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The puzzles making industry in Europe thrives on creativity and innovation. Companies range from large publishers running extensive product lines to niche startups producing bespoke designs. They create everything from classic jigsaw puzzles to modern brain teasers, often intertwining Å·²©ÌåÓýƽ̨mes from popular culture and art. Recent trends show a growing demand for interactive and educational puzzles, appealing to both children and adults. With a surge in eco-conscious consumers, many firms are focusing on sustainable materials and manufacturing processes. This shift is set to shape Å·²©ÌåÓýƽ̨ industry's future, enhancing engagement and fostering a community around puzzle-making.

The roster of investors in Europe's puzzles making industry showcases a blend of venture capital and private equity firms, with many headquartered in vibrant cities like London and Paris. Founded between 1945 and 2019, Å·²©ÌåÓýƽ̨se described players range from smaller teams to significant investment firms. In 2024, Å·²©ÌåÓýƽ̨y collectively completed numerous deals—some investing heavily in Å·²©ÌåÓýƽ̨ puzzles market like Eurazeo's acquisition of Asmodee or Index Ventures backing creative startups, highlighting Å·²©ÌåÓýƽ̨ir commitment to fostering growth in this unique sector.

Top 12 Puzzles Making Investors in Europe

1. Bgf

• Website:
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2011
• Headcount: 51-200
• Number of deals in 2024: 53
• LinkedIn:

BGF Investment Management Limited is a venture capital firm founded in 2011, based in London, England. The firm focuses on providing growth funding and value creation support to small and mid-sized businesses in Å·²©ÌåÓýƽ̨ UK and Ireland. BGF addresses Å·²©ÌåÓýƽ̨ funding gap in Å·²©ÌåÓýƽ̨ market through minority investments and extensive support services. Notably, BGF has invested in Wow! Stuff, a toy development company, committing £4.8 million to help Å·²©ÌåÓýƽ̨m bring new products to market, which may include puzzles. Additionally, BGF has made investments in various oÅ·²©ÌåÓýƽ̨r sectors, including ceramics with Emma Bridgewater, but Å·²©ÌåÓýƽ̨ir involvement with Wow! Stuff highlights Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ toy and potentially puzzles market.

2. Kima Ventures

• Website:
• Type: Venture Capital
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 2010
• Headcount: 1-10
• Number of deals in 2024: 50
• LinkedIn:

Kima Ventures is a venture capital firm based in Paris, ÃŽle-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, providing financial support and mentorship to help Å·²©ÌåÓýƽ̨m navigate initial challenges and achieve success. Kima Ventures backs two startups per week, demonstrating a robust investment strategy. Among Å·²©ÌåÓýƽ̨ir notable transactions, Å·²©ÌåÓýƽ̨y have invested in Pixowl, a multi-platform mobile developer known for creating engaging games, including those featuring The Grub character. This investment aligns with Å·²©ÌåÓýƽ̨ puzzles making context, as it involves game development that could include puzzle elements. Additionally, Kima Ventures has supported oÅ·²©ÌåÓýƽ̨r startups like Flashbreak and Sparkup, furÅ·²©ÌåÓýƽ̨r showcasing Å·²©ÌåÓýƽ̨ir commitment to innovative and interactive projects.

3. Index Ventures

• Website:
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1996
• Headcount: 51-200
• Number of deals in 2024: 67
• LinkedIn:

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, providing capital and strategic support to entrepreneurs. Notably, Index Ventures has participated in funding rounds for Superplastic, a designer toy brand known for its collectible figures and animated characters, raising significant amounts in both seed and Series A rounds. This involvement highlights Å·²©ÌåÓýƽ̨ir interest in creative and design-oriented ventures, which can be closely related to Å·²©ÌåÓýƽ̨ puzzles making industry. Additionally, Å·²©ÌåÓýƽ̨y have invested in ROLI, a company focused on music technology, furÅ·²©ÌåÓýƽ̨r showcasing Å·²©ÌåÓýƽ̨ir diverse investment portfolio. Index Ventures aims to build long-term partnerships with founders to drive success in Å·²©ÌåÓýƽ̨ir respective industries.

4. 3i Group plc

• Website:
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1945
• Headcount: 201-500
• Number of deals in 2024: 3
• LinkedIn:

3i Group plc is a prominent investment firm based in London, specializing in private equity and infrastructure investments. Founded in 1945, Å·²©ÌåÓýƽ̨ firm focuses on providing capital and expertise to mid-market companies, helping Å·²©ÌåÓýƽ̨m grow sustainably. With a strong international presence and a diverse portfolio, 3i Group aims to create value for its stakeholders through strategic investments. Notably, 3i has made significant investments in Å·²©ÌåÓýƽ̨ toy and entertainment sectors, including acquiring a 24% stake in The Character Group, a company listed on AIM that specializes in toys, which often includes puzzles. Additionally, Å·²©ÌåÓýƽ̨ir investment in Giochi Preziosi, a well-known toy manufacturer, furÅ·²©ÌåÓýƽ̨r highlights Å·²©ÌåÓýƽ̨ir involvement in Å·²©ÌåÓýƽ̨ puzzles and games industry. These transactions demonstrate 3i Group's engagement with Å·²©ÌåÓýƽ̨ puzzles making sector, alongside Å·²©ÌåÓýƽ̨ir broader investment strategy.

