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Are you seeing any new or more common red flags when evaluating projects in 2025 compared to previous years?

Kirill: Yes. For instance, several gaming startups that secured funding years ago are now closing down. Not all VC cases end in success, which is normal for a high-risk, high-reward industry. But what really matters is how a company closes and how the founders, investors, and staff part ways. In these cases, we always seek feedback from those involved in the previous venture. If that feedback is negative, it’s a definite red flag for us.

“We are thrilled to see five projects from our portfolio companies among the top 150 most wishlisted games”: GEM Capital on the results of its portfolio projects | Game World Observer