these investors operate on different scales, from smaller teams to large corporate structures. Founded between 1987 and 2019, their investments in 2024 varied widely, with some backing numerous deals while others focused on specific projects. Each investor plays a unique role in shaping the future of gaming, highlighting the dynamic nature of Europe's investment environment in this exciting industry.


Top 19 Game Development Investors in Europe


1. Keywords Studios


Keywords Studios plc, founded in 1998 and based in Dublin, Ireland, is a leading video game service provider that specializes in a wide range of services essential for game development, including art, audio, localization, and quality assurance. With a workforce exceeding 10,000 employees, Keywords Studios has established itself as a key player in the gaming industry. The company has made significant acquisitions to bolster its position, including the purchase of High Voltage Software, known for its work on popular titles like Fortnite, and Climax Studios, enhancing their development capabilities. In 2024, they announced the acquisition of Certain Affinity, further solidifying their commitment to the game development sector. These strategic moves reflect Keywords Studios' dedication to providing comprehensive solutions for game developers and publishers, making them a vital entity in the gaming ecosystem.


2. 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 notable transactions, including a €7.6 million Series A funding round for Mainframe Industries, a gaming studio with operations in Reykjavik and Helsinki, and a $37.5 million Series A funding for Theorycraft Games. Their participation in these funding rounds demonstrates their commitment to fostering innovation and collaboration within the gaming sector, making them a key player in the industry.


3. Kima Ventures

  • Website: kimaventures.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 50
  • LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, backing two startups per week with financial support and mentorship. Among their notable transactions, Kima Ventures has invested in Pixowl, a multi-platform mobile developer known for creating games featuring The Grub character, securing $1.2 million in funding to expand their game offerings. They also participated in earlier funding rounds for Pixowl, including a $150,000 seed round in 2012. Other investments include Starchain Gazer, Supercosi, and New Tales, showcasing their diverse portfolio while maintaining a presence in the gaming industry.


4. Ubisoft

  • Website: ubisoft.com
  • Type: Corporate
  • Headquarters: Issy-Les-Moulineaux, Île-De-France, France
  • Founded year: 1986
  • Headcount: 10001+
  • LinkedIn: ubisoft

Ubisoft Entertainment SA, founded in 1986 and based in Issy-Les-Moulineaux, Île-De-France, France, is a leading video game publisher and developer. The company is renowned for its successful franchises, including Assassin's Creed and Far Cry, and offers a diverse range of engaging entertainment experiences through digital platforms. Ubisoft has made several strategic acquisitions to bolster its game development capabilities, including the acquisition of the Far Cry franchise from Crytek, which allowed them to independently create new entries in the series. Additionally, Ubisoft acquired Massive Entertainment in 2008, enhancing its development resources. The acquisition of Red Storm Entertainment, known for its association with Tom Clancy, further solidified Ubisoft's position in the market. Other notable acquisitions include Ubisoft Reflections Ltd. and RedLynx, which have contributed to the company's expertise in online games and innovative game mechanics. These transactions highlight Ubisoft's active role in the game development industry and its commitment to expanding its portfolio.


5. Initial Capital

  • Website: initialcapital.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: initial-capital

Initial Capital is a venture capital firm based in London, England, founded in 2010. The firm specializes in seed and early-stage investments, particularly in technology companies, with a notable focus on the Bitcoin ecosystem. However, Initial Capital has also made significant investments in the game development industry, including participation in funding rounds for prominent companies such as Supercell, which raised $1,032,267 in a seed round in 2010 and $12 million in a Series A round in 2011. Additionally, they invested in Super Evil Mega Corp, which is known for developing the popular game Vainglory, participating in multiple funding rounds including a $19 million round in 2017 and a $26 million Series B round in 2015. These transactions highlight Initial Capital's engagement in the gaming sector, making them a noteworthy player in the game development investment landscape.


