24-30 October Turkey Startup Ecosystem Summary

This week, 4 Turkish startups received investment in the entrepreneurship ecosystem. 1 venture capital investment fund was established. The headquarters of 4 startups receiving investment are located in Istanbul.

The vertical distribution of the 4 Turkish startups receiving investment is as follows:

1 Game & Blockchain

1 Media & Entertainment

1 Finance & Blockchain

1 Marketing

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.

İntegral Girişim Sermayesi Portföy Yönetimi A.Ş. Bisu Venture Capital Investment Fund

🎯 Gaming startup Manc Games, raised funding.

Manc Games, the startup that develops mobile applications and games, has received a $ 50 million investment from GEM Digital Limited (GEM) for the cryptocurrency in-game token Mancium Token.

Transaction Type: Investment

Investment Amount: 50.000.000 $

Investors:  GEM Digital Limited

Co-founders: Halit Emre Aydın

🎯 CineShort, the platform that offers original short films, raised funding.

The startup, which offers short thematic films, received investment from CineShort, TechOne VC, DOMiNO Ventures, twozero Ventures, Headline Oryx I, Aegean Ventures, and Powerhouse. Financial details were not shared. The startup previously took part in the Workup Acceleration Program and TT Ventures PILOT acceleration programs.

Transaction Type: Investment

Investors:  TechOne VC, DOMiNO Ventures, twozero Ventures, Headline Oryx I, Aegean Ventures, Powerhouse 

Co-founders: Hasan Celil Tombul

🎯 Fintech startup Arf, raised funding.

Arf, the startup offering a web3-based payment banking system, has completed 13 seed investment rounds from Stellar Development Foundation (SDF), United Overseas Bank (UOB) Venture Management, Signum Capital, Hard Yaka, NGC Ventures, Blockchain Founders Fund, 500 Emerging Europe and Circle Ventures. Received millions of dollars in equity and debt investments.

Transaction Type: Investment

Investment Amount: 13.000.000 $

Investors:  Blockchain Founders Fund, 500 Emerging Europe, Circle Ventures, SDF, United Overseas Bank (UOB) Venture Management, Signum Capital, Hard Yaka, NGC Ventures

Co-founders: Berhan Kongel, Ali Erhat Nalbant, Kazım Rıfat Özyılmaz, Ahmet Özcan 

🎯 VenueX, a marketing startup that offers an accessible shopping experience, received investment.

VenueX, the venture that brings retailers and customers together, received an investment of 750 thousand dollars under the leadership of Re-Pie Portfolio. The startup, which intends to accelerate its activities abroad with the investment, was previously included in the QNBEYOND acceleration program.

Transaction Type: Investment

Investment Amount: 750.000 $

Investors:  Re-Pie Portföy, Akiş GYO, Kalyon VC

Co-founders: Kürşad Arman, Çağdaş Akar

 ✏️A Slice of Entrepreneurship 🍰

“When you change your thoughts, remember to also change your world.”

  • Norman Vincent Peale

Other News:

📌 The Presidency has issued a circular on the “National Technology Entrepreneurship Strategy” to facilitate the rapid growth potential of innovative, high-value-added technological initiatives and facilitate global market access and strengthen the technology entrepreneurship ecosystem.

📌 Business ideas of 5 entrepreneurs will be supported in the “Cyber ​​Security Entrepreneurship Program”, which was initiated by İzmir Metropolitan Municipality in cooperation with Yaşar University and the İzmir University of Economics Bilimpark to support entrepreneurs in the cyber security sector.

Burak- Assel Üçoklar (Governance risk compliance program)

Davut Eren (Central vulnerability management software)

Kaan Özyazıcı (Artificial intelligence-based new generation SIEM)

Taylan Akbaş (Biometric signature authentication application)

Özgür Tarcan (A mobile application that provides internet security on mobile devices)

📌 Within the scope of the Entrepreneurial Capacity Development for Sustainable Socio-Economic Cohesion Project (ENHANCHER), 5 different grant programs were announced within the scope of 32.5 million euro budget, and approximately 11 million euros were allocated to 117 projects.

📌 “Take Off Istanbul” International Startup Summit has ended. Among the 10 finalists, the winner of Take Off Istanbul was Navlungo, a cross-border e-commerce logistics initiative. Algbio, which carries out biofuel and bioplastic production works, took second place, and Tranzmeo, which provided remote monitoring using Artificial Intelligence and fiber optic sensing, took third place.

📌 8 startups selected for the Climate Finance Accelerator Turkey program, which is run by PwC Turkey and provided with the support of the British government, which provides the development of projects fighting the climate crisis and access to finance, have been announced. (Evreka, Algdeha, Gio, Temsa, Biotrend, Garbiogaz, IWROBOTX, Werover)

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