Istanbul-based VC firm Revo Capital has announced the first close of its third fund at $86 million, targeting a final close of over $100 million, as Vestbee was told. The fund will back early-stage tech startups with Turkish roots, with a strong focus on global expansion and AI-driven innovation.
- Founded in 2013, Revo Capital is Turkey's largest tech-focused venture capital firm and a key player in scaling the country’s startup ecosystem. Its portfolio includes two unicorns — Getir and Builder.ai — and other category leaders like Midas, ikas, and Param.
“Over 70% of our portfolio companies' revenue is generated internationally — often through relocating their headquarters to major global tech hubs while retaining R&D teams in Turkey. This strategy has increased the share of companies with foreign headquarters from 33% in Fund I to 84% in Fund II, unlocking access to international capital and global business development opportunities," said Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital.
- With this third fund, Revo plans to invest in over 25 seed to Series B startups, typically starting with up to $5 million per company and allocating up to $10 million with follow-ons.
- The firm also carved out a "Seed Pocket" for smaller initial checks of $250,000–500,000 in promising pre-seed and seed-stage startups.
- The fund will double down on areas like fintech, B2B SaaS, cybersecurity, and healthtech — Revo's historical strengths — while also expanding into energy and gaming. AI will be treated as a cross-sector enabler.
- Revo Capital Fund III is backed by leading international development finance institutions, including IFC with $20 million, Kfw DEG with $20 million, and EBRD with $15 million, all of whom increased their commitments after participating in Revo’s previous fund. Additional commitments come from Türkiye’s Development Fund, corporate VCs like Finberg and Yıldız Ventures, and many exited Turkish founders.
- Since its launch, Revo Capital has deployed $180 million across 40 tech startups and achieved 17 exits. The firm sees its role not just as an investor, but as a partner committed to turning local talent into globally competitive businesses.
