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Zeal Ventures
Zeal Ventures is a asset manager based in Hamburg, founded 2017; the Altss profile covers its classification, headquarters, registration, AUM band, and key...
Zeal Ventures
ZEAL VENTURES is one of the biggest investors in the lottery space ✓ We invest in game changing market players ➤ Check our Portfolio
General information
Firm type
Generalist
Year founded
2017
Location
Region
Europe
Country
Germany
City
Hamburg
Corporate office
Strassenbahnring 11, 20251 Hamburg, Germany
Principals
Dr. Stefan Tweraser
CEO
Juliane Gutsmiedl
Investment Director
Henrik Mai
Investment Manager
Altss tracks 1 additional named team member for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who runs investment decisions at Zeal Ventures?
Dr. Stefan Tweraser is the CEO of Zeal Ventures. The investment team includes Investment Directors Juliane Gutsmiedl and Amit Lakhani, and Investment Manager Henrik Mai. The firm operates under the strategic umbrella of ZEAL Network SE, whose Supervisory Board includes parent-company co-founders Jens Schumann and Marc Peters.
Is Zeal Ventures structured as a family office or a corporate venture arm?
Zeal Ventures is a corporate venture capital unit backed by ZEAL Network SE, a publicly traded European lottery operator. It is not a single-family office and does not manage personal wealth. The capital deployed comes from ZEAL Network's balance sheet, making it a strategic corporate investor in the lottery and gaming space.
What investment stages does Zeal Ventures typically target?
The firm targets early-stage investments, including seed and start-up rounds, as well as growth-stage companies. Since its founding in 2017, it has backed 10 businesses and maintains an active portfolio of five.
Which sectors does Zeal Ventures invest in, and are there any it explicitly avoids?
Zeal Ventures is exclusively focused on lottery, prize-led gaming, and digital entertainment. It explicitly targets companies redefining the lottery experience. There is no evidence it invests outside these domains; its mandate is tightly coupled to verticals adjacent to ZEAL Network's core lottery operations.
Does Zeal Ventures participate in fund commitments or only direct deals?
Zeal Ventures operates through direct equity investments and structured co-investments. A documented example is its co-investment with FDJ United Ventures in Swedish iLottery operator Random State. There is no public record of the firm committing capital to third-party funds.
How does Zeal Ventures source proprietary deal flow?
Deal flow is generated through ZEAL Network's deep industry position in European lottery markets and its memberships in the World Lottery Association and Deutscher Online-Casinoverband. The parent company's operating relationships with national lottery partners, such as Spain's ONCE, provide additional proprietary sourcing channels.
What is Zeal Ventures' known posture on co-investments alongside external GPs?
The firm co-invests alongside strategic corporate partners rather than financial sponsors. The Random State transaction with FDJ United Ventures is the clearest example, and the two groups announced in 2025 that they are open to future investment collaborations in the iLottery space.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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