The European Investment Fund (EIF) has pledged $21 million to bolster game development in Denmark, Finland, Iceland, Norway, and Sweden.

The funds – awarded to Swedish firm Behold Ventures – will be used to support early-stage game developers across the Nordic region.

Gaming across the EU generated $25 billion in revenue in 2022, and is “growing faster than many other industries.”

Employing more than 75,000 people in 5,000 game-development and publishing studios across the EU, the EIF said the funding is needed to “fill financing gaps to maintain global competitiveness.”

Behold Ventures was founded in 2021. Since the fund’s first closing in November 2022, it has invested nearly $15m in 18 game studios in Denmark, Finland, Iceland, Sweden, and the UK.

“We’re thrilled to partner with EIF on this crucial investment,” said Behold Ventures partner Magnus Kenneby.

“Its support is a game changer for Nordic game development. It allows us to accelerate our mission of nurturing and funding the brightest talent in game development, solidifying the Nordics’ position as a global gaming powerhouse.”