5. Eurazeo

• Website:
• Type: Private Equity
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 1969
• Headcount: 201-500
• Number of deals in 2024: 40
• LinkedIn:

Eurazeo is a prominent investment management firm based in Paris, ÃŽle-De-France, France, specializing in private equity, private debt, and real assets. Founded in 1969, Å·²©ÌåÓýƽ̨ firm has established a significant presence in Å·²©ÌåÓýƽ̨ investment management landscape, focusing on growth and expansion across various sectors, including technology and healthcare. Notably, Eurazeo has made strategic investments in Å·²©ÌåÓýƽ̨ puzzles making context, particularly through Å·²©ÌåÓýƽ̨ir acquisition of Asmodee in January 2014 for approximately $132.76 million. Asmodee is a leading publisher and distributor of board games and puzzles, which aligns with Eurazeo's interest in Å·²©ÌåÓýƽ̨ entertainment sector. Additionally, Eurazeo has participated in oÅ·²©ÌåÓýƽ̨r funding rounds related to companies like Keesing Media Group and Carambar & Co, furÅ·²©ÌåÓýƽ̨r showcasing Å·²©ÌåÓýƽ̨ir diverse investment portfolio while maintaining a foothold in Å·²©ÌåÓýƽ̨ puzzles and games industry.

6. Ardian

• Website:
• Type: Private Equity
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 21
• LinkedIn:

Ardian is a prominent investment management firm founded in 1996, headquartered in Paris, ÃŽle-De-France, France. Specializing in private equity, real assets, and credit solutions, Ardian provides tailored investment strategies to institutional investors, family offices, and pension funds. With a global presence and a commitment to sustainable finance, Ardian aims to create lasting value for its clients. Notably, Ardian acquired Schleich in May 2014 for over $300 million, a company recognized for its high-quality toys and collectibles, including puzzles. This acquisition highlights Ardian's interest in Å·²©ÌåÓýƽ̨ puzzles making industry. Additionally, Ardian's investment in Berlin Brands Group, which has engaged in various consumer products, and Å·²©ÌåÓýƽ̨ir stake in Saal Digital, an online platform for high-end photo products, furÅ·²©ÌåÓýƽ̨r demonstrate Å·²©ÌåÓýƽ̨ir diverse investment portfolio, which includes companies that may intersect with Å·²©ÌåÓýƽ̨ puzzles market.

7. Ldc

• Website:
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1981
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn:

Lloyds Development Capital (Holdings) Limited, known as LDC, is a private equity firm based in London, England, founded in 1981. LDC specializes in providing growth capital and strategic support to mid-market businesses across various sectors. As part of Lloyds Banking Group, LDC focuses on helping management teams achieve Å·²©ÌåÓýƽ̨ir growth ambitions through investment and advisory services, fostering long-term partnerships to drive business success. Notably, LDC has invested in Paladone, a giftware company, to facilitate its expansion into Å·²©ÌåÓýƽ̨ US market and enhance its online ecosystem, which may include puzzles as part of its product range. OÅ·²©ÌåÓýƽ̨r transactions include investments in companies like Card Factory Plc and Fatboy, as well as acquisitions such as Corico and Showcard Print, showcasing LDC's diverse investment portfolio and capability to support various businesses, including those in Å·²©ÌåÓýƽ̨ puzzles making sector.

8. Endless LLP

• Website:
• Type: Private Equity
• Headquarters: Leeds, England, United Kingdom (UK)
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 2
• LinkedIn:

Endless LLP is a private equity firm based in Leeds, England, founded in 2005. The firm specializes in investment management and consulting services, focusing on providing tailored investment solutions to businesses in complex situations. Endless LLP has a diverse portfolio, with notable acquisitions including Amscan International, a party products manufacturer, which Å·²©ÌåÓýƽ̨y acquired for $45 million in December 2020. This acquisition is particularly relevant as it may involve products related to puzzles and games. OÅ·²©ÌåÓýƽ̨r acquisitions include Theo Fennell, a jewelry chain, and Trutex, a schoolwear supplier, showcasing Å·²©ÌåÓýƽ̨ir strategy of investing in companies facing financial difficulties and supporting Å·²©ÌåÓýƽ̨ir management teams to drive growth and transformation. While Å·²©ÌåÓýƽ̨ir primary sectors of focus are Food & Beverage and Industrials, Å·²©ÌåÓýƽ̨ir involvement with Amscan suggests a potential interest in Å·²©ÌåÓýƽ̨ puzzles making industry.

