# Zeal Ventures

Zeal Ventures is an Asset Manager based in Hamburg, Germany.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Hamburg, Germany
- **Region:** Europe
- **Address:** Strassenbahnring 11, 20251 Hamburg, Germany
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** zeal-ventures.com
- **LinkedIn:** https://www.linkedin.com/company/zeal-ventures-1

## Regulatory record

- **Reports private funds:** No

## About

ZEAL Ventures backs companies in prize-led gaming and invests in game-changing lottery-like prize competitions. It is the venture arm of ZEAL Network SE and has backed 10 businesses since 2017, with five active portfolio companies.

## Sectors

- Gaming & Gambling
- Media & Entertainment

## People

- Dr. Stefan Tweraser — CEO
- Juliane Gutsmiedl — Investment Director
- Henrik Mai — Investment Manager

## 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.

### 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.

### 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.

## Related profiles

- [Z Corporation](https://altss.com/profile/z-corporation)
- [Zenith Capital Partners](https://altss.com/profile/zenith-capital-partners)

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Last updated: 2026-08-11T15:08:42.881Z

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