Stay Informed
Get Industry News In Your Inbox…
Sign Up Today
The European Investment Fund (EIF) has pledged 225 million SEK ($20.8m) in Sweden-based Behold Ventures to support early-stage Nordic game developers.
Behold Ventures aims to fund up to 23 European game studios, focusing on Denmark, Finland, Iceland, Norway, and Sweden.
As part of the European Investment Bank (EIB), the EIF is helping Behold Ventures attract more investors to reach its target of 500m SEK ($48m).
The EIF said its pledge depends on the signing of a financing agreement. This is Sweden’s first operation under the EU’s InvestEU MediaInvest initiative to support game development and digital innovation.
Founded in 2021 by industry experts, Behold Ventures has invested nearly 152m SEK ($14.6m) in 18 studios across Denmark, Finland, Iceland, Sweden, and the UK since it closed its first fund in November 2022.
Fostering new talent
“The Nordic gaming industry is one of the most dynamic and innovative in the world, but access to early-stage funding is crucial for the next generation of game creators to thrive,” said EIB group vice president Thomas Östros.
“Through the commitment to Behold Ventures, the EIF is helping to strengthen the sector’s global competitiveness and foster new talent and ideas.”
Behold Ventures partner Magnus Kenneby commented: “We’re thrilled to partner with EIF on this crucial investment. Its support is a game changer for Nordic game development.
“It allows us to accelerate our mission of nurturing and funding the brightest talent in game development, solidifying the Nordics’ position as a global gaming powerhouse.”
In 2022, the EU games sector generated €23.5 billion ($24.4bn) in revenue with over 75,000 employees across 5,000 studios.
Image credit for Thomas Östros (Main image, left) – Photographer: Caroline Martin / European Investment Bank.