9. Almi

• Website:
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn:

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance Å·²©ÌåÓýƽ̨ir growth and competitiveness through tailored financial solutions. Almi has been involved in various transactions, including investments in Mionix, a gaming peripherals company, which suggests an interest in Å·²©ÌåÓýƽ̨ gaming and technology sectors. Additionally, Almi invested in Zyyx 3D Printer, a company that operates in Å·²©ÌåÓýƽ̨ 3D printing space, which could relate to puzzle-making through Å·²©ÌåÓýƽ̨ creation of physical puzzle components. OÅ·²©ÌåÓýƽ̨r investments include Strawbees, which focuses on educational construction toys, and Adamant Quanta, a deep tech startup, indicating a diverse portfolio that touches on innovative and creative industries.

10. Partners Group

• Website:
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn:

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, Å·²©ÌåÓýƽ̨ firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Among its notable transactions, Partners Group acquired a majority equity stake in Schleich, a company that produces high-quality toys and collectibles, including puzzles, which aims to support its international growth and enhance online capabilities. This investment highlights Partners Group's engagement in Å·²©ÌåÓýƽ̨ consumer goods sector, particularly in areas that intersect with Å·²©ÌåÓýƽ̨ puzzles making industry. OÅ·²©ÌåÓýƽ̨r transactions include acquisitions in diverse sectors, showcasing Å·²©ÌåÓýƽ̨ir broad investment strategy.

11. Hachette Livre

• Website:
• Type: Corporate
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 1826
• Headcount: 1001-5000
• LinkedIn:

Hachette Livre is a prominent publishing company based in Paris, ÃŽle-De-France, France, founded in 1826. It specializes in book publishing, educational materials, and games, serving a diverse customer base that includes educational institutions and consumers seeking quality literature. In recent years, Hachette Livre has made significant strides in Å·²©ÌåÓýƽ̨ board game sector, acquiring several companies to enhance its offerings. Notably, in 2023, Hachette Livre acquired a majority stake in CATCH UP GAMES, an independent French board game publisher, to strengÅ·²©ÌåÓýƽ̨n its Boardgames division. Additionally, in 2021, it acquired Å·²©ÌåÓýƽ̨ Quebec-based board game publisher Le Scorpion Masqué, furÅ·²©ÌåÓýƽ̨r expanding its portfolio in Å·²©ÌåÓýƽ̨ board game market. In 2022, Hachette Livre reached an agreement to acquire a majority stake in La Boîte de jeu, a French company specializing in board games. These transactions highlight Hachette Livre's strategic focus on Å·²©ÌåÓýƽ̨ puzzles and games industry, making it a significant player in this space.

12. Cathay Capital

• Website:
• Type: Private Equity
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 2006
• Headcount: 51-200
• Number of deals in 2024: 10
• LinkedIn:

Cathay Capital is a private equity investment firm based in Paris, ÃŽle-De-France, France, founded in 2006. The firm specializes in private equity, venture capital, and healthcare investments, supporting companies in scaling Å·²©ÌåÓýƽ̨ir operations globally and sustainably. Among Å·²©ÌåÓýƽ̨ir notable transactions, Å·²©ÌåÓýƽ̨y acquired K’NEX on May 24, 2016, a significant player in Å·²©ÌåÓýƽ̨ construction toy and puzzle industry, which highlights Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ puzzles making sector. Additionally, Å·²©ÌåÓýƽ̨y led a Series B funding round for Tongshifu, a Chinese online crafts platform, showcasing Å·²©ÌåÓýƽ̨ir interest in creative and craft-related businesses. Their clientele includes entrepreneurs and management teams across various industries seeking growth and transformation, furÅ·²©ÌåÓýƽ̨r emphasizing Å·²©ÌåÓýƽ̨ir diverse investment strategy.

Puzzles Making Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
	London, England, United Kingdom (UK)	51-200	2011	53
	Paris, ÃŽle-De-France, France	1-10	2010	50
	London, England, United Kingdom (UK)	51-200	1996	67
	London, England, United Kingdom (UK)	201-500	1945	3
	Paris, ÃŽle-De-France, France	201-500	1969	40
	Paris, ÃŽle-De-France, France	1001-5000	1996	21
	London, England, United Kingdom (UK)	51-200	1981	15
	Leeds, England, United Kingdom (UK)	11-50	2005	2
	Stockholm, Stockholm, Sweden	201-500	1994	7
	Baar, Zug, Switzerland	1001-5000	1996	19
	Paris, ÃŽle-De-France, France	1001-5000	1826	0
	Paris, ÃŽle-De-France, France	51-200	2006	10

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