6. Hiro Capital

  • Website: hiro.capital
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: hirocapital

Hiro Capital is a venture capital firm based in London, England, founded in 2019. The firm specializes in investing in innovative companies within the gaming, esports, and technology sectors. With a small team of 1-10 members, Hiro Capital has made a notable impact in the gaming industry by providing funding, strategic insights, and networking opportunities to help startups grow and succeed. They focus on building the future of games, digital sports, and metaverse technologies. Notable transactions include leading a $8 million Series A funding for Telltale Games to support the launch of 'The Expanse: A Telltale Series' and the development of 'The Wolf Among Us 2'. They also led a $9 million Series B investment in Polyarc, the studio behind 'Moss', to expand into augmented reality development. Additionally, Hiro Capital invested in Twin Suns Corp and Snowprint Studios, further demonstrating their commitment to fostering growth in the gaming sector.


7. Index Ventures

  • Website: indexventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1996
  • Headcount: 51-200
  • Number of deals in 2024: 67
  • LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, but has also made significant contributions to the game development industry. Notable transactions include a $130 million investment in Supercell, known for its popular mobile games, and multiple rounds of funding for Super Evil Mega Corp, the creator of the mobile game Vainglory, totaling $45 million. Additionally, Index Ventures invested in King.com, the developer of the hit game Candy Crush, and Supersolid, a mobile games developer based in London, which raised $4 million to enhance its gaming experience. These investments demonstrate Index Ventures' commitment to supporting the growth of game development companies and their strategic focus on the gaming sector.


8. ZBS Capital

  • Website: zbs.capital
  • Type: Venture Capital
  • Headquarters: Kyiv, Kyiv, Ukraine
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 11
  • LinkedIn: zbscapital

ZBS Capital is a venture capital firm based in Kyiv, Ukraine, founded in 2017. The firm specializes in the cryptocurrency and blockchain sectors, investing in and advising web 3.0 startups. ZBS Capital leverages its media expertise and extensive network to support innovative projects. Notably, they have participated in several transactions relevant to the gaming industry, including: 1) Decimated, which raised an undisclosed amount in a Series A round in November 2021; 2) Victoria VR, which raised $5.5 million in a Seed round in November 2021; and 3) GoFungibles, which closed a $4 million private fundraising round aimed at launching a global game and a cross-chain gamified marketplace. These transactions highlight ZBS Capital's active role in the gaming sector, particularly at the intersection of gaming and blockchain technology.


9. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses both in France and internationally, offering services that include direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation through coaching and partnerships, helping businesses navigate growth and international expansion. Notably, Bpifrance has made significant investments in the game development sector, including a $99.8 million investment in Homa Games during its Series B round and a $4.9 million investment in Gamestream in 2024. Additionally, they have invested in other gaming-related ventures such as Esports Virtual Arenas and PowerZ, further solidifying their involvement in the gaming industry.


10. Stillfront

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

Stillfront Group, founded in 2010 and based in Ödeshög, Sweden, is a corporate investor and a prominent player in the gaming industry. The company develops and publishes a wide array of digital games, engaging nearly 50 million players monthly. Stillfront focuses on creating immersive gaming experiences across various genres, including strategy and simulation. The company has a global presence and collaborates with independent game studios to enhance its offerings. Notably, Stillfront has made significant acquisitions to bolster its portfolio, including:1. **KIXEYE** - Acquired for up to $120 million in June 2019, this acquisition aimed to enhance Stillfront's portfolio of gaming studios.2. **Goodgame Studios** - Acquired for approximately $318 million in December 2017, this acquisition further solidified Stillfront's position in the gaming market.3. **Simutronics Corp.** - Acquired a majority stake of 52.65% for about $937,661 in June 2016, showcasing their strategy of investing in established game developers.4. **eRepublik Labs** - Acquired in May 2017 for an undisclosed amount, adding to their diverse game offerings.5. **Nanobit** - Acquired for at least $100 million in September 2020, with additional performance-based payments, highlighting their commitment to investing in promising game studios.


