31 October- 20 November Turkey Startup Ecosystem Summary

In the past 3 weeks, 19 Turkish startups have received investment in the entrepreneurship ecosystem. 4 venture capital investment funds were established. The headquarters of 16 startups receiving investment are located in Istanbul. The headquarters of the other two startups are located in İzmir and the headquarters of the other startup is located in Ankara.

The vertical distribution of 19 Turkish startups receiving investment is as follows:

4 Blockchain

3 Marketplace

1 Finance

1 Cloud Kitchen

1 Human Resource

1 Health

1 Logistics

1 Education

1 E-sports

1 Data Analytics

1 Artificial Intelligence

1 Food

1 Business Intelligence

1 E-commerce

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1 News of the Week

News of the Week

Last week, 3 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 3 venture capital investment funds was shared.  It still needs to be determined whether this fund will directly invest in the Turkish entrepreneurship ecosystem.

Ziraat Portföy Yönetimi A.Ş. Fonlabüyüsün Venture Capital Investment Fund

İş Portföy Yönetimi A.Ş. Renewable Energy Technologies Venture Capital Investment Fund

Oyak Portföy Yönetimi A.Ş. Eighth Venture Capital Investment Fund

🎯 Blockchain-based startup FirstBatch has raised funding.

FirstBatch, the protocol that personalizes blockchain-based applications with a decentralized identity with its artificial intelligence-based algorithm, received an investment of 30 million dollars from Foresight Ventures, Signum Capital, Animoca Brands Forj Network, MEXC Global, Paribu Ventures, QNBEYOND Ventures, Coinbase and angel investors in the pre-seed investment round.

Transaction Type: Investment

Valuation: 30.000.000 $

Investors:  Foresight Ventures, Signum Capital, Animoca Brands Forj Network, MEXC Global, Paribu Ventures, QNBEYOND Ventures, Coinbase, Melek Yatırımcılar(HashKey)

Co-founders: Ömer Kaya, Kerim Kaya, Efe Bulduk

🎯 Cloud kitchen startup Paket Mutfak raised funding.

The cloud kitchen startup, which offers a solution focused on takeout, has received an investment of 3 million dollars from Nokta Investment Holding, İGA CEO Kadri Samsunlu, TikTak Founder Ersan Öztürk, and existing investors. Package Kitchen is getting ready to open new branches in Istanbul with the investment it has received.

Transaction Type: Investment

Investment Amount: 3.000.000 $ 

Investors:   Nokta Yatırım Holding, İGA CEO’su Kadri Samsunlu, TikTak Kurucusu Ersan Öztürk, Mevcut Yatırımcılar

Co-founders: Tali Şalhon, Eytan Nahmiyas 

🎯 Social marketplace startup Anneler Satıyor raised funding.

Mothers Sells, the marketplace platform that focuses on little-used or unused children’s goods, received an investment of 10 million TL in the pre-seed investment tour under the leadership of MASS Consulting Information Systems.

Transaction Type: Investment

Investment Amount: 

Valuation: 10.000.000 TL

Investors:  MASS Consulting Bilişim Sistemleri

Co-founders: Ataberk Çiftlikli, İlker Burak Bulama

🎯 Sorwe, the next-generation employee experience platform, raised funding.

Sorwe, a new generation digital employee experience platform that helps not to manage human resources processes in a data-driven way, received an investment of 800 thousand dollars in the bridge investment tour from Startup Wise Guys, TechOne, Selahattin Zoralioğlu, APY Ventures, and Zaka VC.

Transaction Type: Investment

Investment Amount: 800.000 $

Investors:  Startup Wise Guys, TechOne,Selahattin Zoralioğlu, APY Ventures, Zaka VC

Co-founders: Emrah Ertürk, Ergin Ertürk, Emre Üner

🎯 Hiwell, an online psychological counseling platform, raised funding.

Online Therapy platform Hiwell, BV Growth(Boğaziçi Ventures), Eksim Ventures, Sankonline, Deniz Devrim Cengiz, Kerem Ülgen, Kağan Etka Yörük, Dr. Hüseyin Başçiftçi, Senih Mete Dal, Emirhan Sancak and Mustafa Kemal Cılız participated in the investment tour of 11 million. Received investment with dollar valuation. The startup has been selected for the UK Global Entrepreneurship Programme.

