Investor Profile: Hiro Capital — Thesis, Cheque Size & How to Apply

Hiro Capital is a founder-led venture capital firm headquartered in London and Luxembourg, investing in what it calls the "superabundant future of humanity". The firm began as a games and metaverse specialist — raising Hiro Capital 1 at €115 million ($130 million) in 2019 and Hiro Capital 2 at €300 million ($340 million) in 2022 — and in late 2025 it launched HIRO III, a multi-stage fund targeting the European scale-up gap with a reported target of more than €500 million. For founders in games, spatial computing and adjacent deep tech, it is one of Europe's most ambitious specialist funds.

Investment thesis

Hiro describes itself as optimists and futurists: it believes Europe can and should lead the next phase of human evolution, enabled by technology. Its four investment themes are AI · Infrastructure · Robotics (frontier models, world simulators, embodied AI), Defence · Space · Sovereignty (dual-use platforms, autonomy), Sports · Augmentation · Longevity (performance data, AI healthspan, neurotech) and Spatial · Simulation · Games (real-time engines, immersive computing, the next interactive media stack). Games remain core: Hiro's roots are in spatial computing, and it argues the convergence of spatial technologies and next-generation world-model AIs is the platform shift of this decade.

Sectors and stage

Hiro invests from Series A to scale-up, and HIRO III is explicitly designed to close the European scale-up gap — deploying cheques of between €5 million and €50 million per company across the UK and Europe. The earlier funds targeted the Series A/B gap in games, esports and sports technology, splitting capital between creative games studios and deep tech for games, sports and esports. The firm invests across the UK, Europe and North America.

Notable portfolio

Hiro's games portfolio includes leading emerging studios such as Polyarc, Keen, Snowprint, Flavourworks and Happy Volcano, alongside gamified-fitness and creator-platform stars like FitXR, Zwift, FRVR, Frameplay, LIV and Loco. More recent investments tracked in industry databases include The Chinese Room and BULKHEAD, and the firm's own news feed highlights portfolio momentum at companies like Frameplay and PlayerData. Across its funds the firm has made more than 50 investments.

Partners

Hiro was founded by Luke Alvarez (co-founder of Nasdaq-listed games company Inspired Entertainment), Cherry Freeman (co-founder of LoveCrafts) and UK games legend Sir Ian Livingstone CBE (co-founder of Games Workshop, former chairman of the studio behind Lara Croft: Tomb Raider) — a founding team whose exits and IPOs total more than €10 billion. For the launch of HIRO III, former UK deputy prime minister and Meta executive Sir Nick Clegg joined as a general partner, and Meta's former chief AI scientist Prof. Yann LeCun joined the firm's advisory board alongside figures including Malcolm Turnbull, Tim Peake and Paul Newman.

How to apply for funding from Hiro Capital

Hiro does not publish an open application form. The firm's site at hiro.capital presents its themes, team and portfolio, and founders are expected to approach the partners directly through the firm's published channels or via warm introductions from the European games and spatial-computing networks the partners helped build. Given the firm's thematic structure, the strongest pitches map clearly onto one of its four themes — especially Spatial · Simulation · Games — and speak to Hiro's "superabundant future" thesis rather than presenting a generic gaming deck.