11. 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, Finland, is a leading mobile game developer recognized for its hit games such as Hay Day, Clash of Clans, and Brawl Stars. The company operates with a unique structure that empowers small, independent teams to innovate and develop games autonomously. In addition to its own game development, Supercell has made strategic investments in other game studios, including acquiring a 51% stake in Frogmind for $7.8 million, which marked its first acquisition in another mobile game company. Furthermore, Supercell invested $17.8 million in Metacore Games, alongside providing an $11.8 million credit line to support the scaling of their game, Merge Mansion. Recently, Supercell acquired a majority stake in Ultimate Studio, further expanding its portfolio in the gaming industry. These transactions highlight Supercell's active role as an investor in the game development space, supporting and collaborating with other developers to enhance the gaming ecosystem.


12. MV Global

  • Website: mvglobal.io
  • Type: Venture Capital
  • Headquarters: Cumbria, England, United Kingdom (UK)
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: masterventures

MV Global is a venture capital firm based in Cumbria, England, founded in 2017. The firm focuses on building and supporting early-stage web3 businesses, providing services such as venture creation, equity and token investments, and strategic operational support. MV Global has been involved in several notable transactions within the gaming industry, particularly in the blockchain gaming sector. For instance, they participated in a $4.5 million seed funding round for Aether Games, which is focused on developing innovative gaming experiences. They also invested in HitBox Games, which raised $1.6 million for the development of 'Swords of Blood', a hack & slash MMORPG. Additionally, MV Global was part of the $8.6 million seed funding for OP Games, a blockchain gaming startup, and contributed to the funding of Elumia, an upcoming MMORPG. These transactions highlight MV Global's commitment to supporting game development initiatives, particularly those that integrate blockchain technology.


13. Gsr

  • Website: gsr.io
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2013
  • Headcount: 201-500
  • Number of deals in 2024: 39
  • LinkedIn: gsr-markets

GSR Markets is a cryptocurrency trading firm based in London, England, founded in 2013. The firm specializes in providing liquidity and trading solutions within the digital asset ecosystem, serving a diverse clientele that includes cryptocurrency projects, exchanges, and financial institutions. GSR has been actively investing in the game development sector, with notable transactions including a $5.5 million seed round for Pixion Games in June 2023, a $4.5 million private sale for Aether Games in May 2023, and participation in an $11 million seed funding round for Atmos Labs in June 2022. These investments highlight GSR's commitment to supporting innovative gaming projects, particularly those that incorporate blockchain technology and play-to-earn models.


14. 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 corporate investor based in Stockholm, Sweden, founded in 1987. As a gaming and entertainment company, 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 prominent developer of browser games, in May 2017. Additionally, MTG acquired a 35% stake in InnoGames in October 2016, with plans to increase its stake in the future. In November 2024, MTG announced the acquisition of Plarium, the developer behind the popular mobile RPG RAID: Shadow Legends, for a total upfront payment of USD 620 million. This acquisition is expected to enhance MTG's portfolio and accelerate its growth strategy, showcasing its commitment to the gaming industry.


15. MH Ventures

  • Website: mhventures.io
  • Type: Venture Capital
  • Headquarters: Picardy, Hauts-De-France, France
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 49
  • LinkedIn: mhventure

MH Ventures is a venture capital firm founded in 2021, located in Picardy, Hauts-De-France, France. The firm is dedicated to advancing the Web3 ecosystem and provides investment and market-making services to startups in the blockchain and AI sectors. They have been involved in several notable transactions within the game development context, including investments in Gunzilla Games, a company focused on creating innovative gaming experiences, and AMGI Studios, which is also engaged in game development. Additionally, they have invested in other projects like Blocklords and Farcana, which further highlights their involvement in the gaming sector. Their offerings include validator services and market outlooks, catering primarily to technology companies seeking funding and strategic support.