Transaction Type: Investment

Valuation: 11.000.000 $

Investors:  BV Growth(Boğaziçi Ventures), Eksim Ventures, Sankonline, Deniz Devrim Cengiz, Kerem Ülgen, Kağan Etka Yörük, Dr.Hüseyin Başçiftçi, Senih Mete Dal, Emirhan Sancak, Mustafa Kemal Cılız

Co-founders: Ali Ozan Özçiçek

🎯 Logiwa, the startup that provides cloud-based warehouse and stock management software services, raised funding.

Cloud-based order fulfillment, inventory, warehouse, and stock management software Logiwa has received a $10 million investment led by Prologis Ventures and with participation from BAM Elevate.

Transaction Type: Investment

Investment Amount: 10.000.000 $

Investors:  Prologis Ventures, BAM Elevate

Co-founders: Ersan Musaoğlu

🎯 Cloud kitchen startup English Guru, raised funding.

Online English learning platform English Guru received an investment of 120 thousand dollars from Birol Başaran.

Transaction Type: Investment

Investment Amount: 120.000 $

Investors:  VBT Yönetim Kurulu Başkanı Birol Başaran

Co-founders: İbrahim Karakuş

🎯 Metaverse project VRMARS, which provides active income while establishing a colony on Mars in a simulation environment, raised funding.

Bitci Holding invested a total of 30 million TL in 3 projects focusing on the metaverse. The amount of investment in each venture was not disclosed.

Transaction Type: Investment

Investors:  Bitci Holding

Co-founders: Metin Kaner, Berke Can

🎯 Metaverse project Meta Galactica, which allows companies to present their products and services by moving them onto the Metaverse, received investment.

Bitci Holding invested a total of 30 million TL in 3 projects focusing on the metaverse. The amount of investment in each venture was not disclosed.

Transaction Type: Investment

Investors:  Bitci Holding

🎯 YacthingVerse, the project that brings the yacht and yachting ecosystem to the web3 environment, received investment.

Bitci Holding invested a total of 30 million TL in 3 projects focusing on the metaverse. The amount of investment in each venture was not disclosed.

Transaction Type: Investment

Investors:  Bitci Holding

Co-founders: Servet Kalmaz, Emre Karaca

🎯 Scoutli, the startup focusing on e-sports teams, raised funding.

Scoutli, the platform that provides management, data, and scouting services for e-sports teams, received an investment of 7.42 million TL under the leadership of Alesta Investment.

Transaction Type: Investment

Valuation: 7.420.000 TL

Investors:  Alesta Yatırım

Co-founders: Yücel Arda Bayram, Güray Yavuz, Nazlı Özmen, Umut Berk

🎯 Iftrue, the startup that improves the project processes of software teams, raised funding.

Developing the business processes of software teams by analyzing and optimizing software development processes, Iftrue received investment from TechOne Venture Capital, DOMiNO Ventures, and Startup Wise Guys. Financial details of the investment were not disclosed.

Transaction Type: Investment

Investors: TechOne Venture Capital, DOMiNO Ventures, Startup Wise Guys

Co-founders: Erdinç Akkaya

🎯 Faradai, a business intelligence startup working on energy and carbon, raised funding.

Business intelligence platform Faradai, which focuses on energy consumption and carbon emissions, received a $2.4 million investment led by Edenbase and Sangha Capital in its pre-Series A investment round. Faradai, the umbrella company of Reengen, manages the energy and carbon emissions of more than 18,000 facilities in 16 different countries on decarbonization with IoT infrastructure.

Transaction Type: Investment

Investment Amount: 2.400.000 $

Investors:  Edenbase, Sangha Capital, ACTAI Ventures, Goldacre, EthAum Ventures, Mono Mimarlık, Goldman Sachs, Angel Investors

Co-founders: Şahin Çağlayan, Burak Sefer, Utku Simitli

🎯 Brand engagement startup Kalder, raised funding.

Kalder, the startup that provides brand interaction where Web3-supported brands can gamify user activity and tokenize community participation, received an investment of 3 million dollars in the round attended by 500 VCs and Paribu Ventures.

Transaction Type: Investment

Investment Amount: 3.000.000 $

Investors:  Indigo Fund, 8VC, 500 VC, Human Capital, Paribu Ventures, Polygon Ventures, Soma Capital, Alyssa Fanelli, Arda Kutsal, Amit Kumar

Co-founders: Gökçe Güven

🎯 Translation platform Lugath has raised funding.

