Gurhan Kiziloz decided to become his own venture capitalist after VCs rejected his funding requests for Lanistar, his fintech venture. The Turkish-British entrepreneur stated in an interview with Gulf News that no one wanted to give him money due to his history of approximately five bankruptcies.
Kiziloz stated that when he sat in front of venture capitalists asking for funding at Lanistar, they said no. This rejection prompted his decision to fund operations independently rather than continuing to seek external investment. He indicated that becoming his own VC gave him independence and creative freedom.
The self-funding model enabled Kiziloz to build Nexus International to $1.2 billion in annual revenue whilst maintaining 100% ownership. He operates the parent company of Spartans.com, Megaposta, and Lanistar without external investors or venture capital participation.
Kiziloz’s personal net worth stands at $1.7 billion, derived from complete ownership of Nexus International and accumulated earnings from the company’s operations. This wealth was accumulated through the self-funding model he adopted after venture capital rejection.
The entrepreneur now operates from a position of leverage rather than seeking external capital. He stated that Nexus International will not consider outside capital unless offers exceed one billion dollars and come in fully liquid form. This represents a reversal from his earlier position seeking VC funding for Lanistar.
Nexus International funds expansion through retained earnings from profitable operations. The company generated $400 million in revenue in 2024 and $1.2 billion in 2025, using these profits for growth rather than external financing. Kiziloz committed $200 million to Spartans.com expansion from accumulated earnings.
The self-funding approach requires operational profitability to generate expansion capital. Kiziloz maintained profitable operations whilst building Nexus International’s revenue, avoiding the loss-making growth that characterizes many venture-backed companies.
Spartans.com competes against established operators, including bet365 and Stake, in the online casino market. The platform operates with capital provided entirely by Kiziloz through Nexus International’s earnings rather than external investors.
Kiziloz stated that his motivation for disclosing his bankruptcy history and current financial position includes demonstrating to entrepreneurs that building businesses without venture funding remains viable. He indicated that discipline and persistence can succeed without external capital.
The entrepreneur’s transition from seeking venture capital for Lanistar to rejecting external investment at Nexus International reflects changed circumstances. After being rejected due to bankruptcy history, he built sufficient capital through gaming operations to self-fund expansion.
Kiziloz maintains 100% ownership of Nexus International, operating without board oversight or investor approval requirements. This structure, established after VC rejection forced self-funding, provides decision-making autonomy that external capital would compromise.
Whether Kiziloz will maintain the self-funding model or eventually accept external capital remains uncertain. His stated threshold of one billion dollars in fully liquid form for considering outside investment suggests a continued preference for independence over conventional venture capital relationships.
