In this episode, Andreas Munk Holm sits down with Rina Onur, co-founder of Peak and formerly of 500 Istanbul, for a raw and rare conversation about stepping back as a VC partner—and what it takes to switch hats between operator and investor. Together with Enis Hulli, they unpack the story behind Rina’s exit from fund management, her next chapter with Spyke Games, and the unique DNA behind Turkey’s explosive gaming ecosystem.
This one’s both personal and analytical—a crash course in partnership dynamics, performance-driven ecosystems, and what founders truly need from their VCs (and what they don’t).
Here’s what’s covered:
02:00 Rina’s Back-and-Forth Journey: From Private Equity to Peak, Back to VC, and Out Again
08:20 The Emotional Weight of Short-Term Partnerships
11:15 How to Offboard Gracefully as a VC Partner
13:10 What Rina Hated About Venture Capital
15:25 Fundraising Fatigue & Convincing Dozens vs. One
21:40 Why Gaming Became Turkey’s Breakout Sector
24:15 Local vs. Global Success Stories: Turkey, Poland & Beyond
29:50 Serial Founders vs. Untapped Talent: The Two Sides of Portfolio Building
36:30 Geographic Advantage: Why Local VCs Still Matter
41:30 State-Backed Ecosystems: What Works, What Doesn’t
49:00 A Candid Ending: Offboarding, Vulnerability & Starting Over
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧
✍️ Show Notes
Building, Investing, Returning to Build
Rina reflects on her unconventional career journey — toggling between investor and founder — and the moment she realized it was time to reclaim full ownership over her next venture. It’s a candid look at the difference between being a shareholder vs. an operator, and why “going back” is rarely going backwards.
Offboarding with Integrity
Few VCs talk about what it takes to leave a partnership. Rina does, and in doing so, offers a template for others. From managing LP relationships to reshaping team dynamics and expectations, this is a case study in honest transitions.
Turkey's Gaming Flywheel
Rina and Enis trace how a $1.8B acquisition created a gravitational pull in Istanbul’s startup scene, with more than 80 studios emerging from Peak alumni. It’s a story of stealth, speed, and how small teams outside the spotlight can build global gaming hits.
Serial vs. First-Time Founders: A Portfolio Design Philosophy
Half the Spyke portfolio is made up of serial operators; the other half are high-potential bets. Rina explains how they assess “arbitrageable” talent and support those founders to meet their upside.
What VCs Actually Offer (and What They Shouldn’t Pretend To)
Rina’s take is clear: even the best VCs can only do so much. The real work is done by founding teams. The job of the investor? Stay close enough to help, but far enough not to get in the way.
From Budapest to Istanbul: Europe’s Fragmented VC Support Models
The conversation also zooms out: how governments in Eastern Europe are trying (with mixed results) to engineer innovation, and why local breakout stories—not policy—are still the biggest lever for change.
Want to learn how a top LP navigates the industry? Join us on June 12th at 12 PM WEST for an exclusive AMA session with Daniel Keiper-Knorr.
Daniel is a founding partner at Speedinvest, where he leads limited partner relations and fundraising at both the fund and portfolio levels. With a career spanning investment banking, entrepreneurship, and venture capital, he started as a stockbroker and private banker at Erste Bank in Vienna and Credit Suisse in Zurich before transitioning into the startup world.
As a co-founder of 3united, he played a key role in its growth and eventual acquisition by VeriSign.
Since 2007, Daniel has been an active angel investor, bringing hands-on expertise in sales and business development to early-stage ventures. In 2011, he co-founded Speedinvest, leveraging his extensive experience to support founders and drive investment success.
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