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.