Velo Partners

Velo Partners Research Investment Thesis Velo Partners is a London-based venture capital firm founded in 2011 by Evan Hoff that invests exclusively in the global gaming and gambling industry. The firm spans the full spectrum of the gaming ecosystem — mobile, online, land-based, real-money, social, B2B, and B2C assets. Velo believes in backing companies with strong early traction and a clear understanding of their unit economics. The firm maintains a hands-on approach to portfolio management, emphasizing governance, reporting, and collaborative management. Velo operates in association with RNG Foundry, a gaming accelerator focused on earlier-stage investment in iGaming content. RNG Foundry has built a portfolio of more than 19 studios across 10 countries since its debut investment in 2016, providing equity financing, front-end and back-end frameworks, regulatory shelter, proprietary RNG and RGS systems, and a data-driven BI platform. Sector Focus Velo Partners is one of the most focused gaming and gambling VCs globally. Their investment universe includes: iGaming / Online Casino : Slot studios, live dealer, RNG content (via RNG Foundry) Sports Betting : Analytics platforms, betting infrastructure, odds providers Casual & Mobile Gaming : Hyper-casual, puzzle games, skill-based gaming Esports : Teams, platforms, analytics Real-Money Gaming : Poker, rummy, fantasy sports (especially India) Gaming Infrastructure : B2B platforms, data analytics, payment solutions AI in Gaming : Applied AI for gaming applications They explicitly cover the entire gaming value chain from content creation through distribution and analytics. Stage Focus Velo primarily targets Seed and Series A investments, as well as early growth-stage companies demonstrating traction. Through RNG Foundry, they also fund pre-seed and accelerator-stage iGaming studios. They opportunistically evaluate later-stage investments and typically exercise their follow-on rights in subsequent funding rounds. Check Size Based on multiple data sources: First ticket : £1.5M–£3M (approximately $1.9M–$3.8M) Evan Hoff personal/angel range : $500K–$2M, sweet spot $1M Average historical check : $4.1M (includes follow-ons) Range observed : From sub-$500K (via angel fund/RNG Foundry) to $6.7M+ (e.g., SPIN Gaming seed) Lead Tendency Velo acts as both a lead and follow investor. They frequently lead seed rounds in gaming-specific companies, and participate as co-investors alongside other gaming-focused funds like BITKRAFT Ventures, FJ Labs, and Lumikai. Recent Activity (2025-2026) Velo has been actively deploying capital: March 2026 : SPIN Gaming — $6.72M Seed March 2026 : NPrep — $1.5M Seed (co-led with Lumikai) February 2026 : Peerplay — Seed December 2025 : EasyWin — Seed at $15.5M valuation (via Angel Fund, skill-based gaming platform with $30M annualized GMV) 2025 : Posh Monkey Studios — iGaming content studio (founders from Play'n GO, Print Studios, Gaming Corps) The fund appears actively deploying with multiple new investments in 2025-2026. Portfolio Highlights Velo has an impressive track record across 40+ investments over 15 years: Unicorns (2): Tripledot Studios — Casual mobile gaming company, reached unicorn status in 2022 (founded 2017) Moon Active — Creator of Coin Master, reached unicorn status in 2020 (founded 2011) IPOs (2): Gaming Realms — Listed on the London Stock Exchange (LSE) Silver Heritage Group — Listed on the Australian Securities Exchange (ASX) in August 2016 Notable Acquisitions (8+): Sports IQ Analytics — Acquired by DraftKings (May 2024) Adda52 — India's largest poker portal, sold to Delta Corp Dragonplay — Acquired by SG Interactive Banana Whale Studios — Exited Other Notable Portfolio: Blockchain.com — Major cryptocurrency platform G2 Esports — One of the world's premier esports organizations Evolution — Global leader in live casino B2B (now a public company worth $20B+) Bede Gaming — Online gaming platform provider BetGames — Live dealer betting provider Team Evan Hoff — Founder and Partner Chartered accountant with former PwC experience (audit, corporate finance). Founded and served as CEO of multiple gaming ventures including a London Stock Exchange AIM-listed company. Has been investing in gaming for over 15 years. Andrew Reader — Partner Five years of investment banking experience focused on technology and consumer mid-market transactions with gaming/gambling specialization. BSc Business Administration (University of Bath), ICAEW Corporate Finance diploma. Handles investment evaluation, governance, and reporting. Rob Duboff — Director Chartered accountant (KPMG audit), former professional poker player. Six years at BDO corporate finance specializing in the gambling sector, with a secondment at Caesars Entertainment EMEA (FP&A). First Class Honours from University of Bristol. Connor Williams — Director Previous experience at PwC South Africa, Shore Capital, and EY. Manages portfolios across the early-stage gambling and gaming ecosystem. Speaker at ICE Barcelona 2025. Decision Process Velo operates as a small partnership (2 partners + 2 directors). Given the team size and specialization, investment decisions likely follow a partnership model with all senior members involved. Geographic Focus Global with particular strength in: Europe : UK (HQ), Nordics, Baltics, Western/Southern/Central-Eastern Europe India : Strong presence via Adda52, Baazi Games, Junglee Games, Gamezop, NPrep Israel : Multiple portfolio companies (Moon Active, etc.) North America : US, Canada Caribbean : Listed as a focus region Asia-Pacific : Selective investments Headquarters 100 Marylebone Road, London, NW1 5DX, UK Assets Under Management Approximately $1 billion in assets under management, as referenced in Connor Williams' ICE Barcelona 2025 speaker biography.