The natural language processing and AI-powered translation platform received a pre-seed investment of $120,000 from a VC and 5 angel investors. Established in Istanbul Technopark with Tübitak capital, the venture took part in acceleration programs such as İTÜ Çekirdek Bigbang 2021, İş Bankası Workup, Garage Innovation Hub, Cube Incubation and Vestel Ventures Z-Port.

Transaction Type: Investment

Investment Amount: 120.000 $

Investors:  VC, Angel Investors

Co-founders: Orçun Ülgen, Burak Arslan

🎯 Digital wallet startup  Alternatif SuperApp, raised funding.

Alternatif SuperApp, the advanced marketplace that brings together digital wallets and campaigns of different brands, received a demand of 18,810,240 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: 18.810.240 TL

Targeted Amount: 16.650.000 TL

Investors: Fonangels Crowdfunding Platform (1566 Investor Shares, 113 Qualified Investors)

Co-founders: Göktürk Yetim

🎯 Rawsome, the healthy snacking startup, raised funding.

Rawsome, the producer of vegan, gluten-free, and sugar-free snacks, received a demand of 8,281,740 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.

Transaction Type: Investment

Investment Request Amount: 8.281.740 TL

Targeted Amount: 6.750.000 TL

Investors: Fonangels Crowdfunding Platform (1121 Investor Shares, 194 Qualified Investors)

Co-founders: Semra İnce

🎯 Factory management platform Supply Chain Wizard has raised funding.

Supply Chain Wizard (SCW.AI), the factory management platform that monitors production performance and operational activity, received an investment of $1.5 million with the participation of Sabancı Ventures. The venture was founded in the USA in 2014.

Transaction Type: Investment

Investment Amount: $1.500.000

Investors:  Sabancı Ventures

Co-founders: Evren Ozkaya

🎯 Artcomun, a trade startup focused on art and collectibles, has raised funding.

Artcomun, which develops trade technologies with a focus on art and collection products, received a seed investment with a valuation of 2 million dollars. Artcomun, a KWORKS startup, was founded in 2021 as Sanatyapiyo.com MVP product.

Transaction Type: Investment

Valuation: $2.000.000

Investors:  İlker Diker, Ahmed Faruk Karslı, Emre Kenci, Bülent Tekmen, Gökhan Demir, Ahmet Salih Palamut, Kerem Özten, UNVEST

Co-founders: Osman Dora Kezer, Mertcan Alganoğlu

🎯 Biotechnology startup TelomEYE Pharmaceutical has raised funding.

Biotechnology startup TelomEYE Pharmaceutical has received a $1 million investment at a $10 million valuation. Founded by Turkish entrepreneurs in Canada, the startup aims to bring a unique method into use in the prevention and treatment of age-related eye diseases.

Transaction Type: Investment

Investment Amount: $ 1.000.000

Valuation: $10.000.000

Investors:  Mehmet Ali Aydınlar, Re-Pie Startup-1 Venture Capital Fund, Kerim Kotan

Co-founders: Dr. Iskender Alkin Solmaz, Dr. Isilay Kavadarli, Kubilay Turkmen

🎯 DogGO, the startup that provides safe dog walking and home care services to pet families, raised funding.

DogGO, a marketplace startup that provides safe dog walking and home care services for pet families, received a demand of 5.400.000 TL  in its share-based 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: 5.400.000 TL

Targeted Amount: 4.500.000 TL

Investors: StartupBurada Crowdfunding Platform (279 Investor Shares)

Co-founders: Mehmet Oğul Gürsoy, Ömercan Dede, Cem Doğancı, Barış Karan, Cansu Tokuç, Mehmet Emir Çağan

🎯 Yenir, the startup that develops solutions for food waste has raised funding.

Yenir, a marketplace application that focuses on food waste, received an investment of 30.000.000 TL from Eksim Ventures. Yenir is an economical solution that prevents food waste by putting the products purchased from contracted brands through quality control and then offering them for sale at an affordable price.

Transaction Type: Investment

Investment Amount:  30.000.000 TL

Investors: Eksim Ventures

Co-founders: Servet Akdoğan, Dolunay Kaplan

🎯 TeaTechs Smart Solutions, the startup that produces smart solutions with business intelligence has raised funding.

Ankara-based startup TeaTechs Smart Solutions, which produces smart digital transformation technologies with business intelligence, received its second investment this year with a valuation of 3.5 million dollars from Mithat Özbek.

