19 – 25 September Turkey Startup Ecosystem Summary

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This week, 13 Turkish startups received investment in the entrepreneurship ecosystem. 1 venture capital investment fund was established. The acquisition of 1 startup in the cyber security sector was completed. 1 Domestic investor invested in a Singapore-based green hydrogen startup.

The headquarters of 10 startups receiving investment are located in Istanbul. The headquarters of the other 3 startups are located in Ankara, İzmir, and Isparta.

Among the co-founders of 13 startups that received investment, there are 3 startups with at least 1 female founding partner.

The vertical distribution of 13 Turkish startups receiving investment is as follows:

2 Logistics

2 E-commerce

2 Productivity

1 Fintech

1Food Delivery

1 Blockchain

1 Social Network

1 Marine Technologies

1 Agriculture

1 Cloud Kitchen

News of the Week

Last week, 1 Venture capital investment fund (GSYF) received establishment permission.

In the bulletin published by the Capital markets board (CMB) last week, the news that 1 portfolio company received establishment permission for 1 venture capital investment fund was shared. It is unclear whether this fund will directly invest in the Turkish entrepreneurship ecosystem.

Inveo Portföy Yönetimi A.Ş. Polat Ventures Venture Capital Investment Fund

🎯  Neobank startup Turan raised funding.

Aiming to be a new generation finance application of Turkish States, Turan received investment with a valuation of TL 45 million, with the participation of United Payment, Re-Pie, İhsan Elgin, Webhelp Turkey CEO Metin Tarakçı, Ali Altuğ Koca, Akif Cahit Erdoğan, and Yakup Doğan. It also plans to contribute to the development of financial literacy with a money transfer gateway where they can transfer money to Turkish states, and the special financial products and services it has developed.

Transaction Type: Investment

Valuation: 45.000.000 TL

Investors: Birleşik Ödeme, Re-Pie, İhsan Elgin, Metin Tarakçı, Ali Altuğ Koca, SGLOBE Yönetim Global Gelişim Hizmetleri A.Ş, Akif Cahit Erdoğan, Yakup Doğan

Co-founders: Özgür Bayraktar

🎯  The smart menu startup Pardon raised funding.

Offering smart menu, venue, and order processes on one platform, Pardon received investment with a valuation of 2.4 million dollars from Oğuzhan Öztürk, one of the former founders of Boğaziçi Ventures, and other undisclosed investors.

Transaction Type: Investment

Valuation: 2.400.000 $

Investors: Özkan Hacıoğlu(neredekal.com/bifikir.com), Oğuzhan Öztürk

Co-founders: Gökhan Çam

🎯  ELYT.net, the new generation customer loyalty platform, raised funding.

ELYT.net, a new generation customer loyalty, and marketing startup that brings together influencers, communities, and brands using NFTs, received a seed investment with a valuation of 8 million dollars under the leadership of Finberg.

Transaction Type: Investment

Valuation: 8.000.000 $

Investors: Finberg, Akın İdil, Bilge Algül İdil, Cihan Demir, İlker Sözdinler 

Co-founders: Ahmet Usta, Mesut Çevik

🎯  Sports-focused mobile social network VOLE raised funding.

Vole, Turkey’s sports social network, received an investment of 7.3 million TL over a 40 million dollar valuation from Re-Pie. Vole was founded in 2017 by GittiGidiyor co-founders Zafer Tolga Kabataş and Sinan Aras.

Transaction Type: Investment

Transaction Amount:  7.300.000 $

Valuation: 40.000.000 $

Investors: Re-Pie Portföy

Co-founders:  Zafer Tolga Kabataş, Sinan Aras 

🎯  Logistics startup Octovan raised funding.

Octovan, the startup that offers same-day delivery, delivery by appointment, and instant delivery solutions for product delivery with photos in e-commerce logistics, received an investment of 11.5 million TL from Arz Portfolio and Vinci Investment. The startup focuses on e-commerce logistics with its new service Octovan Express announced in January 2022.

Transaction Type: Investment

Transaction Amount:  11.500.000 TL

Investors: Arz Portföy, Vinci Girişim Sermayesi (İnci Holding)

Co-founders: Erhan Güneş, Sadıkcan Kamiloğlu

🎯  Getmobil, the startup that provides repair services to electronic devices, raised funding.

Solution partner Getmobil, which offers refurbished smartphone purchase, sale, and repair services, received a seed investment of 27 million TL over a 180 million TL valuation under the leadership of Galata Business Angels (GBA).

Transaction Type: Investment

Transaction Amount:  27.000.000 TL

Valuation: 180.000.000 TL

Investors: Galata Business Angels (GBA), Nevzat Aydın, Birol Yücel, Cem Topçuoğlu, Fırat İşbecer, Ömer Aras, Umur Ozal, Ahu Serter, Ahmed Karslı, Emre Kenci, Sercan Işık, Yılmaz Yıldız, İzzet Zakuto 

Co-founders: Mehmet Uygun, Zeynep Uygun 

🎯  Logistics operations platform QDelivery raised funding.

Cloud-based smart delivery platform QDelivery received investment from idacapital as part of the acceleration and investment Program Innovate21st developed by idacapital. QDelivery offers a last-mile transportation service platform where pre-delivery, time-to-delivery, and post-delivery processes are planned, managed, and optimized end-to-end.

Transaction Type: Investment

Investors: idacapital

Co-founders: Jankat Mesut Sarı, Özgür Kayım  

🎯 Segmentify, the platform that offers a personalized shopping experience, raised funding.

Segmentify, the platform that optimizes conversion rates by offering personalization solutions with artificial intelligence algorithms of e-commerce companies, received an investment of 1 million dollars from Esor Investments.

