Behold Ventures has secured $59.2 million to aid developers across Europe

Behold Ventures, a Swedish venture capital company, has secured $59.2 million to fund game developers across Europe.

According to GamesBeat, since its inception in 2021, the firm has allocated $21 million to 18 development teams. Of these, three are located in the UK, with the others spread throughout the Nordics.

Karl Magnus Troedsson, the founder and managing partner, indicated that 54% of the funding came from Europe, 44% was from Asia, and the remaining 2% from the US.

Investment sources were largely strategic at 43%, while institutional investors accounted for 42%. Meanwhile, family offices, high-net-worth individuals, and funds-in-funds each made up 10%. The rest, 5%, were general partners.

Behold Ventures is setting its sights on over 25 fledgling companies in Nordic countries, focusing on those involved in development, tools, and technology investments.

The firm has already contributed to funding for Dead Astronauts, Seven Stars, and Red Rover, and took part in a $7 million investment in Blue Scarab Entertainment slated for 2024.

Troedsson expressed that many are re-evaluating investments in game development, perceiving it as high-risk. "It's not very cool to be in equity right now. We hear that several others are considering project financing as another vehicle for investment," he noted.

He added, "We haven't found the next growth engine in our industry. Our bet is that games are the medium of our century. Games have the opportunity to entertain, to educate, to bring people together, to socialise."

Troedsson concluded, "So our best bet is that whatever negativity from the financial side of games we see right now, it's going to pass. We're going to find our way. Maybe this is the new norm – then we're going to get used to it, and we're going to find our way."