16. THQ Nordic


THQ Nordic, founded in 2011 and based in Vienna, Austria, is a corporate investor and a significant player in the video game industry. The company has established itself as a video game publisher and developer, offering a diverse portfolio of engaging gaming experiences across various platforms. With a focus on quality and innovation, THQ Nordic has been actively expanding its offerings in the gaming industry. Notably, they have made several strategic acquisitions to bolster their development capabilities, including the acquisition of Appeal Studios in May 2021, HandyGames in July 2018, Black Forest Games in August 2017, and Experiment 101 in November 2017. These acquisitions not only enhance their development resources but also allow them to manage and grow popular game franchises, further solidifying their position in the gaming market.


17. Embracer Group

  • Website: embracer.com
  • Type: Corporate
  • Headquarters: Karlstad, Varmland, Sweden
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: embracergroup

Embracer Group is a corporate investor based in Karlstad, Varmland, Sweden, founded in 1999. It specializes in game development and entertainment publishing, providing a wide range of video games across various platforms. The company has a global presence with numerous internal studios, allowing it to serve gamers and entertainment consumers effectively. Notably, Embracer Group has made significant acquisitions in the gaming industry, including Gearbox Software for $1.3 billion, Saber Interactive for $525 million, and Eidos and Crystal Dynamics in 2022. These strategic acquisitions highlight their active role in the game development sector and their commitment to expanding their influence in the gaming market.


18. Magnus Capital


Magnus Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. Specializing in the cryptocurrency space, they provide a range of services including investment, advisory, incubation, and market education to help innovators bring their projects to market. Magnus Capital has been involved in several notable transactions in the gaming sector, particularly in projects that utilize blockchain technology and NFTs. For instance, they participated in the seed funding for Zomfi, an NFT game, which raised $2.6 million, and GoFungibles, which closed a $4 million round to launch a global game and a cross-chain gamified marketplace. Additionally, they were involved in the funding of Metastrike and Demole, further showcasing their commitment to supporting game development initiatives that intersect with the cryptocurrency industry.


19. Avalon Wealth Club

  • Website: avalonwealthclub.com
  • Type: Corporate
  • Headquarters: Helmshore, England, United Kingdom (UK)
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 4

Avalon Wealth Club is a consulting firm based in Helmshore, England, specializing in marketing and investment services for blockchain and cryptocurrency projects. Founded in 2021, the firm assists crypto entrepreneurs with various aspects such as marketing strategies, fundraising, branding, and securing exchange listings. Their clientele primarily consists of businesses in the blockchain sector looking to launch and promote innovative projects effectively. Notably, Avalon Wealth Club has been involved in several transactions relevant to the game development industry, including their investment in Zomfi, an NFT game that successfully raised $2.6 million in seed and private rounds. Additionally, they participated in seed rounds for Nakamoto Games and U.A. Fabrica, both of which are associated with gaming and blockchain technology. This involvement highlights their active role in the intersection of gaming and blockchain, further solidifying their relevance in the game development investment landscape.



Game Development Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
Keywords StudiosDublin, Dublin, Ireland10001+19982
Sisu Game VenturesHelsinki, Uusimaa, Finland1-1020142
Kima VenturesParis, Île-De-France, France1-10201050
UbisoftIssy-Les-Moulineaux, Île-De-France, France10001+19860
Initial CapitalLondon, England, United Kingdom (UK)1-1020102
Hiro CapitalLondon, England, United Kingdom (UK)1-1020195
Index VenturesLondon, England, United Kingdom (UK)51-200199667
ZBS CapitalKyiv, Kyiv, Ukraine1-10201711
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
SupercellHelsinki, Uusimaa, Finland501-100020106
MV GlobalCumbria, England, United Kingdom (UK)11-5020178
GsrLondon, England, United Kingdom (UK)201-500201339
MtgStockholm, Stockholm, Sweden11-5019871
MH VenturesPicardy, Hauts-De-France, France11-50202149
THQ NordicVienna, Vienna, Austria501-100020110
Embracer GroupKarlstad, Varmland, Sweden51-20019990
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Avalon Wealth ClubHelmshore, England, United Kingdom (UK)1-1020214


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