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When we assess a company’s PnL, we don’t rely on gut


feeling or high-level vision alone. We base our decisions on cold, hard data. We look at the numbers, analyse


financials, and check if projections are realistic. And I’ve always maintained that the bottom line never lies. It’s the numbers that determine the truth, not the pitch.


Xanada Investments Seeing the Fire


Whittled down from a hundred of online applications by leading investors and industry thought leaders, five finalists are set to battle it out for the 2025 Xanada Pitch Contest at NEXT Valetta. Vladimir


Malakchi, CEO and Managing Partner of Xanada Investments, underlines the importance of passion and seeing the fire with which entrepreneurs are going to build their business.


What's your assessment of Xanada’s investment portfolio? Are you satisfied with the building blocks in place?


At Xanada Investments, there’s no room for complacency. We don’t believe in “good enough.” We’re here to build, scale, and grow — continuously, relentlessly. When you stop progressing, you’re already falling behind. Our first year was more successful than expected — we exceeded the goal of adding 10 projects to our portfolio. Tis year, our goal is to scale even faster — targeting 15 to 20 projects with a clear vision of what we need.


We’re focused on businesses that can scale, adapt, and weather challenges — the kind of companies that fit into our long-term strategy. We’re looking for opportunities that offer at least an IRR of 25-40% and an MOIC of 3-5x. Tese metrics are the backbone of our investment decisions, ensuring we’re focused on high-growth, sustainable businesses, not just chasing the latest trend.


Have you been impressed by the depth of creativity and ambition?


Absolutely. Ambition and creativity are crucial; the desire to build something new is always great. However, what really matters to us is the practical application of these ideas and the numbers behind them. We look for founders who not only have bold visions but who are also resilient and adaptable, able to build and evolve their


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businesses in a fast-paced industry. Take Romania as an example: companies were operating smoothly, having secured licenses and investing in the market. But then, in January 2025, these companies were hit with a €7 million deposit just to continue their operations. Tat’s the nature of iGaming — it’s an industry where regulations can shift dramatically overnight, creating risks that other sectors don’t face.


When we assess a company’s PnL, we don’t rely on gut feeling or high-level vision alone. We base our decisions on cold, hard data. We look at the numbers, analyse financials, and check if projections are realistic. And I’ve always maintained that the bottom line never lies. It’s the numbers that determine the truth, not the pitch.


What’s the competitive investment landscape like in iGaming?


In the iGaming sector, we work alongside many other funds, but we don't view them as competitors. Instead, we consider them our partners. Our approach is different — we focus on making strategic investments rather than acquisitions. When a company takes more than 80 per cent ownership, it’s an acquisition, and that’s not our approach. We’re proud of our strong expertise in both B2B and B2C, which allows us to navigate the market and make decisions that others might miss. We value our partners and the relationships we build within the industry. If a project aligns better with another fund,


VLADIMIR MALAKCHI CEO and Managing Partner Xanada Investments


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