European Investment Fund allocates $21 million to support game developers in Scandinavia

The European Investment Fund (EIF) is investing $21 million in the development of the gaming industry in Denmark, Finland, Iceland, Norway and Sweden. The funding will be provided by the Swedish venture capital fund Behold Ventures, which supports young studios at the early stages of development.

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The funds will be used to support up to 23 game studios in Scandinavia. Founded in 2021, Behold Ventures has already invested $15 million in 18 studios in Denmark, Finland, Iceland, Sweden, and the UK.

This initiative is part of the European Commission's MediaInvest programme, which aims to strengthen the competitiveness of the European gaming industry. It will also help Behold Ventures attract additional investors to reach its target fund size of $45 million.

The EU gaming industry is showing growth: in 2022, revenues reached $25 billion, and the sector employs more than 75,000 people in 5,000 development studios and publishing houses. However, access to funding remains a key challenge for young studios.

"The Scandinavian games industry is known for its creativity and innovation. But access to early funding is critical to the success of the next generation of developers," said Thomas Estros, Vice President of the European Investment Bank.

"This initiative opens up new opportunities for young studios that want to create quality projects and enter the international market.

Source: Gamesindustry