26 September – 2 October Turkey Startup Ecosystem Summary

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This week, 6 Turkish startups received investment in the entrepreneurship ecosystem. 6 different venture capital investment funds were established. The headquarters of 2 startups that raised funding are located in Istanbul. The city distribution, where the other 4 enterprises are located, is distributed as İzmir, Konya, and Ankara. Another is headquartered in the USA.

Among the founding partners of 6 startups receiving investment, there is 1 startup with at least 1 female founding partner.

The vertical distribution of 6 Turkish startups receiving investment is as follows:

2 E-commerce

1 Nano Technology

1 Marketplace & Content Freelancer

1 Finance

1 Human Resource

News of the Week

Last week, 6 Venture capital investment funds(GSYF) received establishment permission.

In the bulletin published by the Capital markets board (CMB) last week, the news that 3 portfolio companies received establishment permission for 6 venture capital investment funds was shared. It is unclear whether this fund will directly invest in the Turkish entrepreneurship ecosystem.

A1 Portfolio Management Pardus Technology Venture Capital Investment Fund

A1 Portfolio Management Pardus Vizyon Venture Capital Investment Fund

İstanbul Portfolio Management TT Ventures Venture Capital Investment Fund

Inveo Portfolio Management First Technology Venture Capital Investment Fund

Inveo Portfolio Management Third Fintech Venture Capital Investment Fund

Inveo Portfolio Management Fourth Fintech Venture Capital Investment Fund

🎯   Sitrett MX, manufacturer of nano-technology cleaning devices, raised funding.

Sitrett, a manufacturer of device production and solutions in the fields of nano cleaning and hygiene technologies, disinfectant, headlight polishing, agricultural struggle, and agricultural frost prevention, received a demand of 13,202,503 TL in the crowdfunding round. According to the law, the startup will be able to receive a maximum of 20% of the demand that exceeds the target fund amount.

Transaction Type: Investment

Investment Request Amount: 13.202.503 TL

Target Amount: 12.000.000 TL

Investors:  Fonbulucu Crowdfunding Platform (1565 Investor Shares, 149 Qualified Investors)

Co-founders: Muhammet Barış Sütçü

🎯  Content and translation platform Textoni raised funding.

Textoni, the content and translation platform that brings freelancer content writers together with brands, received an investment of 2 million dollars in the investment tour led by Goodwater Capital.

Transaction Type: Investment

Valuation: 2.000.000 $

Investors: Goodwater Capital, Angel Investors

Co-founders: Tufan Kızılırmak

🎯  OPLOG, which provides Omni channel fulfillment service, raised funding.

Offering end-to-end fulfillment service supported by software and robotics, as well as the international order fulfillment network of e-commerce businesses and the ability to track all inventory and operational processes within its own body, OPLOG received an investment of 11 million euros from Esas Private Equity in its first investment round.

Transaction Type: Investment

Transaction Amount: 11.000.000 $

Investors: Esas Private Equity

Co-founders: Halit Develioğlu

🎯  Sustainable e-commerce startup Flora raised funding.

Participation of Flora, Lux Capital, Correlation Ventures, Climate Capital, Gokul Rajaram, D4 Ventures, Esas Ventures, Paragon Ventures, 23 Fund, Fırat İşbecer, Fatih İşbecer, Ramakant Sharma, and Rob Gabel, the e-commerce platform that offers brands focused on environmentally friendly and healthy products completed its seed investment round of 9 million dollars.

Transaction Type: Investment

Transaction Amount:  9.000.000 $

Investors: Lux Capital, Correlation Ventures, Climate Capital, Gokul Rajaram, D4 Ventures, Esas Ventures, Paragon Ventures, 23 Fund, Fırat İşbecer, Fatih İşbecer, Ramakant Sharma ve Rob Gabel

Co-founders: Mithat Can Ulubay, Uğur Kaya

🎯  Vepara, an innovative finance and payment technology startup, raised funding.

Vepara, offering different services such as electronic wallets, money transfers, and virtual pos services on a single 360-degree platform, raised funding from Hedef Holding and Hedef Girişim. The venture was founded in November 2020 by Nedim Vural, the founder of VeVentures.

