Episode 118: Phylicia Koh: Play Ventures

Author

Barbara Bickham
January 16, 2026

Hi Impactful Listener!

In this episode, Barbara Bickham welcomes Phylicia Koh, General Partner at Play Ventures, to discuss her unplanned journey into venture capital, the evolution of gaming and consumer investment strategies, and her perspective on the future of VC. Phylicia Koh shares the importance of practical experience, why some founders should reconsider VC funding, and how the fund is navigating a rapidly changing investment landscape.

Key Points Discussed

  • Phylicia Koh’s unconventional path into venture capital and her belief in learning through action.

  • Play Ventures’ investment thesis: from gaming to consumer apps and infrastructure, leveraging gaming’s product and monetization know-how.

  • The critical importance of product-market fit for founders, and why practical execution beats theory.

  • Reflections on evolving VC structures, including access for retail investors and fund size strategy.

  • The coming evolution and diversification of the VC landscape, including new types of funds and broader access.

Chapters

  • Background & Introduction ([00:00:02] - [00:00:58]):

    Phylicia Koh shares her career journey and accidental entry into VC.

  • Investment Thesis ([00:04:06] - [00:08:28]): Motivations for expanding Play Ventures' thesis beyond gaming.

  • Product-Market Fit & Founder Execution ([00:10:29] - [00:14:14]): The realities of founder execution and advice on raising money.

  • VC Industry Evolution ([00:15:00] - [00:18:35]): Discussion on how the VC industry is changing and what's next.

  • Contact Info & Closing ([00:18:43] - end): How to reach Phylicia Koh

Full Topic Guide

Reimagining Venture Capital: Phylicia Koh's Take on Founders, Gaming, and the Future at Play Ventures

From accidental VC to redefining the investment thesis, Phylicia Koh shares her candid insights on building, backing, and surviving in a fast-changing world.

1. The Accidental Venture Capitalist

Unlike many who meticulously plan their career moves, Phylicia Koh entered the world of venture capital through serendipity. After eight years working in growth—and a necessary burnout break—she gave herself a year to experiment, consulting across industries and allowing her curiosity to lead the way. This openness ultimately brought her back to her network, connecting her with Play Ventures at their inception. Her journey highlights how unplanned experiences and learning-by-doing can foster empathy and insight in investors. According to Phylicia Koh, "I think it makes you a better VC when you don't want to be a VC."

2. From Gaming to Consumer: Expanding an Investment Thesis

Play Ventures began as a gaming-focused fund, capitalizing on the founders’ deep industry connections and insight. But as gaming matured—particularly free-to-play models—opportunity-driven adaptation became crucial. Seeing an intersection of user psychology, product design, and monetization, Play Ventures expanded to adjacent consumer applications, especially where gaming mechanics inform sticky consumer experiences. Phylicia Koh outlines how frameworks from gaming—like community-building, streaks, and feedback loops—now power companies far beyond games, as evidenced by investments like Bible Chat, a digital church platform.

3. The Value of Execution and Product-Market Fit

A recurring theme is the necessity of execution and tangible product-market fit. Phylicia Koh observes that tools like AI have empowered founders to quickly prototype MVPs, reducing technical barriers to entry. But speed is not enough: founders must prove demand before raising significant capital. Play Ventures prizes founders who "just go out and build it," showing both hustle and clarity around the market’s true needs. Sometimes, bootstrapping to profitability is the best move—and not every business should take VC money. Capital, after all, comes with expectations.

4. The Shifting VC Landscape

Venture capital is in flux. Phylicia Koh discusses the pressures facing mid-sized funds, the entry of retail investors via platforms like Robinhood, and the trend toward product innovation in investment instruments. Play Ventures has intentionally maintained a focused fund size, prioritizing efficiency and the aim to return capital rather than endless growth. In Phylicia Koh’s futurist outlook, evolving is essential: "It's evolve or die."

5. Advice for Founders & Final Insights

Not every path requires VC backing, and founders should understand both the cost and expectations of venture money. Building a profitable, owner-driven business is a win, and control is often more important than rapid scaling. Phylicia Koh emphasizes the breadth of routes to startup success—and teases a future where the industry grows even more accessible and innovative.

Notable Quotes from the Guest

Sometimes you don't need to take VC money…and maybe you just shouldn't take VC money as well because…[it] comes with its expectations.
- Phylicia Koh

Fun Facts or Interesting Tidbits

  • Play Ventures’ portfolio is globally distributed—with 30-40% in Europe, 15-20% in the US, and the rest worldwide.

  • One of Play Ventures’ earliest investments was a competitive interior decorating game—a genre some dismissed, but which grew successfully.

  • Phylicia Koh is currently reading a cheeky book on 2000 years of Papal scandals, seeing parallels between history and today’s evolving organizations!

Episode Resource: Learning, Reading, and Listening

In the episode, Phylicia Koh shared various resources she is currently learning from, reading, or listening to. Here are those resources:

  • Book: The Popes – A condensed, cheeky look at 2,000 years of Papal scandals and history.

  • App/Company: Bible Chat – An app described as a "digital church" connecting users to their faith and a religious community through daily engagement.

If you’re curious to dive deeper into the subjects Phylicia Koh is reading or exploring, these are great places to start!

Phylicia is a General Partner at Play Ventures, a leading early-stage VC fund that invests globally in gaming, consumer apps and gaming-adjacent tech. Phylicia has led investments into Alter, Arya (an AI couple intimacy platform), BibleChat (fastest growing AI-powered faith app) and Alinea's (Gen Z personal financial investing app).

Fund Information

Play Ventures is a leading early-stage gaming and consumer app venture capital firm, founded by gaming industry veterans Henric Suuronen and Harri Manninen, who made successful exits to King and Disney respectively. Play invests globally in pre-seed to Series A startups in gaming, consumer apps, and gaming adjacent technology.

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Best,
Barbara

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