Behold Ventures Secures $59.2 Million to Back European Game Developers

Behold Ventures, a Swedish game-focused venture capital firm, has successfully raised $59.2 million to support the growth of European game development studios. Since its founding in 2021, the firm has already invested $21 million in 18 studios, with three based in the UK and the remainder in the Nordic region. According to founder and managing partner Karl Magnus Troedsson, the majority of the capital, 54%, was sourced from European investors, while 44% came from Asia and 2% from the US. The investor base was predominantly strategic, accounting for 43%, followed by institutional investors at 42%, and a mix of family offices, high net worth individuals, and funds-in-funds making up the remainder. Behold Ventures is focused on investing in over 25 early-stage startups in the Nordic region, with a particular emphasis on game development, tools, and technology. The firm has already invested in several notable studios, including Dead Astronauts, Seven Stars, and Red Rover, and participated in a $7 million funding round for Blue Scarab Entertainment in 2024. Troedsson noted that despite current market uncertainty, the firm remains committed to its vision that games will be a primary medium for entertainment, education, and socialization in the 21st century. "We believe that the current challenges facing the gaming industry are temporary, and we're confident that the sector will bounce back and continue to grow," he stated.