Navigating the Shift: From Fund One to Gaming Ventures

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