ForsVC Research
ForsVC (ForsVC Partners NV) is a Belgium-based venture capital fund dedicated exclusively to the gaming industry. Operating under the tagline "Investing in the future of gaming," ForsVC backs teams building the next generation of interactive entertainment, technology, and services across Western Europe.
Investment Thesis
ForsVC's core thesis is that the gaming industry is broader than game studios alone — it encompasses game technology platforms, publishers, marketing agencies, and service providers. They believe the gaming ecosystem requires dedicated capital that understands both the creative and commercial challenges of building game companies. Rather than applying a generalist VC lens, ForsVC brings operational expertise: the partners have founded companies, created video games, and run incubators. This founder-first orientation distinguishes them from financial investors.
Their value-add program, FORSight, provides portfolio companies with community support (founder network), warm introductions to publishers and co-investors, hiring support via GameJobs.be, 1-on-1 mentorship via GameMentors.be, discounts on industry tools, and a library of 1,000+ industry documents.
Fund Size and Ticket Size
ForsVC manages an €18M fund dedicated to gaming. They invest tickets ranging from €150,000 to €1,500,000 — positioning them as a pre-seed and seed-stage investor by check size. Typical investment structures include equity (primary), convertible notes, and project funding, offering flexibility for game development projects that may not fit a pure equity model.
Stage Focus
Given the €150K–€1.5M check range, ForsVC operates at the earliest stages: pre-seed and seed. The portfolio confirms this — the majority of portfolio companies are first-time institutional recipients. They are not a follow-on-heavy fund at growth stages.
Geographic Focus
ForsVC explicitly limits its geographic mandate to four countries: Belgium, the Netherlands, France, and Germany. This Western European Benelux + DACH focus is narrow and deliberate. The bulk of their portfolio to date is concentrated in Belgium and the Netherlands, with some French companies (Aberratic in Liège). They do not invest in Nordics, UK, or outside Europe.
Portfolio Breadth: Full Gaming Ecosystem
Unlike many gaming VCs that focus only on game studios, ForsVC invests across the full gaming value chain:
- Game Studios (Galaxy Grove, Twirlbound, Aberratic, Glowfish Interactive, Cyborn, Studio Deloryan)
- VR/XR Studios (Hero Zone VR, Oisoi Studio, Cyborn)
- Game Technology/SaaS (Arcanix — LiveOps platform, StriveCloud — enterprise gamification)
- Publishers (Mystic Forge — strategy games, Oro Interactive — micropublisher)
- Platforms (Gamevestor — crowdfunding platform for gaming)
This breadth signals that ForsVC sees the entire gaming supply chain as investable, not just front-end studios.
Recent Activity (2025–2026)
ForsVC has been actively deploying in 2025:
- January 2026: Gamevestor — €1M+ round launching Europe's first regulated gaming crowdinvestment platform
- October 2025: Galaxy Grove — $1M investment alongside 1Up Ventures (management game studio)
- September 2025: Twirlbound — equity investment alongside Brabant Development Agency (BOM)
- August 2025: Arcanix — investment alongside imec.istart accelerator
- July 2025: Aberratic — €750K round with Leansquare and Wallimage Entreprises
The frequency (5 deals in 7 months) indicates active deployment. They frequently co-invest with regional development agencies and other gaming VCs (1Up Ventures), suggesting comfort as both lead and co-investor.
Team
- Arne Ottoy, Managing Partner — Primary decision-maker and firm lead
- Eric Diepeveen, Venture Partner — Brings additional gaming and investment expertise
- Michiel Houwen, Growth Manager — Focused on portfolio support and growth initiatives
The team is lean (3 people), which combined with the €18M fund size, suggests high founder-accessibility and fast decisions.
Decision Process
ForsVC operates as a small partnership with Arne Ottoy as primary decision-maker. The small fund size and lean team suggest fast, partner-driven decisions.
Lead Tendency
ForsVC co-invests frequently with regional agencies and other VCs. In several deals they appear alongside multiple investors. They appear to function as co-lead or co-investor, with deals often syndicated with public development agencies.
Anti-thesis
ForsVC does not invest outside of gaming. They explicitly limit geography to Belgium, Netherlands, France, and Germany. Check sizes also imply they are not the right partner for later-stage Series B+ rounds.