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The Venture Codex

Discerning Capital

50 Olympia Hills Circle, Las Vegas, Nevada, 89141, United States

Overview

Collaborative capital at the intersection of gambling, tech, sports, and me

Founded

2022

Deals ยท 12mo

4

Links

WebsiteLinkedIn

Stage focus

Debt
Series A

Geographic focus

Australia
United Kingdom
United States

Sector focus

Financial Services
Media and Entertainment
Online Games

Investment portfolio

8rounds
NAMEDATESIZE
PowerPlay
Mar 2026Led
$15 MOther Equity
Jackpot
Jan 2026Led
$10 MDebt
Midnite
Jan 2026Participated
$35 MSeries C
Outlier
Dec 2025Led
$6 MSeries A
Midnite
Oct 2025Led
$100 MDebt
Yaspa
Jul 2025Led
$12 MOther Equity
Midnite
Apr 2025Led
$10 MSeries B
Picklebet
Nov 2023Led
$10 MSeries A
PowerPlay
Mar 2026Led
$15 MOther Equity
Jackpot
Jan 2026Led
$10 MDebt
Midnite
Jan 2026Participated
$35 MSeries C
Outlier
Dec 2025Led
$6 MSeries A
Midnite
Oct 2025Led
$100 MDebt
Yaspa
Jul 2025Led
$12 MOther Equity
Midnite
Apr 2025Led
$10 MSeries B
Picklebet
Nov 2023Led
$10 MSeries A
8
Items
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Discerning Capital: 8 funding rounds are recorded in the selected participation categories.All available history.
Discerning Capital: 8 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Series A20
Series B10
Series C+01
Other Equity20
Debt20

Monthly Deal Activity

Discerning Capital: 8 deals are recorded across 36 months.All available history.
Discerning Capital: 8 deals are recorded across 36 months. All available history
MonthDeals
Nov '231
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '251
May '250
Jun '250
Jul '251
Aug '250
Sep '250
Oct '251
Nov '250
Dec '251
Jan '262
Feb '260
Mar '261
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Discerning Capital: Gaming & eSports is the largest displayed sector by deal count (7 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Discerning Capital: Gaming & eSports is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Gaming & eSports7
Travel & Hospitality4
Consumer & Lifestyle3
Enterprise Software3
Fintech2
Marketing & Advertising1
Media & Entertainment1
AI & Machine Learning1

Deal Size Distribution

Discerning Capital: 8 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Discerning Capital: 8 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M2
$10M-$25M4
$25M-$50M1
$50M-$100M0
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Discerning Capital: Europe has the largest recorded deal count among the displayed regions (4 deals).All available history.

Top 3 of 3 regions; European countries are grouped as Europe.

Discerning Capital: Europe has the largest recorded deal count among the displayed regions (4 deals). All available history
RegionDeals
Europe4
United States3
Australia1
Discerning Capital: 10 co-investors are shown, with Big Bets sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Discerning Capital: 10 co-investors are shown, with Big Bets sharing 2 recorded deals. All available history
Co-investorShared deals
Big Bets2
Play Ventures2
PvX Capital2
Raine Ventures2
Drive by DraftKings1
Makers Fund1
Manifest1
Metavallon VC1
Techstars1
Venrex1

Investment Strategy

Discerning Capital: Led accounts for 88% and participating for 13% of round participation.All available history.
Discerning Capital: Led accounts for 88% and participating for 13% of round participation. All available history
CategoryDeals (count)Share (%)
Led788%
Participating113%
Discerning Capital: Single-lead accounts for 57% and co-led for 43% of lead dynamics.All available history.
Discerning Capital: Single-lead accounts for 57% and co-led for 43% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead457%
Co-led343%

Team

David Williams
Davis M. Catlin

Managing Partner