General information

The Company adheres to the Finnish Companies Act and the rules of First North in the organization of its administration. The Company does not adhere to the Finnish Corporate Governance Code 2015 recommendations, as it is not justified with respect to the Company’s size and extent of its business.

The administration of the Company is, in accordance with the Finnish Companies Act, divided between the Shareholder General Meeting, the Board of Directors and the Managing Director. The shareholders exercise their rights mainly in the Shareholder General Meeting, which is normally convened by the Board of Directors of the Company. The Shareholder General Meeting shall, in addition, be held if the auditor or Company shareholders, whose shares represent at least one-tenth of all issued shares, which are not in the Company’s possession, demand in writing that a Shareholder General Meeting be held.

The business address of the members of the Board of Directors and the CEO is Juha Vainion katu 2, 48100 Kotka.

Articles of Association (pdf, Official version in Finnish)

Articles of Association (pdf, translation to English)

Board of Directors

The Shareholder General Meeting elects the members of the Board of Directors. The chairman of the Board shall be elected by the Board of Directors. The following persons were elected to the Board of Directors at the Annual General Meeting held on May 8, 2020: Antti Villanen, Johan Biehl, Mikkel Wider and Pim Holfve.

The term of office of each member of the Board of Directors ends at the adjournment of the first Shareholder Annual General Meeting following the election.

As of 8 May 2020, the Board of Directors comprises the persons set out in the table below:

Name Position Born Elected Independency from Company and larger shareholders
Johan Biehl Chairman of the Board 1983 2019 Yes
Antti Villanen Member of the Board 1973 2008 No, active in the Company
Mikkel Weider Member of the Board 1975 2020 No, represents large shareholder
Pim Holfve Member of the Board 1974 2020 No, represents large shareholder

Johan Biehl, born 1983

Chairman of the Board since May 2020

Johan Biehl is an investor and has devoted the last eight years to managing his personal investments. He is a board member and Investment manager at Feat Invest AB since 2016 and board member at Zwipe AS since 2018. Johan is focused on small and micro caps and today has some ten investments in listed and unlisted companies in a variety of industries with a predominance in tech companies. Johan has a background as an equity analyst and before going into the financial industry he held several positions in B2B sales and sales management. He has studied economics and business and holds a degree in finance from Stockholm University.

Antti Villanen, born 1973

Co-Founder & Member of board since 2008 and CSO of Nitro Games

Antti Villanen is a digital media and game industry executive with over 15 years of board and C-level experience from a wide range of digital companies. Before founding NitroGames, Antti co-founded the digital media studio Nitro FX Oy, where he worked as Executive Vice President and board member during 2002-2002 and CEO during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajärvi& Hellén DDB Oy during 1999-2000 and in various Sales-roles at Profectus Finland Oy during 1994–1999.

Mikkel Weider, born 1975

Member of board since May 2020

Mikkel Weider is the Managing Director of Nordisk Film Games. He founded the investment unit within Nordisk Film in 2016 and built the team to secure the investments and support the portfolio companies. Mikkel is currently on the board of Avalanche, Star Stable, Reto Moto and Raw Fury. Mikkel originally founded the gaming company Art of Crime and have been Director or board member at several global internet companies, including, and

Pim Holfve, born 1974

Member of board since May 2020

Pim Holfve has been the Chief Executive Officer of Avalanche Studios Group since 2015 and brings a wealth of global industry experience. At Avalanche Studios Group, Pim led the establishment of a sustainable and successful self-publishing organization in addition to the company’s work with third-party publishers and license holders. Previous to Avalanche Studios Group, he served as Chief Executive Officer of Expansive Worlds 2012-2015 and Producer for Battlefield Heroes at EA Easy 2011-2012. Additionally, Pim was one of the first employees at King and served in several positions such as Game Studio Director  and Corporate Identity Director.


The founders of Nitro Games have a strong background in managing, consulting and growing companies in the software and technology industry, with a strong focus on the gaming sector during the last decade. This has lead to a wide network within these sectors. The core team of Nitro Games has worked together for almost a decade and has developed and released over 25 international game titles for top tier publishers globally.

The CEO Jussi Tähtinen has 14 years of experience in game design, production and the management of game development teams. Together with a management team with a strong knowledge and long experience in programming for various gaming platforms as well as a long history in data-driven product portfolio management, project management and business development in the gaming and mobile industry internationally, Nitro Games has the skills, knowledge and experience to fulfil their strategy in developing and publishing high quality mobile games for the global mid-core mass market.

CEO, Jussi Tähtinen, born 1981, B.A. in Media Communication

Jussi Tähtinen is the Managing Director of Nitro Games since September 2008. He started as a designer in Nitro FX Oy in 2004, and before becoming the Managing Director for the spin-off Nitro Games, he worked in various roles within design and production. During his time at Nitro Games Jussi has built up a close-knit team of gaming professionals, and been involved in over 25 different game launches. Before Nitro FX Jussi worked as technical advisor at YIT Primatel Oy.

CFO, Matti Nikkola, born 1971, M.Sc. in Industrial Engineering and Management

Matti is the CFO of Nitro Games since 2017 and was before that the acting CFO since 2009.
Matti is an entrepreneur and seasoned leader with 25 years of executive level experience in trade and logistics, video and mobile games, financials and in the ICT and marketing business. Before focusing on investing and business development advisory in smaller companies through his own company, Matti worked as Development Director at B&B TOOLS Finland Oy, Development Manager at Ruuska Group Oy and in various positions at for example Valmet Oyj, Sampo Oyj, Pohjola Oy, Shell Oy, and Neste Oyj.


