Nordic game developers to get financing support as EIF pledges €20 million to new Swedish fund

• EIF commits 225 million Swedish kronor to venture capital fund Behold Ventures to boost Nordic gaming industry
• Financing focus is on early-stage game developers in Denmark, Finland, Iceland, Norway and Sweden
• First transaction in Sweden backed by European Commission’s MediaInvest programme

Luxemburg/Stockholm 27 February 2025: The European Investment Fund (EIF) is pledging up to 225 million Swedish kronor (around €20 million) to Sweden-based venture capital fund Behold Ventures to support early-stage game developers across the Nordic region.Behold Ventures plans to invest in as many as 23 European game studios, focusing on Denmark, Finland, Iceland, Norway and Sweden. The commitment by the EIF, part of the European Investment Bank (EIB) Group, will help Behold Ventures attract other financial backers and reach a target size of SEK 500 million.

"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."

The European Union gaming sector generated €23,5 billion in revenue in 2022 and is growing faster than many other industries. The sector, which employs more than 75,000 people in 5,000 game-development and publishing studios in the EU, needs to fill financing gaps to maintain global competitiveness.

Behold Ventures was founded in 2021 by three industry experts with extensive experience in game development and investments. Since the fund’s first closing in November 2022, it has invested nearly SEK 152 million in 18 game studios in Denmark, Finland, Iceland, Sweden and the UK.

"We're thrilled to partner with EIF on this crucial investment,” said Behold Ventures partner Magnus Kenneby. “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." 

The EIF pledge is conditional on a pending signature of the financing agreement by Behold Ventures.

The operation is the first in Sweden under a European Commission initiative known as the InvestEU MediaInvest equity investment instrument. By supporting game development, Behold Ventures contributes to the broader digital transition, fostering innovation in data, communication technologies and services while enhancing the cultural and creative sectors including media.

About the EIF:

The European Investment Fund is part of the European Investment Bank (EIB) Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF furthers key European Union policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital and climate action and environmental sustainability.

About the InvestEU programme:

The InvestEU programme provides the EU with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the EU’s policy priorities such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the EU, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

About MediaInvest

MediaInvest is a dedicated equity investment instrument financed via Creative Europe resources and designed to foster European audiovisual productions and distribution businesses. MediaInvest aims to strengthen the competitiveness of the audiovisual industries across Europe, by supporting investments totalling €400 million between 2022-2027.

The EIF, with support of the EC, will implement MediaInvest by providing equity investments directly into financial intermediaries (e.g. funds) alongside other investors investing in the same risk class and in market terms. While it addresses financial intermediaries, the ultimate beneficiaries will be audiovisual content production, distribution and videogames companies.

About Behold Ventures

Behold Ventures is an early-stage, venture capital fund investing in European video games start-ups. Founded in 2021 by games industry veterans Karl Magnus Troedsson, Sigurlína Ingvarsdóttir and Magnus Kenneby, Behold Ventures financially supports and strategically advises entrepreneurs during the first steps of launching their new companies. Behold Ventures is looking to invest in ambitious and creative founders creating both interactive entertainment and game related tools and technology.

Press contacts:

EIB Group:            Thomas Eriksson | t.eriksson@ext.eib.org

Behold Ventures:  Anja Trägårdh | anja@tragardhkommunikation.se | + 46 709 34 66 64