Hiro Capital

HIRO Capital Research Document

Investment Thesis

HIRO Capital is a founder-led European venture capital firm investing in what they call the "Superabundant future of Humanity." Founded in 2018 by Luke Alvarez and Cherry Freeman with deep gaming and technology expertise, HIRO believes Europe can and should lead the next phase of human evolution enabled by technology. The fund is explicitly founded by successful entrepreneurs who co-founded/angeled over $10 billion in extraordinary companies, bringing what they call "entrepreneurial scar tissue" to their investment approach.

HIRO's thesis centers on a Cambrian explosion of new technologies powered by next-generation AI, Spatial Computing, and accelerating convergence of computing into the physical world and onto the human body. They position themselves as hands-on, proactive operators rather than passive investors, providing skills, experience, networks, candid feedback, and "radical candour" to founders.

Sector Focus

HIRO invests across a distinctive thematic portfolio:

1. Games & Entertainment: Core competency. Portfolio includes Keen Games, Team Liquid, FitXR, LIV, LAMINA1, Loric Games, Maintain Altitude, Meeple Corp, Playbook, Soccerverse, Unsigned, Dreamcraft, Loco, FRVR, Snowprint Studios, Happy Volcano, Zwift, Lightfox Games, Telltale Games. Clear focus on both competitive esports infrastructure and innovative gaming experiences.

2. AI, Autonomy & Robotics: Sidero Labs (Kubernetes operations), Incredibuild (AI acceleration platform), companies in deep tech infrastructure space. Strong technical investment committee focused on cloud and AI.

3. Spatial Computing & Digital Augmentation: VR/AR/XR focused investments, including Polyarc (VR/AR), LIV (VR spectator), Edgegap (game server hosting), companies enabling digital experiences.

4. Longevity, Sports Tech & Augmentation: CARV (ski wearable sensors), PlayerData (sports GPS tracking), Playbook (creator economy platform for fitness/wellness), FitXR (VR fitness), Zwift (gaming fitness).

5. Space Economy & Defence: Portfolio companies building next-generation defense and space technologies, though specific portfolio companies less visible.

6. Simulation & Digital Twins: Kypso (digital twin simulation platform), companies enabling Monte Carlo simulations and virtual environments.

HIRO explicitly avoids toxic or addictive technology and emphasizes investments that are positive, bring people together, and get people out of their living rooms into the physical world.

Stage Focus

HIRO Capital is explicitly a multi-stage investor operating from Seed through Series C and Scale-up. However, the portfolio shows particularly strong seed-stage deployment with consistent support for growth-stage companies. HIRO III (the new fund launched December 2025) can deploy €5M-€50M per company, indicating a focus on scaling companies beyond early-stage.

Check Size

Based on HIRO III specifications and portfolio pattern analysis:

• Seed: €2M-€10M typical range
• Series A: €5M-€20M typical range
• Series B/Scale-up: €10M-€50M (HIRO III capacity)
• Fund III can deploy €5M-€50M per investment

Estimated typical check: €5M-€15M for core investments

Lead Tendency

HIRO explicitly positions itself as a proactive, hands-on investor. The team takes board seats and observer positions consistently. They describe themselves as "very proactive investors" who "do not sit back and shut up." Portfolio analysis shows lead or strong co-lead positions, particularly at seed and Series A rounds. HIRO is clearly a lead investor mentality firm.

Recent Activity

HIRO Capital is actively deploying:

• December 2025: Launched HIRO III fund with €5M-€50M deployment capacity
• December 2025: Appointed Sir Nick Clegg as General Partner (former Meta President, former UK Deputy PM)
• December 2025: Investment in Bulkhead (game company)
• September 2025: PlayerData raises Series A with HIRO investment
• October 2025: 38+ companies in portfolio as of late 2025

Fund Status: Actively deploying from HIRO III with first investments expected in 2026. Recent news includes major leadership announcements and fund expansion.

Portfolio Highlights

HIRO manages an exceptionally large and active portfolio of 38-47 companies across gaming, AI/robotics, spatial computing, and longevity sectors:

Gaming Portfolio (15+ companies): Keen Games, Team Liquid, FitXR, LIV, Polyarc, LAMINA1, Loric Games, Maintain Altitude, Meeple Corp, Playbook, Soccerverse, Unsigned, Dreamcraft, Loco, FRVR, Snowprint Studios, Happy Volcano, Lightfox Games, Zwift, Telltale Games, Noodle Cat Games

AI/Autonomy/Robotics: Sidero Labs (Kubernetes), Incredibuild (AI acceleration), Kypso (digital twins)

Sports Tech/Longevity: CARV (ski sensors), PlayerData (sports GPS), Playbook (fitness creator economy), Zwift (gaming fitness)

Notable exits and achievements:

• Portfolio companies with strong exits and market performance
• Team Liquid is a major esports brand with multi-hundred-million-dollar valuation
• Strong track record in both public (IPO) and private exits

Team

Founder & Managing General Partner:

• Luke Alvarez: 33 years in technology. Founded Inspired Entertainment (Nasdaq-listed games/virtual sports company, IPO 2006 AIM, 2016 Nasdaq). Co-founder of The Cloud (UK's largest public Wi-Fi). Originated HIRO concept in 2018. BCG background. Cambridge University, Fulbright Scholar. Board member across CARV, Snowprint Games, LIV, FitXR, Betvictor, Incredibuild, Frameplay.

