Sisu Game Ventures — Investment Thesis & Preferences

Sisu Game Ventures Research

Investment Thesis

Sisu Game Ventures is an early-stage venture capital fund focused 100% on games, founded in 2014 to support the most promising founders in the industry. The firm's core thesis emphasizes that the best games come from talented development teams rather than individual IP or metrics. Sisu positions itself not just as capital providers but as veteran game developers helping other developers realize their dreams. The investment thesis centers on backing teams with deep industry expertise and providing operational support beyond capital.

Sisu values the "Sisu spirit" - a Finnish concept embodying perseverance, determination, and resilience. The firm believes in celebrating both wins and failures as learning iterations that increase the likelihood of long-term success. This philosophy is reflected in their portfolio approach: they invest in teams early (pre-revenue, pre-product stage), provide hands-on expertise, and leverage their extensive Nordic gaming network to create competitive advantages.

The firm explicitly invests in teams making the games, not just individual IPs or metrics. In addition to capital, Sisu invests its time and expertise to help level up companies for the next phase. They emphasize open collaboration - a principle deeply rooted in Nordic game industry culture - which they extend to their portfolio companies and co-investor relationships.

Stage Focus

Sisu Game Ventures maintains a deliberate early-stage focus with primary concentration on Seed stage investments ($500K-$3M) and Pre-seed rounds ($250K-$500K for exceptional teams with strong concepts). The firm explicitly states they "like to invest very early, preferably first money in" and target pre-revenue, pre-product companies. This positioning makes them ideal first institutional investors for founding game development teams.

They are willing to lead or co-lead seed rounds and have demonstrated capacity for selective Series A and later-stage follow-on investments in breakout portfolio companies. The firm has built deep expertise in capitalizing post-seed companies and supporting them through multiple funding rounds. Their portfolio includes several companies that have completed successful exits (acquisitions, IPOs, mergers) indicating they stay engaged through growth stages when needed.

Check Size

Sisu Game Ventures' investment range reflects their early-stage focus:

Pre-seed: $250K-$500K for exceptional founding teams with strong concepts
Seed: $500K-$3M typical range for teams with playable prototypes or early product
Series A follow-ons: Variable sizing for select portfolio companies with momentum
Maximum observed: Up to $5M-$10M+ for strategic follow-ons in major portfolio wins

The firm has raised approximately $51.1M across multiple funds, with significant capital for follow-on investments and support activities.

Lead Tendency

Sisu Game Ventures demonstrates a strong lead tendency, particularly at seed stage. The firm actively leads seed rounds, frequently taking the leading investor position in early funding rounds. They co-lead when strategic, partnering with complementary VCs when valuable for portfolio companies. The firm takes board seats and provides observer/advisor roles in portfolio companies. Their stated commitment to operational support and hands-on involvement indicates they lead or co-lead most rounds they participate in.

Portfolio companies consistently mention Sisu as being "very pro-active" in support, suggesting deep engagement beyond passive investment. The firm's Nordic roots and extensive gaming industry network make them valuable partners for co-investor syndication, often facilitating multiple rounds of funding for portfolio companies.

Recent Activity

As of February 2026, Sisu Game Ventures remains actively deploying capital:

November 2025: Torpor Games (investment to expand the Suzerain universe and develop The Conformist)
Recent investments in 2025: Bitmagic, Rocky Road, Unagi, Multiscription, and others
Fund status: Actively deploying with consistent deal flow

The firm has maintained 11-year operations since 2014 with disciplined focus on the gaming sector. Team members have collectively built 16 game companies over three decades and invested in over 60 game startups, demonstrating deep domain expertise and network strength.

