🇸🇪 Behold Ventures closes its first fund – oversubscribed at SEK 550 million

Behold Ventures, a niche Swedish specialist VC fund focused on early-stage gaming startups, today announces the successful closing of its first fund. The fund is significantly oversubscribed, closing at SEK 550 million – SEK 50 million above target.

The clear oversubscription reflects strong investor confidence and underscores the fund’s sharp positioning within the gaming sector.

“Closing an oversubscribed fund in today’s macroeconomic climate is an achievement we’re extremely proud of” says Karl Magnus Troedsson, Co-founder and Managing Partner at Behold Ventures. “It’s a clear vote of confidence in our specialist expertise, our network, and our ability to identify the next generation of gaming companies.”

Unique foundation led to strong demand

Behold Ventures has attracted a strong base of investors who share its belief in the fund’s vision and its unique focus on Nordic and European gaming startups. Among its investors are:

• EIF (European Investment Fund), making its first-ever investment in gaming with SEK 225 million – a landmark endorsement of both Behold and the sector;

• Industry leaders Krafton and NetEase, both bringing deep sector knowledge and substantial capital;

• A balanced investor mix, with capital originating 54% from Europe, 44% from Asia, and 2% from North America.

Operator experience at the core

Behold’s team consists of seasoned gaming entrepreneurs who not only select the right companies, but also actively support them throughout their growth journey. This is done through strategic guidance, hands-on support, and access to a broad international network of advisors and experts.

“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,” says Troedsson.

Looking ahead to the next fund

Behold Ventures sees the success of its first fund as a clear testament to the trust and credibility it has built in a hesitant market.

“As a specialist fund with a clear focus and a proven ability to deliver value, we are now laying the foundation for Fund II,” Troedsson adds. “We plan to begin fundraising later this year and welcome continued interest from both strategic and institutional investors.”

 Key facts about Behold Ventures’ first fund:

• Fund size: SEK 550 million (target: SEK 500 million)

• Geographic distribution of investors: 54% Europe, 44% Asia, 2% North America

• Investor profiles: 43% strategic investors (mainly gaming companies), 42% institutional investors, 10% family offices, high-net-worth individuals, and fund-of-funds, and 5% General Partners (Behold’s own team)

• Portfolio status: SEK 200 million invested in 18 companies – 3 in the UK, the rest in the Nordics

• Target portfolio size: 25+ startups

• Investment focus: Early-stage European gaming startups with a strong emphasis on innovation in Northern Europe

For further information, please contact:

Karl Magnus Troedsson, Managing Partner
Email: [email protected]
Phone: +46 (0)733-50 06 81

About Behold Ventures:

Behold Ventures is a Swedish specialist venture capital fund investing in early-stage European gaming startups with a particular focus on the Nordics. Founded in 2021 by gaming veterans Karl Magnus Troedsson, Sigurlína Ingvarsdóttir, and Magnus Kenneby, the fund is led by a team with deep operational gaming industry experience, an extensive international network, and a clear strategy for long-term value creation. Behold Ventures invests in both game developers and companies building gaming tools and technologies.

www.behold.vc