Founder & General Partner:

• Cherry Freeman: Serial operator-turned-investor. Co-founded LoveCrafts (global crafts marketplace, 4 venture rounds, acquired). BCG experience. Computacenter Group Strategy Director (£250M software business unit). Portfolio experience with Mimecast, New Voice Media. Named "Britain's Coolest Female Founder" by Business Insider. NED/observer at Incredibuild, Machinations, Frameplay, FitXR, Keen Games, Lightfox.

Founder & General Partner:

• Sir Ian Livingstone CBE: Pioneer of global video game industry, made CBE for services to UK games. Co-founded two billion-dollar companies: Games Workshop (Warhammer) and Eidos (Lara Croft/Tomb Raider). Angel investor/chairman of Playdemic (Golf Clash), Tonic Games (Fall Guys). Ex-Chairman Sumo Group PLC. Knighted 2022 for STEM education impact. Lifetime BAFTA for UK games services. Deep gaming domain expertise.

General Partner (Recent Addition):

• Sir Nick Clegg: Former UK Deputy Prime Minister (2010-2015), former President of Global Affairs at Meta (2018-2025). EU background, Commission adviser, MEP. Thought leader on technology policy and regulation. Adds significant networks and policy credibility.

Investment Committee:

• Simon Cornwell (Non-Executive): 30 years TMT/Media, 12 years VC at Amadeus Capital Partners (Senior Partner). Founded Two Way TV (interactive TV pioneer). Founder/CEO The Ink Factory (production company, 'The Night Manager', 'Fighting With My Family'). Co-founder Giant Squid (games studio, Abzu, The Pathless on Apple Arcade).

Investment Leadership:

• Spike Laurie (Partner): Leads Space, Defence, Games investment strategy. 10+ years commercial/operational expertise, 7 years VC. Former ESL leadership roles (world's largest esports org, billion-dollar exit to Savvy Gaming). Co-founder Payment Labs, Hiro Advisory M&A boutique.
• Luca Suma (Investment Director, Augmentation & Longevity): 7+ years at HIRO supporting portfolio. 10+ years operational experience in games/tech. Full-time board director, observer, remco member across portfolio.
• Samuel Costello (Investment Director, Cloud, Edge & AI): 6+ years pre-HIRO M&A/Tech Product experience. Deep technical skills in Cloud, AI, 3D Engines. Board member Sidero, observer at other HIRO companies.

Supporting Team:

• Alistair Hopkins (Technology Director): Former CTO at Inspired, virtualization/cloud adoption pioneer. Advises portfolio across full tech stack.
• Andy Barber (CFO): 20+ years finance in tech, CIMA chartered accountant. M&A, IPO, Post-Merger Integration expertise.
• May Karatzenis (Investor Relations Director): 10+ years global finance. Bear Stearns, Société Générale Private Banking background.
• Adam Mee (Associate): First-class Oxford graduate, hackathon winner.
• Beth Li (Venture Director Asia): 22 years consulting/strategy, cross-border tech market entry. Founded BML Consulting. JP Morgan background, angel investor.

Decision Process

HIRO operates with a partnership model. Luke Alvarez drives strategic direction and co-leads AI, longevity, sports, and deep tech investments. Cherry Freeman leads pipeline development, due diligence, and deal structuring. Ian Livingstone drives games investments. The investment committee includes independent external advisors (Simon Cornwell). Decision process emphasizes hands-on engagement, radical candour, and strategic board-level involvement. Partners take board seats and active advisory roles.

Geographic Focus

Explicitly Europe+ focused. "Europe+" extends from EU, UK, Norway, Switzerland through Ukraine, Turkey, and Israel. London-based firm with European investment strategy, though increasingly global with Asia advisory support (Beth Li role). Primary focus on European tech ecosystem, particularly UK and continental Europe.

Founder Preferences

HIRO explicitly seeks:

• Ambitious, entrepreneurial teams building innovative technologies with differentiated propositions
• Founders willing to engage with experienced operator-investors
• Teams receptive to candid feedback and hands-on engagement
• People who "level up their intelligence and prosperity"
• Teams building tech that brings people together for constructive fun
• Inclusive, diverse teams
• Founders building positive technologies (not toxic or addictive)

Fund Status

HIRO III launched December 2025 with significant capital and new leadership (Sir Nick Clegg). Fund is in active deployment phase with first investments expected in 2026. Previous funds (HIRO I, II) are seasoned with established portfolio companies showing strong operational performance.

Investment Philosophy

HIRO emphasizes a unique model combining:

1. Founder expertise: Leadership team are battle-scarred entrepreneurs, not pure financial investors
2. Hands-on engagement: Proactive investor model with regular board meetings, check-ins, and strategic support
3. Radical candour: Direct, honest communication with portfolio founders
4. Technology optimism: Belief in technology as a force for good
5. Diverse, inclusive approach to both teams and founders
6. Physical + digital: Investments bridging computing into physical world and human body

HIRO explicitly rejects a passive investor model and commits to active involvement, expertise sharing, and strategic guidance.