EIF Commits SEK 225 Million to Behold Ventures to Fuel Nordic Gaming Industry Growth

EIF Commits SEK 225 Million to Behold Ventures to Fuel Nordic Gaming Industry Growth

(IN BRIEF) The European Investment Fund (EIF) has pledged SEK 225 million (approximately €20 million) to Behold Ventures, a Swedish venture capital fund, to support early-stage game developers in Denmark, Finland, Iceland, Norway, and Sweden. This commitment, which marks the first EIF-backed transaction in Sweden under the European Commission’s MediaInvest initiative, will help strengthen the region’s competitive edge in the global gaming industry.

(PRESS RELEASE) LUXEMBOURG/ STOCKHOLM, 27-Feb-2025 — /EuropaWire/ — The European Investment Fund (EIF) has announced a commitment of up to SEK 225 million (around €20 million) to Behold Ventures, a venture capital fund based in Sweden, aimed at supporting early-stage game developers across the Nordic region. The funding will enable Behold Ventures to invest in up to 23 game studios, with a particular focus on Denmark, Finland, Iceland, Norway, and Sweden. This pledge marks a significant step in bolstering the Nordic gaming industry’s global competitiveness and fostering innovation in one of Europe’s most dynamic sectors.

Thomas Östros, Vice-President of the European Investment Bank (EIB) Group, noted the importance of this initiative, stating, “The Nordic gaming industry is renowned for its creativity and innovation. However, access to early-stage financing remains a key challenge. With our support for Behold Ventures, the EIF is working to address this gap and ensure the next generation of game creators can thrive and compete on a global scale.”

The European gaming sector has seen remarkable growth, with €23.5 billion in revenue generated in 2022. As one of the fastest-growing industries, it employs over 75,000 people across more than 5,000 game development and publishing studios within the EU. To maintain its global leadership, the sector requires substantial investment, particularly in the early stages of development.

Founded in 2021, Behold Ventures is led by three seasoned industry professionals with deep expertise in game development and investment. Since its first closing in November 2022, the fund has already invested nearly SEK 152 million in 18 game studios across Denmark, Finland, Iceland, Sweden, and the UK. With the EIF’s commitment, Behold Ventures aims to reach a target size of SEK 500 million, attracting additional investors to support the growth of promising gaming studios in the Nordic region.

Magnus Kenneby, a partner at Behold Ventures, expressed his enthusiasm for the partnership: “Partnering with EIF is a major milestone for us. This investment will allow us to accelerate our efforts to identify and nurture the best talent in game development, further cementing the Nordic region as a global leader in the gaming industry.”

This EIF commitment is part of the European Commission’s InvestEU MediaInvest programme, which supports equity investments in the gaming sector, contributing to the broader digital transformation. The initiative helps foster innovation in data, communication technologies, and services, while also supporting the cultural and creative sectors, including media and gaming.

The EIF’s pledge is contingent on the finalization of the financing agreement by Behold Ventures, but once signed, it will serve as a catalyst for accelerating the growth of the Nordic gaming industry.

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

SOURCE: European Investment Fund