Portfolio Highlights

Sisu has backed 60+ companies across multiple gaming categories with notable exits:

Notable Exits:

Kopla Games (acquired by flaregames, 2016)
Immersal (acquired by Hexagon, 2021)
Next Games (IPO 2017)
Small Giant Games (acquired by Zynga, 2018)
Snow Print Studios (acquired by MTG, 2023)
Doppio Games (acquired by Fortis Games, 2022)
Neongiant (acquired by Krafton, 2022)
Next Mind (acquired by Snap, 2022)
Solid Clouds (merged with Mainframe Industries)

Active Portfolio: 60+ companies spanning mobile games, PC/console titles, game infrastructure, AI-powered game development tools, and cloud-native gaming platforms. Recent portfolio activity shows continued engagement with both established companies and emerging studios.

Team

Sisu Game Ventures operates with an experienced leadership team of veterans with 30+ years of collective game industry experience:

Samuli Syvähuoko - Founding Partner: Deep roots in Nordic game industry
Paul Bragiel - Founding Partner: Extensive entrepreneurship and investment experience
Erik Gloersen - General Partner: Game industry expertise and startup background
Kalle Kaivola - Venture Partner: Industry connections and operational experience
Moaffak Ahmed - Venture Partner & Co-founder: Strategic and investment expertise
Kadri Härma - Venture Partner: Gaming industry specialization
Jere Partanen - Principal: Operational and investment focus

The team has collectively founded and built 16 game companies since the early 1990s and executed several successful exits. All team members have extensive backgrounds in game industry entrepreneurship and investment, bringing operational credibility and deep domain expertise to portfolio support.

Geographic Focus

Primary: Nordic region (Finland, Sweden, Norway, Iceland) - deep roots in regional gaming ecosystem Secondary: Western Europe (with presence and network throughout) Tertiary: Global reach - portfolio and network of founders are fully global

The firm explicitly states Nordic deep roots but emphasizes global network. They have demonstrated ability to support founding teams across Nordics-Iceland (airbridge) and maintain selective international investments. The gaming industry's global nature and Sisu's experience means they can support teams anywhere with strong Nordic network advantages.

Decision Process

Decision model is partnership-based with collaborative input from founding partners and general partners. The firm's structure emphasizes partnership decision-making rather than formal investment committees. Timeline appears to be typical early-stage VC (2-4 weeks for warm introductions, potentially faster).

The firm emphasizes that Nordic game industry is known for open collaboration, and they hold this principle dear in co-investment relationships. Multiple portfolio company testimonials highlight partner approachability and willingness to engage deeply on strategy and team formation, suggesting streamlined decision-making focused on founder fit and thesis alignment.

Founder and Market Preferences

Founder Preferences:

Experienced game developers with shipped titles or deep gaming domain expertise
Technical founders with clear creative vision
Teams that value collaboration and are open to mentorship
Founder-focused (not metrics-focused) approach

Anti-thesis:

Non-technical founding teams
Pure financial engineering or IP-flipping plays
Teams unwilling to accept collaboration and mentorship

Market/Sector Focus: The firm invests exclusively in the gaming industry with emphasis on:

Mobile game development studios
PC and console indie titles
Game development tools and middleware
Gaming infrastructure and services (cloud-native gaming, networking, etc.)
AI-enabled puzzle games and other AI-enhanced game development tools
"Built with Sisu" ventures (companies founded with Sisu's involvement from inception)

Sector Classification

Primary Sector: Gaming

Tech Tags:

Game engines and development tools
Mobile gaming infrastructure
Cloud-native gaming technologies
AI/ML applications in game development (puzzle optimization, game design tools)

Subsector Descriptions:

Independent game development studios (core focus)
Mobile-first game developers
PC and console indie titles
Game development tools and middleware
Gaming infrastructure and services (networking, cloud platforms)
AI-enabled game design and optimization tools
Cloud-native gaming platforms (high-fidelity, no-download gaming)

Notable Testimonials

Portfolio companies consistently praise Sisu for:

Proactive investor involvement and strategic guidance
Extensive industry network and meaningful connections
First-hand experience building fast-growing companies
Understanding gaming business deeply
Valuable insights and advice from day 1
Support beyond typical investor relationship
Deep expertise as game developers themselves
Instrumental assistance with seed rounds and exits