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Scaling start-ups in iGaming and Web3: Investing with purpose
Launched in 2021, Ikigai Ventures has carved a niche in seed-stage investing, supporting founders in Europe and beyond who are building frontier technology and gaming platforms. De Carvalho, a veteran of both start-ups and corporate strategy, combines operational insight with an eye for global scaling. He is candid about what impresses him in a pitch, where founders tend to stumble, and how the concept of ikigai, a Japanese term roughly translated as “purpose” or “reason for being”, guides both his firm and the companies it backs.
How European founders can scale globally
Game Lounge: Can you start by explaining what Ikigai Ventures does and your role?
Vinícius M de Carvalho: Ikigai Ventures is a seed-stage venture fund focused on iGaming and frontier technologies. We provide capital, but also operational support, industry relationships, and a plug-and-play model to accelerate growth. I joined as Investment Partner in 2022. I lead investment decisions, mentor founders, and help them scale into new markets.
Game Lounge: When evaluating a start-up pitch, what are the top qualities you look for?
Vinícius M de Carvalho: Clarity, evidence, and focus. Clarity is about explaining the problem, the market, and why now is the moment. Evidence is early traction, solid unit economics, or customer validation – proof the idea isn’t just theoretical. And focus is about what founders choose not to do. Great teams use constraints strategically; average teams just accept them.
Game Lounge: How do you balance operational maturity with raw growth potential?
Vinícius M de Carvalho: Stage matters. Early on, I tolerate a messy back office if the founders have ambition and clarity. By Series A, intuition alone won’t scale. You need predictable processes, accountability, and financial discipline. Operational maturity prevents avoidable fires; growth potential gets you into the room. The best companies demonstrate both earlier than expected.
Game Lounge: How does the concept of ikigai influence investing in sectors prone to hype, like Web3 and iGaming?
Vinícius M de Carvalho: Purpose is an anchor. These markets are volatile and full of short-term temptations—token spikes, fast revenue, trend-chasing. Teams with a clear reason for being disciplined, build durable products, and cultivate real communities. Purpose doesn’t replace speed; it focuses it.
Game Lounge: For Central European start-ups aiming globally, what pitfalls do you see?
Vinícius M de Carvalho: The first mistake is assuming local logic scales. Prague or Warsaw models won’t automatically succeed in São Paulo or Lagos. Second is positioning: strong tech isn’t enough without a narrative and brand that resonate internationally. The remedy is global standards from day one, advisors who’ve scaled abroad, and a story crafted for multiple markets.
Game Lounge: How do you connect start-ups with investors or affiliates—structured meetings or informal networking?
Vinícius M de Carvalho: Both are important. Structured 1-on-1s create efficiency and alignment. Informal networking builds trust and chemistry. Our approach combines structure to get conversations started and informality to deepen relationships. Most deals need both.
Game Lounge: After an event, what outcomes define success for you?
Vinícius M de Carvalho: Follow-through. I want to see pilots, integrations, or commercial tests initiated within a quarter. Warm intros should become calls, calls should become due diligence, and due diligence should become signed agreements. That progression is success.
Game Lounge: What’s the most predictive KPI for long-term ROI in iGaming?
Vinícius M de Carvalho: Retention and net gaming revenue per first-time depositor. Volume without retention is meaningless. If retention is strong, everything else compounds—lifetime value, cross-sell, and community effects.
Game Lounge: Suppose you had €50,000 for a three-month growth sprint. How would you spend it?
Vinícius M de Carvalho: On affiliate partnerships, but intentionally. Co-create content, secure exclusive placements, or run campaigns with affiliates who already own your audience. Paid ads burn fast; influencer campaigns carry personality risk. Affiliates give measurable reach and ROI.
Game Lounge: Finally, how will AI change deal-making in the next two years?
Vinícius M de Carvalho: AI will automate risk scoring, benchmarking, and early valuations. But deal-making remains human at its core: trust, ambition, and timing are not automatable. Teams that leverage AI to clarify their story and validate data will outpace those treating it as a novelty.
De Carvalho’s approach reflects a clear philosophy: invest with discipline, anchor decisions in purpose, and insist on measurable progress. In sectors where hype moves faster than strategy, He believes that founders should position themselves not just to raise capital, but to build companies that can endure, scale, and compete on a global stage.
Game Lounge spoke exclusively with Vinícius M. de Carvalho who is an Investment Partner at Ikigai Ventures with over 20 years of experience blending finance and technology across Europe and Latin America.
