Strive founders’ journey: Executing on strategy and the evolving ways of raising capital

Launched less than five years ago, former Kambi heads Max Meltzer and Damian Xuereb have built an omnichannel platform worth shouting about in Strive Gaming.

By adapting to the ever-evolving landscape in North America and responding to user needs, the tech delivers value to a wide portfolio of operators including Golden Nugget, DraftKings, PointsBet and Betsson.

In their first joint interview since launch, hours before winning the full-service platform of the year (under five years) accolade at EGR’s B2B Awards, the founders discuss how they’ve proven themselves against competitors and how exactly other startups can do the same.

EGR: You both left Kambi and co-founded Strive in 2021. Tell us about your journey.

Max Meltzer, CEO (MM): It’s been a phenomenal experience for us. We’ve built a leading organisation spread across North America, with employees in Canada, Malta and the UK. It’s a great thing to have been able to achieve for the people who have grown with Strive, as well as our trusted customers we’re live with, such as Golden Nugget, DraftKings, PointsBet and Betsson.

Like any experience of founding a business, there’s been rollercoaster moments, but we’re battle-hardened and have proven ourselves to be able to compete against some major competitors that have much more firepower. It’s our specialism and focus that’s enabled us to become a leading platform provider in North America. And we’re very proud. 

Damian Xuereb, president (DX): Our vision was bold and challenging. It was probably the trickiest gaming vertical in the hardest regulatory market, and we came in swinging punches. We executed upon it and here we are, four years later with more customers in North America than a lot of larger players.

EGR: What have been your key learnings or takeaways so far?

MM: Adaptability leads to evolution in business. When we first launched, we assumed every US operator wanted to own their tech stack and user experience. Little did we know it was all about going live, about being able to offer a turnkey service. So that’s where we invested – in the development of our own apps and building out our operational services team. We were then able to offer that full turnkey solution to get operators live quickly and grow with them. 

EGR: What advice would you give to early-stage startup founders?

MM: It’s been phenomenal for us to actually achieve what we set out to. To be successful, you have to have a clear understanding of your market and really understand the competition. Why will your offering succeed? How does it differentiate? You need to identify why it would be successful through its value, not through its price point. Having done huge deals previously, both Damian and I had a good understanding of the CEO mentality when it comes to making big decisions, of focusing on top- and bottom-line growth rather than the smaller details. You have to laser-focus on what is scalable for your business long term.

DX: My advice would be to choose your partners and investors wisely. You have to be open to hearing feedback and criticism, listen to new ideas, new ways of working as well as have a long-term view. At Strive, we have to be able to adjust, rotate and move the ship based on the market and what our investors want. So, make sure anyone else you onboard is moving in the same direction as you.

EGR: In terms of onboarding and working with investors, as well as the funding landscape in general, what has changed since you founded Strive?

MM: Things have changed drastically from our first seed investment round in 2021. From Silicon Valley onwards, VCs have changed significantly in their approaches – particularly due to the IPO markets being fairly non-existent. There has been limited liquidity in some funds, a resultant shift in valuations and a focus on bottom line. I think, right now, many investors are intrigued by the impact of AI on their portfolios and to what extent businesses can withstand AI competition or scale far faster because of it.

For our business to achieve our vision, we had to fundraise to get to market quickly and at the enterprise scale required. We raised millions of dollars in 2021 and again in 2024 to give Strive Gaming this fantastic foundation. It also gave Damian and I the opportunity to do some secondaries, which personally I would recommend other founders do.

Damian Xuereb and Max Meltzer

One bugbear for me is, back in 2021, everyone was talking about how good it was to try and raise as much money as possible, then at the beginning of this year, everyone started saying how great it is to bootstrap a business and not take any funding. But there should not be positivity or negativity around one approach or the other, as it all depends on the type of business you’re setting up.

There is also a fantastic angel investor network in the gaming industry, and founders should try and leverage that.   

DX: I don’t think there is a right or wrong way to raise capital. I think it’s about matching the profile of not just capital but the people and culture you want to bring into your organisation. Is the investor looking for a straightforward ‘putting capital to work’ scenario or finding synergies across their portfolio, or do they have other motives? That is the exciting part of bringing new people on board – you’re getting more help and fast-tracking your growth. Yes, the market may have changed people in terms of borrowing, but the humanness of the situation and people coming on board and supporting you is the same.   

EGR: Strive counts Betsson, OpenBet and Knutsson Holdings among its investors. How beneficial is it to have well-known shareholders and/or people relevant to your market?

MM: We are extremely fortunate to have a superb capitalisation table, and we’ve certainly benefited from the advice we’ve had along the way. Damian and I both really respect Pontus Lindwall, CEO of Betsson AB, and his extremely long-term viewpoint. That’s benefited us at times when the market has been buoyant and we’ve had offers to buy Strive. He’s made us aware of not getting overly excited, of sticking to our plans. And similarly, not to get too down during a dampening of the market. His advice has been pivotal for growth and leadership within Strive.

Similarly, Knutsson Holdings was a leading shareholder in NetEnt, before it sold to Evolution, and really knows the casino space. They’ve given us great advice and helped us understand how to partner within the casino world, as well as a clear view on North America. Likewise with Astralis Capital, who are experts in company structuring and investments, and Jordan Levin, CEO of OpenBet. These are people who have really seen and done it and, when you have them on your cap table, it really helps to navigate the evolving market.

EGR: In terms of the platform, how does it drive revenue for casino operators?

DX: It’s all about having a high-quality, functioning product; something reliable in the market that is proven and battle tested. Some of our operators are going for exceptional growth and it’s really great to be in a position to be processing billions in transactions. But we see the next step being around value generation, with features like our infinity rules engine helping us to deliver more for our partners.

Having deep integrations with our trusted ecosystem partners, as well as using AI, will enable us to automate and create business operation efficiency and better return on investment. The role of the platform is continually evolving. We have to do more to make our operators even more competitive and give them all the tools to compete and grow.

EGR: What’s in store in year five?

DX: We’ve just gone live with a major casino operator in Michigan – Four Winds Casino – and we are going live with other casino providers imminently. We know what it takes to succeed but we want to make sure we’re in more markets, including Alberta, Canada. Likewise, any regulated casino market as the landscape changes.

We are confident we will see new regulation in 2026-27 as a result of many US states having to contend with the increasing wave of money players out there are spending in the US sweepstakes and prediction markets.