Transaction Type: Investment

Transaction Amount:  1.000.000 $

Investors: Esor Investments

Co-founders: Ergin Eroğlu, Murat Soysal

🎯 Productivity startup BeforeSunset raised funding.

Time and budget management software BeforeSunset received an investment of 250 thousand dollars from angel investors. The details of the investors who took part in the investment tour of the venture, which was born in Izmir and has its headquarters in the United States, were not shared.

Transaction Type: Investment

Transaction Amount:  250.000 $

Investors: Angel Investors

Co-founders: Ceylan Ersoy, Elif Duran

🎯  Asparagus Production Project Sparga1 raised funding.

Asparagus Production Project Sparga1, the first project of the fonTAR investment model, which was developed by the fund finder and used the crowdfunding system as a first in Türkiye in financing agricultural production, received a demand of 14,770,700 TL in the crowdfunding round.

Transaction Type: Investment

Investment Request Amount: 14.770.700 TL

Targeted Amount: 4.000.000 TL

Investors:  Fonbulucu Crowdfunding Platform (1868   Investor Shares, 219  Qualified Investors)

Co-founders: Osman Arkan Dağlı

🎯  Cloud kitchen startup Rafinera Cloud Kitchen raised funding.

Rafinera Cloud Kitchen, which is the new formation of Rafinera, consisting of a central kitchen and many satellite kitchens connected to this kitchen, received an investment of approximately 200 million TL from Credia Ventures.

Transaction Type: Investment

Valuation:  200.000.000 TL

Investors: Credia Ventures

Co-founders: Didem Altınbaşak Tulgan, Murat Tulgan

🎯 Performance management startup Twiser raised funding.

Twiser, which produces performance management solutions for human resources processes, focusing on Object Key Result methodology in support of artificial intelligence, received an investment of 20 million dollars from Plug and Play.

Transaction Type: Investment

Valuation:  20.000.000 $

Investors: Plug and Play Tech Center

Co-founders: Ongun Demirler

🎯  Vanemar, the startup that makes boats smart, raised funding.

Vanemar, the smart boat monitoring system that remotely monitors data such as the battery, smoke, engine, and tank belonging to the boat with wireless sensors, received an investment of 650 thousand dollars from angel investors in the pre-seed investment tour. Established in Ankara in 2018, the venture started operations as a joint venture of ikol Mobile and Siyah R&D companies.

Transaction Type: Investment

Transaction Amount:  650.000 $

Investors: Berkay Mollamustafaoğlu, Erhan Dolak, Tolga Kaskatı, Kadir Vardar, İsmail Can, Tolga Özek

Co-founders:  Mevlüt Şahin, Mehmet Yetişmiş, Önder Arık, Gökhan Moral

🎯 Singapore-based green hydrogen startup SunGreenH2 has raised funding.

Vinci, of which İnci Holding is a strategic investor, made a pre-seed investment in the Singapore-based clean technology startup SunGreenH2, which provides green hydrogen production. Financial details of the investment were not disclosed.

Transaction Type: Investment

Investors: Vinci Venture (İnci Holding)

Co-founders: Saeid Masudy Panah, Tulika Raj

🎯  Insurance provider Hakuna raised funding.

Hakuna, which provides insurance services for e-commerce platforms and retailers based in Germany, of which Orhan Köroğlu is among the founders, received an investment of 4 million euros under the leadership of Earlybird.

Transaction Type: Investment

Transaction Amount:  4.000.000 €

Investors:   Earlybird, Visionaries Club, Discovery Ventures, Victor Jacobsson, Marc Christ, Melek Yatırımcılar

Co-founders: Sebastian Jost, Orhan Köroğlu, Rupert Mayer

🛒 TÜV AUSTRIA Group has acquired domestic cybersecurity startup SyberCode.

Austria-based auditing and certification services company TÜV AUSTRIA Group has acquired SyberCode, which offers cyber security solutions. TÜV AUSTRIA Group acquired the majority stake in SyberCode with an investment of 15 million euros. With this investment, SyberCode will expand its services to the MENA and Caucasus regions.

Transaction Type: Acquisition

Transaction Amount:  15.000.000 €

Investors: TÜV AUSTRIA Group

Co-founders: Serhat Yediel (SyberCode)

 ✏️A Slice of Entrepreneurship 🍰

“Risk comes from not knowing what you’re doing.”

  • Warren Buffet

Other News:

📌 Distributor of global cyber security companies, Axoft, has acquired Roksit, which offers DNS-based cyber security solutions. With this agreement, Roksit aims to strengthen its position in the global market with Axoft’s strong distribution network.

📌 TOBB GençOl Youngate Fellow is waiting for its entrepreneurs and entrepreneur candidates in its 3rd Term.

📌 TechAnkara Project Market 2022, the technology meeting organized under the coordination of the Ankara Development Agency, will take place on September 26.

📌 Mexico-based second-hand vehicle trading company Kavak secured $810 million in financing from HSBC, Goldman Sachs, and Santander. The startup continues its activities in Turkey with the Carvak brand.

📌 Applications for the MediaMarkt Startup Challenge, which brings together entrepreneurs and companies that produce new solutions for the retail industry, have started.

🟥 Find Your Co-Founder Events of the Week

We bring together the entrepreneurship ecosystem with Find Your Co-Founder 🚀

What are the events that will take place this week?

September 27 – Antalya – ASSİM Innovation, Invention and Entrepreneurship Support Center 

September 29 – Istanbul – Information Commercialization Center

*(To participate in the event, you must fill out the registration form and create a StartupCentrum profile.)


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