The Nordic gaming industry is receiving a significant financial boost as the European Investment Fund (EIF) pledged $21 million (225 million Swedish Krona) to Sweden-based venture capital fund Behold Ventures.
This initiative intends to promote early-stage game developers in the Nordic countries. Denmark, Finland, Iceland, Norway, and Sweden will benefit from fostering new talent and strengthening the region’s position in the worldwide gaming industry.
Behold Ventures, founded in 2021, has invested approximately $15 million (SEK 152 million) in 18 game development studios across the Nordics and the United Kingdom since closing its first fund in 2022. Most recently, it co-led the seed funding round for Finland-based mobile developer Seven Stars.
With this new offer, the business intends to broaden its reach by investing in up to 23 European game studios. The EIF’s commitment part of the European Investment Bank (EIB) Group, is also expected to attract additional investors, with Behold Ventures targeting a total fund size of $49 million (SEK 500 million).
The European gaming industry, which produced $25 million (€23.5 billion) in sales in 2022, is quickly expanding but still confronts funding issues. This funding is aimed to help Nordic developers close finance gaps and remain competitive on a global scale.
