Behold Ventures raises $58m to fund European game studios 

Swedish games investment firm Behold Ventures has raised 550 million SEK ($57.7m) to back European game studios. 

The firm said 54% of the capital came from Europe, 44% from Asia, and 2% from North America. The fund was oversubscribed as the team's initial goal was to raise SEK 500m ($52.5m). 

Among the investors, 43% are strategic, 42% institutional, 10% family offices, high net worth individuals and fund-of-funds, with a further 5% general partners (Behold's own team).

Behold's target portfolio size is 25 startups., focusing on early-stage European companies with an emphasis on Northern Europe.

The investment firm was founded in 2021 by Karl Magnus Troedsson, Sigurlína Ingvarsdóttir and Magnus Kenneby. Its first fund has so far invested 200m SEK ($21m) into 18 companies - three in the UK and the rest in the Nordics.

Behold said it is already laying the foundations for its second fund, with plans to begin raising later this year.

Providing support 

Behold Ventures has previously received support from investors aligned with its vision to back Nordic and European game startups. Notably, the European Investment Fund (EIF) made its first-ever games investment with SEK 225m ($23.6m). 

Industry giants Krafton and NetEase also joined, contributing both capital and sector expertise. 

“Closing an oversubscribed fund in today’s macroeconomic climate is an achievement we’re extremely proud of,” said Behold co-founder and managing partner Karl Magnus Troedsson.

“It’s a clear vote of confidence in our specialist expertise, our network, and our ability to identify the next generation of gaming companies."

He added: “While many investors have pulled back from gaming due to macroeconomic uncertainty and temporarily stalled industry growth, we remain firm in our conviction. 

“Gaming is the most engaging and dynamic media form of our time – with the power to entertain, educate, and connect people. It’s a long-term force we are proud to continue driving."