What Behold Ventures does

Behold Ventures is a Stockholm-based, specialist early-stage venture capital fund founded in 2021 by three gaming-industry veterans — Karl Magnus Troedsson (former DICE/EA studio leader), Sigurlína Ingvarsdóttir (former EVE Online, The Division, Star Wars Battlefront, and FIFA producer), and Magnus Kenneby (former Sequent Invest founding partner). The fund invests exclusively in pre-seed and seed-stage video game startups across the Nordics and broader Europe, with a portfolio of 18 companies (SEK 200M deployed) and a stated target of 25+. Its core product, Fund I, closed at SEK 550M (oversubscribed from a SEK 500M target) in July 2025, anchored by the European Investment Fund's first-ever gaming commitment (SEK 225M) and strategic LPs Krafton and NetEase.

The fund sources deals through a combination of a self-serve pitch portal (pitchbehold), operator referrals, and industry networks, with eligibility criteria narrowing to video games, equity-only, Nordics/Europe-located, early-stage companies. The five-person investment team provides portfolio support through strategic guidance, hands-on operational involvement, and access to an international network of gaming advisors — a service offering differentiated by the team's pedigree across AAA studios (DICE, EA, Ubisoft-tier franchises) and live-service analytics (Minecraft, EVE Online, Crusader Kings).

Behold Ventures generates returns through standard VC fund economics: management fees on committed capital (2% on SEK 550M AUM implies ~SEK 11M annualized) and future carried interest from portfolio exits. The fund is privately held, domiciled in Sweden, and has no product or subscription pricing. Its primary "customers" are portfolio founders and limited partners, with LP mix comprising 43% strategic gaming companies, 42% institutional investors, and 10% family offices / high-net-worth individuals. Geographic LP concentration (54% Europe, 44% Asia) signals deliberate cross-border capital corridors between Nordic gaming startups and Asian publishing platforms.

Name

Behold Ventures

Legal name

Behold Ventures

Website

https://behold.vc

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Behold Ventures is a Stockholm-based, specialist early-stage venture capital fund founded in 2021 that invests exclusively in pre-seed and seed video game startups across the Nordics and Europe via a SEK 550M Fund I, leveraging its operators' AAA-studio pedigree to source and support portfolio companies.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital fund
• Early-stage gaming investment
• Video game startups
• Nordic gaming sector
• Equity financing

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: Behold Ventures generates returns through equity investments in early-stage gaming startups. The fund operates on standard VC economics including management fees and carried interest from successful portfolio company exits.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Behold Ventures is a specialist venture capital fund that makes early-stage equity investments in video game startups, with a geographic focus on the Nordics and the rest of Europe. The fund deploys capital alongside strategic guidance and hands-on operator support from a team of gaming industry veterans, and accepts pitches via an online submission portal. As of July 2025, its debut fund closed at SEK 550 million (oversubscribed against a SEK 500 million target) and had invested SEK 200 million across 18 portfolio companies.

Product overview

Behold Ventures is a specialist venture capital fund that functions as a single unified investment vehicle focused on early-stage European gaming startups. The fund deploys capital through a dedicated pitch submission platform and supports portfolio companies via strategic guidance, hands-on support, and access to an international network of advisors. The portfolio consists of 24+ gaming companies across the Nordics and Europe, including game developers and gaming technology companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Behold Ventures Fund I A specialist venture capital fund that provides early-stage equity financing to European video game startups, with a particular emphasis on the Nordics. Target portfolio size is 25+ companies.
• Pitch Submission Platform

Quantifiable outcome

• Successfully closed SEK 550 million oversubscribed fund
• +1 more outcomes

Named customers24 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bitkraft Ventures: One of the largest gaming-focused venture capital firms globally, investing across seed to growth stages in game studios, infrastructure, and Web3 gaming. Direct peer to Behold Ventures as both are specialist gaming VCs, though Bitkraft operates at significantly larger AUM and global scope.
• Play Ventures: Nordic-headquartered gaming VC fund investing in early-stage game studios and gaming infrastructure globally. Highly comparable to Behold as a specialist early-stage gaming investor with Nordic roots and similar stage focus.
• Sisu Game Ventures: Early-stage gaming VC based in Helsinki focused on Nordic and European game studios. Direct peer operating in essentially the same niche (Nordic seed/early-stage gaming), with similar fund size and thesis.
• London Venture Partners (LVP): London-based VC investing exclusively in the interactive entertainment sector at seed and Series A. Direct peer with overlapping UK/European geographic focus and similar early-stage gaming thesis.
• Makers Fund: Global gaming-focused VC fund investing in interactive entertainment from seed to growth stages. Comparable as a specialist gaming investor, though with broader geographic reach and larger fund size than Behold.
• Galaxy Interactive: Galaxy Digital's gaming-focused venture arm investing in interactive entertainment, esports, and gaming infrastructure. Direct peer as specialist gaming VC, with crypto/web3 angle that distinguishes it from Behold's traditional gaming focus.
• Hiro Capital: London-based VC investing in gaming, metaverse, and digital entertainment at seed and Series A. Comparable as a European-anchored specialist gaming investor, though Hiro tilts more toward metaverse/Web3 than Behold.
• Konvoy Ventures: Gaming-focused VC investing in gaming infrastructure, tools, and platforms. Comparable as a specialist gaming investor at similar early stage, though US-based and with stronger tooling/platforms tilt versus Behold's game developer focus.
• 1Up Ventures: Early-stage gaming VC led by industry veteran David Helgason. Comparable as a specialist gaming seed investor operating in similar ecosystem, though smaller and US-based.

Broad incumbents

• Andreessen Horowitz (a16z Games): Major generalist VC with a dedicated games-focused investment practice led by former operators. Broad incumbent that increasingly competes in the gaming startup space, with significantly larger fund size and broader portfolio mandate than Behold.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Behold Ventures