Zensports
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ZenSports — Deal Memo
Status: CLOSED (Partial Acquisition) Outcome: Acquired by KeyStar Corp; Nevada assets not purchased; mixed outcome Investment Date: July 9, 2020 Investment Amount: SAFE (amount TBD from records)
Summary
ZenSports is a sports betting platform. Investment made in July 2020 via SAFE after introduction from Jor Law.
Founder: Mark Thomas (Co-Founder & CEO) Contact: mark@zensports.com Website: zensports.com
Investment Timeline
| Date | Event |
|---|---|
| Jul 6, 2020 | Jor Law intro: "Mark, Please meet Tiwen... He's an angel investor" |
| Jul 6, 2020 | Mark's reply: "We were actually planning on closing the round to new investors today, but since you're a referral from Jor, I can make an exception" |
| Jul 9, 2020 | SAFE signed — 3 days from intro to investment |
| 2020-2022 | Regular investor updates |
| Jun 13, 2022 | "CONFIDENTIAL: ZenSports to be acquired" — KeyStar acquisition announced |
| Jun 24, 2022 | Acquisition of ZenSports team by KeyStar completed |
| Oct 15, 2022 | ZenSports Acquisition Initial Closing announced |
| Dec 8, 2022 | Second Closing of Nevada assets update |
| Jan 21, 2023 | Mark becomes CEO of KeyStar Corp; KeyStar will NOT purchase Nevada assets |
| Jan 2023 | ZenSports, Inc. owns 6.5M shares of KeyStar stock |
What Happened
- Fast Deal: Investment went from intro to SAFE in 3 days
- Trust-Based Decision: Mark made an exception because of Jor Law's referral
- Partial Acquisition (2022): KeyStar Corp acquired ZenSports team
- Mixed Outcome:
- ZenSports, Inc. received 6.5M shares of KeyStar stock
- Nevada casino assets were NOT purchased by KeyStar
- Mark Thomas became CEO of KeyStar Corp
- Current Status: KeyStar focusing on B2C sports betting; Nevada assets seeking separate buyer
Why I Invested (The Mistake)
The Decision Process
- Jor Law made the introduction — someone I trust
- Deal looked good on paper (sports betting, timing seemed right)
- Invested quickly (3 days) based on trusted referral
- Never met Mark Thomas in person
Red Flags I Ignored
- Speed over diligence — 3 days from intro to investment is too fast
- Never met the founder — Only e-met, never in person
- Trust delegation — Let Jor's endorsement substitute for my own conviction
- No founder assessment — Couldn't apply the "George/Alex" vision test without meeting
Lessons Learned
Lesson 1: Never Invest in Someone You Haven't Met
The mistake: I invested in ZenSports without ever meeting Mark Thomas in person.
Why this is wrong:
- The founder is the investment — you're betting on the person
- Video calls and emails can't replace in-person judgment
- The "George/Alex" vision test requires direct interaction
- You can't sense founder obsession and conviction through email
The rule going forward:
- Must meet the founder before investing — no exceptions
- A Zoom call is not enough for a first check
- If geography makes meeting impossible, that's a pass signal
Lesson 2: Trusted Referrals Are for Intros, Not Investment Decisions
The mistake: I invested because Jor Law — someone I trust — made the introduction.
What actually happened:
- Jor made an intro (his job as a connector)
- Mark said "since you're a referral from Jor, I can make an exception"
- I took Mark's comment as validation of the deal
- The entire decision chain was based on trust, not analysis
Why this is wrong:
- Jor's job is to connect people, not to vet investments for me
- Mark's willingness to take Jor's referral says nothing about the business
- I outsourced my judgment to someone else's network
The rule going forward:
- Treat referrals as permission to look, not permission to invest
- Apply full DD process regardless of who made the intro
- Ask: "Would I invest if this came through cold email?" If no, pass.
Lesson 3: Speed Kills (Due Diligence)
The mistake: Went from intro to signed SAFE in 3 days.
Why this is wrong:
- 3 days is not enough time for proper due diligence
- FOMO ("closing the round today") drove the timeline
- Fast decisions favor founders, not investors
- Artificial urgency is a red flag, not a buying signal
The rule going forward:
- Minimum 2 weeks from first contact to investment decision
- If a founder says "closing soon," that's information, not pressure
- Better to miss a deal than to make a rushed decision
- My money, my timeline
Post-Mortem Questions
- Did I meet Mark before investing? No — only e-met via email.
- Would I have invested without Jor's intro? Unknown — I never did independent DD.
- Did Mark try his best? Yes — Steven's gut feeling is that Mark tried but it didn't work out.
- Did this fit my thesis? Unclear — never properly evaluated.
- What was my edge? None — I brought no value beyond capital.
Founder Assessment (Retrospective)
Mark Thomas:
- Tried his best with the business
- Became CEO of KeyStar Corp (shows some capability)
- Kept investors informed with regular updates (good communication)
- Outcome: Mixed — not a failure, but not a success
Steven's gut feel: "Founder tried his best but didn't work out."
Contacts
| Name | Role | Notes | |
|---|---|---|---|
| Mark Thomas | Co-Founder & CEO | mark@zensports.com | Now CEO of KeyStar Corp |
| Jor Law | Referral Source | — | Trusted connector who made the intro |
Files
Ti-Wen Lin SAFE, 07-09-2020.pdf— Signed SAFE agreement
Last updated: January 8, 2026