Hedef Holding has reached an agreement with Nedim Vural to take over 11,357,500 shares, corresponding to 35 percent of Vepara’s paid-in capital of 32.54 million TL, and Hedef Girişim to take over 8,112,500 shares, corresponding to 25 percent. The transaction was submitted for the approval of official institutions.

Transaction Type: Investment

Transaction Amount:  30.500.000 TL

Investors: Hedef Holding, Hedef Girişim

Co-founders: Nedim Vural

🎯  Employee experience platform Memotive raised funding.

Focusing on employee loyalty and satisfaction, awarded with the FIGY (Farplas Internal Entrepreneurship Competition) organized by Farplas Automotive, Memotive became a spin-off by receiving investment from Ahu Serter, Yalçın Yeşilova, after the acceleration at the Fark Labs Innovation Center.

Transaction Type: Investment

Investors: Ahu Serter, Yalçın Yeşilova

Co-founders: Duygu Aynur

🛒 Stickermule acquired sticker.net.

US-based sticker and label startup stickermule, has acquired local label site stickker.net. Stickker.net was founded by Fatih Kadir Akın in 2016.

Transaction Type: Acquisition

Investors: Stickermule

Co-founders:  Fatih Kadir Akın

 ✏️A Slice of Entrepreneurship 🍰

“We are really competing against ourselves, we have no control over how other people perform.” 

  • Pete Cashmore,  Founder of Mashable

Other News:

📌 Galata Business Angels has reached an agreement with Switzerland-based Verve Ventures to share investment opportunities.

📌 Yapı Kredi Fast FRWRD Acceleration Program, which focuses on startups that develop products and services in the blockchain world, chose their startups.

📌 Cosmetics brand Avon makes the shopping experience accessible for its visually impaired customers by integrating the voice simulation feature of the local startup BlindLook into its platform.

📌 Rimuut, a modern and independent working platform for freelancers and service users, will continue on its way with its new name, Ruul, with its unique features.

📌 Applications for Turkey’s Women Entrepreneurs Competition, which was held for the 16th time with the cooperation of Garanti BBVA, KAGIDER, and Economist Magazine, have started.

📌 Microsoft for Startups Middle East has chosen the 3rd phase of the GrowthX Accelerator program for their startups. There are 2 startups from Turkey among the 12 startups selected in the 3rd term of the GrowthX Accelerator, which is realized in partnership with Microsoft and the Abu Dhabi Investment Office (ADIO).

MonSpark (Turkey): Provides a cloud-based platform that provides monitoring solutions for web pages.

Poilabs (Turkey): A technology initiative that connects the physical and digital worlds through the use of innovative technology

Edraak Systems (Pakistan): Provides optimization in industrial production processes.

Raabtaa (Pakistan): Provides a platform that creates real-time collaboration and customer interaction.

Ilmversity (Pakistan): Education management system

Klickit (Egypt): Develops personalized payment and fee solutions for educational institutions.

Supercommerce (Saudi Arabia): Provides a platform that enables technology teams to conduct e-commerce.

Xina AI (Jordan): Arabic Chatbot and interactive voice assistant (IVA)

Fortyguard (United Arab Emirates): It measures the impact of temperature on cities using a data tracking model.

Pay Caps (United Arab Emirates): A payment solutions system that manages all payment business of companies from a single point

Pisano (United Arab Emirates): Real-Time Feedback and Data Collection Solutions

experience management platform

Vita Virtues (United Arab Emirates): They provide transformative digital solutions for insurance companies and brokers.

📌Akbank LAB’s “Akbank ReFi Hackathon” call process, which will be held on the blockchain network with the theme of Restorative Finance, has been completed.

📌Tamly, a customer acquisition platform that helps reach potential customers, has joined venture development studio hiBoost.

📌 Abdi İbrahim Social Innovation in Health Program: Doz is waiting for impact-oriented entrepreneurs who develop innovative solutions in the health sector by expanding its scope in its new term.

📌 BDDK authorized the establishment of FUPS Bank, a digital deposit bank with a capital of 1.5 billion TL.

📌 Berlin-based investment firm Point Nine has created a 180 million Euro fund to invest in B2B startups.

📌 World Investor Week events organized by IOSCO and held in cooperation with the Capital Markets Board, Borsa İstanbul AŞ, and Turkish Capital Markets Association (TSPB) will start next week.


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