Samppa is the CTO of Nitro Games since 2014. He started as a PHP Programmer at Nitro FX in 2005 and continued as an AI Programmer at Nitro Games in 2007 after it was spun-off. Samppa worked as a Lead Programmer from 2011 to 2014. During his 10 years in game development, Samppa has worked with a range of platforms (PC, iOS, Android, Windows Phone, Xbox 360, PS3 and Symbian) as well as game engines (Unity3D, Havok Vision, Alan Wake engine, Marmalade SDK and Storm 3D).


Jussi joined Nitro Games as the COO in 2018. He has more than 15 years of experience in marketing and management positions from companies like Rovio, Nokia, RealNetworks, Mr. Goodliving and Chat-Republic Games. In his position as General Manager, Head of Rovio Stars Studio at Rovio Entertainment, Immonen was responsible for Rovio Stars publishing business and games business of externally produced titles.


Antti Villanen is a digital media and game industry executive with over 15 years of board and C-level experience from a wide range of digital companies. Before founding NitroGames, Antti co-founded the digital media studio Nitro FX Oy, where he worked as Executive Vice President and board member during 2002-2002 and CEO during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajärvi& Hellén DDB Oy during 1999-2000 and in various Sales-roles at Profectus Finland Oy during 1994–1999.

Ownership Structure

As of 16th of June 2017, the fully paid-up share capital of Nitro Games amounts to EUR 80,000. A total of 8 326 230 of the Company’s shares are registered. All Shares belong to the same class of shares.

The following table sets forth ten (10) biggest shareholders of the Company and their ownership as of 31th of December 2020.

The Company is not aware of any shareholder having a controlling interest in the Company.

The Company is not aware of any arrangements that might result in a change in the control of the Company in the future.

Shareholder Number of shares % of all shares and votes
1 Egmont Holding Oy ¹ 4 270 414 40,03
2 Aqurat FK AB 1 339 997 12,56
3 SEB AB, Luxemburg Branch 661 501 6,20
4 Avanza Pension försäkring AB 429 180 4,02
5 Feat Invest Ab ² 229 717 2,15
6 Ludvig Strigéus 207 857 1,95
7 Nordnet pensions försäkring Ab 168 713 1,58
8 Markus Johansson 142 121 1,33
9 Antti Villanen 135 947 1,27
10 Oy AjoRanta Group AB ³, ⁴ 117 103 1,10
Others 2 966 384 27,80
Total 10 668 934 100,00

¹ Egmont Holding Oy represents the investment by Nordisk Film Games.
² Feat Invest Ab is controlled by Johan Biehl (Chairman of Board).
³ AjoRanta Group Ab is controlled to 100% by CFO Matti Nikkola.
⁴ AjoRanta Group AB has lent 45 000 shares to L
iquidity provider (Lago Kapital).


The table below includes the holdings (privately or through a company) of Shares in the Company as well as holdings of rights entitling to Shares by the members of the Board of Directors and the management board of the Company as of 10 November 2017. The share option programme of the management is further described under “Board of Directors, management and auditors – Share option programme of the management” in the Company Prospectus.

Stock options plan 1/2017 (pdf)
Stock options plan 1/2018 (pdf)
Stock options plan 1/2019 (pdf)
Stock options plan 2/2019 (pdf)
Stock options plan 2/2020 (pdf)

Board of Directors Shares Share Options 1/2017A Share Options 1/2017B Share Options 1/2018A Share Options 2/2019A Share Options 2/2020C
Johan Biehl ¹ 326 807 20 500
Antti Villanen 129 254 16 000 15 000 1 500 267 000
Mikkel Weider
Pim Holfve
Total 1 456 061 16 000 15 000 1500 20 500 267 000

¹ The total of shares includes shares which Johan Biehl controls (Feast invest AB)

Management Shares
Subscription begins:
Share Options
Share Options
Share Options
Share Options
Share Options
Share Options
Share Options
Share Options
Jussi Tähtinen 71 535 16 000 15 000 1 500 267 000
Matti Nikkola ¹ 209 291 16 000 15 000 1 500 37 500
Samppa Rönkä 10 002 13 500 2 500 1 500 1 000 18 500
Jussi Immonen 14 543 35 750 35 750 1 500 1 000 120 000
Antti Villanen 129 254 16 000 15 000 1500 267 000
Total 434 625 61 500 47 500 35 750 35 750 6000 1 500 1 000 710 000

1 The total of shares includes shares which Matti Nikkola controls to 100 % (AjoRanta Group Ab).



Auditors of the company have the audit firm Idman Vilen Grant Thornton Oy and Antti Niemistö, Authorized Public Accountant, as the responsible auditor.

The Annual General Meeting elects the auditor for a financial year at a time. The Board of Directors annually submits to the Annual General Meeting a proposal on the election or re-election of an auditor after assessing the qualifications and independence of the proposed auditor.


Information Policy

Nitro Games’ information policy can be found here.



Juha Vainion katu 2
48100 Kotka


Kaisaniemenkatu 2B
5th Floor
00100 Helsinki

Contact us

Mobile +358 44 082 2268