INTERVIEW: XANADA INVESTMENTS
Xanada Investments was a key exhibitor at this year’s SBC Summit in Lisbon
Beyond the team, we look for business models with strong unit economics, clear paths to profitability, and differentiated technology or market positioning that creates defensible moats. Our approach prioritises opportunities with a targeted IRR of 25–40% and a MOIC of 3–5x, ensuring every investment aligns with our commitment to sustainable, measurable returns. The era of growth at any cost is over – we back businesses that balance innovation with operational discipline.
GIO: iGaming is highly regulated and fragmented across markets. What advice would you give to operators and affiliates looking to scale internationally, and how does Xanada help its portfolio navigate these challenges? VM: My advice is straightforward: never underestimate the complexity and never compromise on compliance. International scaling requires patience, local expertise, and significant investment in regulatory infrastructure. The biggest challenges revolve around adapting to ever- changing market dynamics. Some aspects, like improving processes or building strong teams, are within your control. However, external factors – regulatory changes, market shifts, or economic turbulence – demand quick thinking and flexibility. Each market has unique requirements, and shortcuts inevitably lead to problems. I encourage a phased approach – master one or two markets before attempting global expansion. At Xanada, we help our portfolio companies navigate these challenges through our network of regulatory advisors, local market experts, and operators who’ve successfully scaled across jurisdictions. For instance, with companies entering challenging markets like the U.S. alternative gaming space or navigating Asia’s diverse regulatory environments, we’ve provided strategic guidance on licensing structures and compliance frameworks. It takes time and effort, but we overcome these challenges with patience and structure.
GIO: Affiliates remain an important growth channel. How do you see their role evolving, and are you looking at investments or partnerships that strengthen this part of the ecosystem? VM: Affiliates are evolving from pure traffic sources to sophisticated media brands and trusted advisors for players. The most successful affiliates today are building genuine value – comprehensive content, transparent reviews, and tools that help players make informed decisions. As acquisition costs rise across paid channels, organic discoverability becomes even more critical. That’s exactly why we’ve invested in specialised companies focusing on SEO expertise and affiliate program optimisation. We recognise that organic growth strategies are becoming increasingly crucial competitive advantages. We’re actively looking at opportunities that strengthen the
affiliate ecosystem, particularly companies that help affiliates professionalise and scale while maintaining quality and compliance. The future belongs to affiliates who can combine content excellence with data-driven strategies.
GIO: Regulation, taxation, and market saturation are constant challenges. How does Xanada assess and mitigate these risks when backing new projects? VM: Risk assessment in iGaming requires both rigorous analysis and experienced judgment. We conduct thorough due diligence on regulatory exposure, tax implications, and competitive dynamics in target markets. But beyond analysis, successful mitigation comes down to patience and structure.
We build conservative financial models, ensure adequate capital reserves for regulatory changes, and work with founders to create flexible business structures that can adapt to evolving landscapes. I’ve had moments where tough conversations about risks felt uncomfortable in the moment, but looking back, they were the turning points that kept companies alive. We’ve deployed significant capital across multiple projects, and each investment goes through this rigorous process. It takes time and effort, but we overcome these challenges through careful planning, experienced counsel, and the discipline to walk away from opportunities that don’t meet our risk criteria.
GIO: On your website you mention building with “shared ideologies.” What values are most important to you when working with iGaming founders, and how do you test for alignment? VM: Our goal was to build not just an efficient investment fund, but a whole ecosystem of businesses, allowing each of its members to move towards their excellence together. Beyond typical investment resources, we offer a community that shares our business values, goals, and philosophy. The founders are absolutely the key to any successful investment – they need to be living and breathing their company, with an unwavering belief in their mission. My personal mantra is ‘Aut vincere, aut mori’ – either win or die. This isn’t just
a mantra; it’s a mindset. Every goal I set becomes a mission, and I pursue it relentlessly. The values we prize most are integrity, long-term thinking, resilience, and a genuine commitment to building sustainable businesses. Learning to listen and adapt is crucial for growth. I’ve seen talented individuals miss opportunities simply because they couldn’t accept input or consider alternative perspectives.
We test for alignment by spending significant time with founders before investing, understanding their motivations, observing how they treat their teams, and evaluating the work atmosphere they’ve created. We always look closely at the team composition and their collective experience. Cultural and ideological alignment isn’t something you can assess in a single meeting – it reveals itself through extended engagement and observation of how founders make decisions under pressure.
GIO: What’s your long-term vision for Xanada in iGaming? Should developers, operators, and affiliates expect to see you expand into new niches, or deepen your focus on core verticals? VM: We’re focused on scaling powerful results. We plan to invest in 10–12 new startups annually, focusing on projects with strong business fundamentals, exceptional teams, and clear strategies for growth. Our vision is to become the partner of choice for exceptional iGaming founders who are building category-defining companies. We’re planning to maintain focus on our core verticals – operators, technology providers, and the affiliate ecosystem – and deepen our expertise and impact within these areas. We’re building something that goes beyond traditional investment relationships.
Rather than chasing every new niche, we believe in becoming the best at what we do: supporting founders who are transforming how people experience iGaming. This focused approach allows us to provide unparalleled value to our portfolio companies and build a more cohesive, mutually beneficial ecosystem across our investments. When founders and partners come to see Xanada Investments not as just an investor but as a trusted collaborator and ally, we know we’re doing something right.
GIO DECEMBER 2025 9
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