29 August – 4 September Türkiye Startup Ecosystem Summary

This week, 5 Turkish startups received investment in the entrepreneurship ecosystem. 7 different venture capital investment funds were established. The headquarters of 4 startups receiving investment are located in Istanbul and the headquarters of 1 startup is located in Izmir. There is a female entrepreneur among the founding partners of 1 of the 5 startups that receive investment.

.The vertical sectors distribution of 5 Turkish startups is as follows:

1 Home Appliances

1 Food & Drink

1 Education

1 E-commerce

1 Sport

News of the Week

Last week, 7 Venture capital investment funds(GSYF) received establishment permission.

In the bulletin published by the Capital markets board (CMB) last week, the news that 4portfolio companies received establishment permission for 7 venture capital investment funds was shared. It is unclear whether this fund will directly invest in the Turkish entrepreneurship ecosystem.

Arz Gayrimenkul ve Private Equity Portfolio Management A.Ş. Teknopark Istanbul Derin Teknoloji Venture Capital Investment Fund

Istanbul Asset Management Kültepe Venture Capital Investment Fund

Letven Capital Code Venture Capital Investment Fund

Letven Capital Genius Venture Capital Investment Fund

Letven Capital Preo Venture Capital Investment Fund

Letven Capital Retina Venture Capital Investment Fund

RE-PIE Portfolio and Fund Management Company Proptech Venture Capital Investment Fund

🎯 BeeBird, which develops smart home appliances, received investment.

BeeBird, which makes the lives of users easier by producing smart home appliances with a focus on Artificial Intelligence, IoT and ergonomics, closed a valuation financing round of 54 million TL by the group led by the bF Ventures fund. The startup carries out its hardware and software operations at Dudullu OSB Boğaziçi University (BÜDOTEK) Technopark.

Transaction Type: Investment

Transaction Amount:

Valuation:  54.000.000 TRY 

Investors: bF Ventures 

Co-founders:  Ali Murat Arıkuşu, Ferhat Ural

🎯 Healthy snack startup Naturiga received investment.

Naturiga, which produces plant-based superfoods and healthy snacks, received a demand of 6,278,687 TL in its 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. Naturiga will use the investment to strengthen its infrastructure and grow in the global market.

Transaction Type: Investment

Investment Request Amount: 6.278.687 TRY

Targeted Amount: 5.000.000 TRY 

Investors: Fonbulucu Crowdfunding Platform (1384  Investor Shares, 155 Qualified Investors)

Co-founders:  Yılmaz Kekeç

🎯 Arkerobox, the startup that offers archeology sets for children, received investment.

Arkerobox, which offers archeology kits that teach children by experience as they discover our cultural heritage, received a demand of 2,923,696 TL in its second 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: 2.923.696 TRY 

Targeted Amount: 2.750.000 TRY 

Investors: Fonbulucu Crowdfunding Platform (1200  Investor Shares, 159  Qualified Investors)

Co-founders:  İlker Vardarlı, Buğra Haksever

🎯 DüğünBuketi.com, the startup that facilitates wedding and invitation processes for couples, received investment.

DüğünBuketi.com, the platform that meets all the needs of couples in the process of wedding planning and building a house, received a demand of 2.581,268 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: 2.581.268 TRY

Targeted Amount: 2.500.000 TRY

Investors: Fonbulucu Crowdfunding Platform (734 Investor Shares, 95  Qualified Investors)

Co-founders: Bilgehan Yılmaz, Sıla Havva Karakoç

🎯 Wearable fitness sensor startup EPTS has received investment.

Offering the wearable fitness sensor and measurement systems used by professional athletes for the individual user experience, EPTS received a demand of 2,305,590 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. In addition, the startup is located in Entertech Istanbul Technopark.

Transaction Type: Investment

Investment Request Amount: 2.305.590 TRY

Targeted Amount: 1.974.000 TRY

Investors: Fonbulucu Crowdfunding Platform (1182  Investor Shares, 133 Qualified Investors)

Co-founders: Hamit Üçüncü, Osman Ateş, Halil Bilir

🛒 WePlay Ventures and Lima Ventures have sold their stake in UDO Games to Taleworlds.

WePlay Ventures and Lima Ventures, which invested in UDO Games, which developed casual games in August 2021, exited this week. Taleworlds, which develops video games, bought the shares of UDO Games. As an additional detail, the shares of Udo Games, which was established in METU Teknokent, were purchased by Taleworlds, which is also located in METU Teknokent.

Transaction Type: Acquisition

Investors: Taleworlds

Co-founders: Andaç Altak, Türker Karahan, Gökhan Güngör

🛒 FinTech startup Colendi has acquired London-based  SETL.

Colendi, which develops new generation financial technology solutions using artificial intelligence and big data, acquired 100% of SETL, a blockchain-based payment and settlement systems provider.

Transaction Type: Acquisition

Share Ratio: %100

Investors: Colendi

Co-founders: Bulent Tekmen, Eray Eren, Mihriban Ersin Tekmen, Serkan Ömerbeyoğlu (Colendi)

Other News:

📌 Applications for the 3rd term of the Growth Accelerator program, organized by Microsoft for startups, have started. The 10-week program focuses on technology startups from Turkey, the Middle East, and Pakistan.

📌 Turkey’s Automobile Initiative Group (Togg) has partnered with Smart_IX, which offers artificial intelligence-supported user experience solutions, and Etiya, a global software company.

📌 The scooter rental initiative BinBin continues to grow in Bosnia and Herzegovina.

📌 Ataşehir Women’s Entrepreneurship Center (AKAGİM) offers free mentoring and training support for SMEs.

📌 “Find Your Co-Founder”, which brings together startups looking for teammates and people who want to be involved in a startup, was held in Baku with +100 Participants.

📌 With the support of ISTKA, the “International Surface Research and Innovation Center”, run by the Turkish-German University, is established.

📌 Türktelekom PILOT chose the 10th Term startups.

In its 10th term, 13 startups were accepted to PILOT, the venture acceleration program run by TT Ventures, a subsidiary of Türk Telekom. The startups will have the opportunity to participate in the 6-week America program, investment and cash support of up to 100 thousand dollars, cooperation with Türk Telekom, and investment from TT Ventures.

Inovako: Industrial artificial intelligence-computer vision systems development environment

Kidolog: Online parent and adult counseling platform

Pensor: Artificial intelligence-based mobile application testing platform

Cineshort: mobile app for watching short movies

Cloud4Feed: Voice of the customer management platform

ServisSoft: Digital maintenance management platform

Adsbot: Digital ad optimization and automation platform

ai4sports: The solution that analyzes athlete thermal images

Car4Future: The energy transfer solution for electric vehicles

Speedy Market: Online market solution that automates the collection and delivery processes

Sportimec: Tokenization-based athlete management game platform

SugAR Technology: Decoration engineering application

Visitate: Visual meditation and experience app

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