Tim Heath on stifled slots innovation and investing in Green Jade Games
Vereeni Investments founder reveals why he’s backing Jesper Kärrbrink’s slots start-up to revolutionise a stagnant vertical
Venture capital fund Vereeni Investments last week acquired a “significant stake” in slots start-up Green Jade Games for an undisclosed sum.
The VC fund was founded by Coingaming Group CEO Tim Heath, who is now backing the brains behind Green Jade Games – former Mr Green CEO Jesper Kärrbrink.
Below, Heath outlines what sets Green Jade Games apart in a today’s ultra-competitive and cramped online slots market.
Vereeni Investments founder Tim Heath
EGR Intel: How did you get involved with Green Jade Games?
Tim Heath (TH): I was on the innovation table at the EGR Power 50. Jesper, who I’d never met before, was talking about where the industry needs to get to, and it really fuelled something inside of me. I spoke to him afterwards and said we’re interested in taking the games because I could really see what they were trying to do and wanted to invest.
EGR Intel: There are countless slot companies out there – what makes Green Jade Games worthy of investment?
TH: I like the vision and Jesper’s methodology. There are a thousand slot companies out there and to be honest with you, they all copy each other. No one has taken the risk to ask what players actually want in this new Instagram world that we are living in. What type of game actually works? Is it a softer, social game, or an old arcade-style game? We need to find out which and then work out how to monetise that.
Novomatic’s Book or Ra was made in the early 2000s and we are still copying those themes, but nobody is asking how to take this forward and make a difference, or trying to understand what triggers players in this new world. I wanted something a little bit different and a little bit risky, that is not just following the leader.
EGR Intel: What will Green Jade Games do differently?
TH: They want to figure out which games work and combine it with a rewards feature and in-game jackpots, so it is being thought about in a different way. That is what excites me about what they’re doing. Jesper is a visionary and I am having a lot of fun discussing where the industry needs to get to, rather than wondering how we can copy the existing games on the market, because otherwise everyone is churning out the same thing.
So what about companies who seem to get how to evolve gambling games in a manner inspired by video games? Aren't there any?
Of course there are.
One is Benedict McDonagh's new (?) studio Green Jade Games https://t.co/XcHH7fnNNM
— Kim Lund (@InfiniteEdgeKim) April 4, 2019
EGR Intel: Are they aiming to create a new vertical within slots?
TH: Ultimately with Green Jade, we want to see if we can create a new segment, which is soft gaming with a real-money gaming aspect. How can we dominate that arcade or skills tab on the site of different operators? We want to be leaders in that area.
Otherwise, if you’re part of the video slots tab, you’ve got 3,000 games to compete with. If we’re our own tab of skill gaming and become the market leader there, it all of a sudden creates this new vertical which may be softer and appeal to a much larger audience of players.
EGR Intel: What ROI are you expecting?
TH: If you worry about returns, you are investing for the wrong reasons. The long-term vision is that we want to make games that stand out in the industry. We want to make a difference in two or three years time. If we can do that, the valuation will take care of itself. Simple as that.
https://www.youtube.com/watch?v=lrHwIxZgOIs
EGR Intel: Has Coingaming Group taken on the Green Jade slots portfolio?
TH: We’re in the middle of the integration at the moment and they should be going live this week across all of our B2C brands as well as our B2B distribution channels via Hub88.