Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) has committed 225 million Swedish kronor (approximately 20 million) to Behold Ventures, a venture capital fund based in Sweden, aimed at supporting early-stage game developers across the Nordic region, specifically in Denmark, Finland, Iceland, Norway, and Sweden. This investment is crucial as the Nordic gaming industry is recognized as one of the most dynamic and innovative sectors globally, yet it faces significant challenges in accessing early-stage funding necessary for the growth of new game creators.
Behold Ventures, founded in 2021 by industry veterans, plans to invest in up to 23 European game studios. The EIF's commitment will not only help Behold Ventures attract additional financial backers but also assist in reaching a target fund size of SEK 500 million. Since its first closing in November 2022, Behold Ventures has already invested nearly SEK 152 million in 18 game studios across the Nordic countries and the UK, demonstrating a proactive approach to filling the financing gaps in the gaming sector.
The EIF's support is positioned as a game changer for Nordic game development, enabling Behold Ventures to accelerate its mission of nurturing and funding emerging talent in the industry. This initiative is part of a broader European Commission effort under the InvestEU MediaInvest programme, which aims to bolster the competitiveness of the audiovisual industries, including video games, by facilitating significant investments. The commitment from EIF is expected to enhance the global competitiveness of the Nordic gaming sector, which generated 23.5 billion in revenue in 2022 and employs over 75,000 people across 5,000 studios in the EU.