Transaction Type: Investment

Valuation: $3.500.000

Investors:  Mithat Ozbek

Co-founders:  Tunç Emre Toptaş, Ali Güven, Emrah Erşen

🛒 Game publisher company Matchingham Games acquired two games from POW Games.

Game publishing company Matchingham Games has bought two games of POW Games, which develops casual puzzle games, of which it is a partner and publisher, Food Match 3D and Tile Match: Home Design Puzzle, for 10 million pounds.

Transaction Type: Acquisition

Transaction Amount: 10.000.000 Pound

Investor:  Matchingham Games

Co-founders: Şeyhmus Ölker, Burak Göncü (POW Games)

🛒 Game company Rollic Games acquired German game studio Popcore.

Game company Rollic bought Germany-based game studio Popcore. Financial details were not shared.

Transaction Type: Acquisition

Investor:  Rollic

Co-founders: Johannes Heinze, Thomas Heinze (Popcore)

 ✏️A Slice of Entrepreneurship 🍰

“Your time is limited, so don’t waste it living someone else’s life… Stay Hungry. Stay Foolish.”

  • Steve Jobs

Other News:

📌 Türk Telekom’s corporate venture capital company TT Ventures is starting to make its investments in startups with the “TT Ventures Venture Capital Investment Fund“.

📌 PayPorter has applied to the Competition Authority for investment from companies including Re-Pie Portfolio and Altun Capital.

📌 QNBEYOND Acceleration Program has completed its 4th term with 8 graduates.

Ekos.ai: Artificial intelligence-supported virtual event platform that provides real-time networking experience to professionals and company employees

Emlaksat: It offers end-to-end services through its digital platform to those who want to sell their house.

FirstBatch: A protocol that transforms users’ open data into a decentralized identity with artificial intelligence and personalizes any blockchain application.

Hockeystack: An analytics startup that enables SaaS companies to collect and visualize all their data in one place

Tamamlıyo: Insurance startup that integrates insurance companies and digital businesses end-to-end

Transferchain: By combining blockchain, cryptography, and cloud technologies, users can; an enterprise that enables confidential and secure data transfer, storage, backup, and messaging

Radius: A startup that creates a target audience AI-analysis business growth and engagement strategy

VenueX: Marketing and advertising technology startup

📌 Impact Entrepreneurship Program organized in partnership with Vehbi Koç Foundation and İşbank graduated 5 startups.

Blueit: A Water Management System startup that monitors and optimizes the amount of water consumed in buildings in real-time

Senyorapp: Education, living, and community platform created for seniors (50+)

Togi Teknoloji: Battery management systems and energy management platform that designs and manufactures smart, digital energy management and energy storage solutions for lithium-ion battery applications

Tospaa: A social startup that designs materials that can be used in coding learning for children and teachers

Walkino: A mobile application that offers a gamified experience to be a solution to the inactivity in people’s lives and to encourage them to live in line with sustainable development goals.

📌 Applications for the Pitch Challenge, which is organized in cooperation with Geometry Angel Investment Network, Karşıyaka Municipality Collective Entrepreneurship Center, and Gdz Elektrik, and focuses on early-stage technology startups, of which StartupCentrum is also an ‘Entrepreneurship Ecosystem Supporter’, has started.

📌 The winning startups of the Enerjim Sensin Acceleration Program, which focuses on green energy and technological transformation sectors, organized by the Energy Market Regulatory Authority (EMRA) and the Electricity Distribution Services Association (ELDER) and ITU Çekirdek, have been announced. Tayko Pil won first place with a prize of 300.000 TL, NuManufacturing won second place with a prize of 200.000 TL, and Werover was third with a monetary award of 100.000 TL.

📌 İşbank and Arya Women’s Investment Platform established the “Arya GSYF” fund of 10 million dollars to invest in startups that offer gender equality and sustainable income potential.

📌 The winners of the MediaMarkt Startup Challenge competition, initiated by MediaMarkt to support startups that offer innovative solutions for the retail industry, have been announced. Oriien, the startup that improves the real-time customer experience, won first place. In the competition, the second place went to Varsapp and the third place was to Vouchery.io.

📌 212 and Neo Portfolio established the “Simya GSYF” fund to invest in early-stage startups. It was also stated in the SPK bulletin published last week that the fund received permission to establish it.

📌 NEOHUB Startup Acceleration Program, initiated by DenizBank to support startups, gave its first semester graduates. Graduated startups: Ekon Teknoloji, Varsapp, Fund Radar, STETO, SenkronData, Walkers.

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