5 – 11 September Türkiye Startup Ecosystem Summary

This week, 4 Turkish startups received investment in the entrepreneurship ecosystem. 3 different venture capital investment funds were established. 1 Domestic investor invested in a UK-based startup. The headquarters of 2 startups receiving investment are located in Istanbul. One of the other 2 startups is headquartered in the USA, while the other is headquartered in Konya.

Among the co-founders of the 4 startups that received investment, there are 2 startups with at least 1 female co-founder.

The vertical sectors distribution of 4 Turkish startups is as follows:

1 Cyber Security

1 Service

1 E-commerce

1 Marketing

News of the Week

Last week, 2 Venture capital investment funds(GSYF) received establishment permission.

In the bulletin published by the Capital markets board (CMB) last week, the news that 2 portfolio companies received establishment permission for 2 venture capital investment funds was shared. It is unclear whether this fund will directly invest in the Turkish entrepreneurship ecosystem.

Maxis Venture Capital Arya Venture Capital Investment Fund

Neo Asset Management Film Industry Venture Capital Investment Fund

🎯 Cyber ​​security startup Kondukto raised funding.

 AppSec and Correlation platform Kondukto, which automates the work of application security engineers in software development, received a $1 million investment from ScaleX Ventures.

Transaction Type: Investment

Transaction Amount:  $ 1.000.000

Valuation:

Investors: ScaleX Ventures

Co-founders:  Cenk Kalpakoğlu, Can Taylan Bilgin

🎯 The out unused items rental platform Varsapp has raised funding.

 Varsapp, a person-to-person rental platform where unused items can be safely rented, received an investment of 1.2 million TL under the leadership of ŞirketOrtağım Angel Investor Network and with the participation of 9 angel investors. In addition,Varsapp, who graduated in the 6th term of the Lonca Entrepreneurship Center, takes place in BTM Istanbul Pre-Incubation and ITU Çekirdek.

Transaction Type: Investment

Transaction Amount: TRY 1.200.000 

Valuation:

Investors: ŞirketOrtağım Angel Investor Network

Co-founders:  Zeynep Elinç, Hande Sevinç

🎯 Buy now pay later solution Bumper raised funding from Revo Capital.

Bumper, a UK-based payment platform for car dealerships with a buy now pay later solution, received an investment from Revo Capital. Financial details about the investment were not shared. The venture has an R&D team in Turkey. Bumper aims to enter the Spanish, Dutch and German markets within the next year.

Transaction Type: Investment

Investors: Revo Capital

Co-founders:  Jack Allman, James Jackson

🎯 COREDINAT, the startup focusing on the marketing sector, raised funding.

Marketing efficiency startup COREDINAT, with a valuation of $2 million, is based on individual investor Dr. Received investment from Ahmet Aytekin. İkonik Teknoloji A.Ş. which is a subsidiary of COREDINAT, is a part of Konya Teknokent.

Transaction Type: Investment

Transaction Amount:

Valuation: $2.000.000

Investors:  Ahmet Aytekin

Co-founders: İhsan Polat

🎯 Service platform startup Armut merged with Italian rival ProntoPro.

The service platform Armut.com (known abroad as Homerun) has merged with its Italian rival ProntoPro. As a result of the merger, Armut.com acquired the majority shares of the new company. Aiming to become the leading service platform in the EMEA region after the merger and investment, Armut.com will operate in 14 different countries with 4 different brands.

Transaction Type: Merger

Transaction Amount: 15.000.000 €

Investors:  ProntoPro

Co-founders: Başak Taşpınar Degim, Erol Degim

🛒 Eclit acquired cloud service provider Vargonen.

Meeting end-to-end information technology needs, Eclit acquired cloud service provider Vargonen. Eclit, where Clonera and Pukta merged with Turkven venture capital partnership, will serve customers in different segments with this acquisition.

Transaction Type: Acquisition

Investors: Eclit

Co-founders: Egemen İnce, Evren Ballı (Eclit)

 ✏️A Slice of Entrepreneurship 🍰

“If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100% from day one, but there’s always small progress that can be made to start the movement.”

  • Kevin Systrom

Other News:

📌 Pitch Challenge, which brings early stage startups together with potential investors, will take place on Tuesday, September 20. The competition offers 50 startups the opportunity to make a two-minute presentation to a 20-person jury consisting of angel investors and businessperson.

📌 133 entrepreneurs of the 1st call of TÜBİTAK BiGG 2022 were entitled to receive support. AgriVerts initiative is developing an artificial intelligence-based plant analysis system, which is one of the initiatives entitled to receive support within the scope of TÜBİTAK 1512 Techno-Initiative Capital Support program. The startup previously took part in GOSB Technopark, INNOPARK Technopark, IT FOOD/Foodback-Challenge Lab, GOOGLE DSC- Productive Academy Pre-Incubation Program, ODTÜ TEKNOKENT- Yaşar University Minerva Technopark and ITU Çekirdek programs. AgriVerts continues to be actively involved in Bilişim Vadisi-TOGG Mobility Acceleration Program and İTÜ Çekirdek Mentornity network.

📌 Applications for Transforming SME Program Idea Marathon, which is carried out in partnership with Youth Business International and Habitat Association, have started.

📌 The Turkish part of the international entrepreneurship competition Get in The Ring will take place on September 16, 2022 at Bilkent CYBERPARK.

📌 Micromobility initiative BinBin started to serve in Croatia after Bulgaria and Bosnia and Herzegovina operations.

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