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19 January 2023·13 min read

Katarzyna Groszkowska

Editor, Vestbee

Top VC Funds In Turkey To Finance Your Startup

In recent years, the Turkish startup ecosystem has been rapidly developing and emerging as one of the regional leaders. It is gradually being more appreciated by investors and seen as an attractive hub, well-positioned geographically and equipped with the right institutions nurturing the growth of young innovative companies. 

We have already covered the top coworking spaces, accelerators, and incubators in Turkey, and now it is time to bring forward the many funding opportunities that Turkish startups can count on. A lot of the regional VCs are currently raising their second funds and are actively eyeing good investment opportunities!

So without further ado, let's delve deeper into the Turkish startup ecosystem and discover the leading VC funds.

212

Geography: Turkey, CEE, and MENA
Preferred industries: B2B tech
Investment ticket: undisclosed
Company stage: from pre-seed to series A+

Let's start off with 212, a prominent VC fund operating worldwide from its offices in Istanbul, Doha, Dubai, and San Francisco. Their aim is to reshape the future by enabling tech-savvy entrepreneurs to solve difficult problems and supporting them across all stages, with a special Growth Fund, dedicated to startups raising capital from Series A. 212’s time-tested strategy is to advance B2B tech solutions with demonstrated traction, a precise product-market fit, and founders who are ready and eager to scale internationally - according to the 'Test Local. Go Global' principle. They are working locally, but these actions are rooted in the global network, enabling fast, international development from the get-go.

QNBEYOND Ventures

Geography: Global
Preferred industries: fintech, SaaS, cybersecurity, artificial intelligence, big data, retailtech, legaltech/regtech, marketplaces, insurtech, agritech, and proptech
Investment ticket: $300K to $1M
Company stage: early-stage

QNBEYOND Ventures is the corporate venture arm of QNB Finansbank and is based in Istanbul, Turkey. The firm seeks to make minority investments in seed-stage and early-stage companies, mostly operating in the sector of financial services. They are looking for pioneering and resilient founders, who can contribute their bold ideas and collaborate with the QNB Group. Because of the global nature of their activities, they are opening their portfolio companies to a wide network of business experts, customers, and industry leaders.

500 Emerging Europe

Geography: Emerging Europe
Preferred industries: sector-agnostic
Investment ticket: up to €2M
Company stage: pre-seed and seed

500 Emerging Europe, as the name clearly suggests, is looking for profitable investment opportunities in Central, Eastern, and Southern Europe. It's a spin-off of the acclaimed 500 Global, a VC firm with a worldwide presence, supporting founders from 81 countries. Their aim is to provide these up-and-coming companies with exposure to global markets. With more than $1.1Bn of raised capital, 500 Emerging Europe has 40 portfolio companies, backing their defensible technology, fuelling talents, and helping create companies that possibly become global powerhouses.

Logo Ventures

Geography: Turkey and CEE
Preferred industries: B2B SaaS, AI, fintech & cybersecurity
Investment ticket: $100K - $1.5M
Company stage: seed to series A

Logo Ventures is one of the leading Turkish VC firms, established to take full advantage of early-stage investing. They are characterized by agility, independent risk-taking, and VC industry expertise, which they leverage to back entrepreneurs from Turkey, CEE, and the Baltics, and help them transform into industry leaders. Their approach is focused on value, which helps their portfolio companies to rapidly grow, thanks to extensive support from Logo Ventures.

Revo Capital

Geography: Turkey, Eastern Europe, and Baltics
Preferred industries: B2B and B2C fintech, SaaS, marketplaces, B2B cloud, martech, big data, AI, Health IT
Investment ticket: $1M to $6M
Company stage: post-seed to series B

Revo Capital is a well-known and established Turkish investor, empowering local entrepreneurs to unlock their global potential. Their investment focus lies in Turkey, Eastern Europe, and the Baltics, looking for cutting-edge startups developing innovative B2B or B2C technology. Moreover, their areas of interest also include fintech, marketing technology, big data, and SaaS-enabled marketplaces. The fund was established in 2013, and in September 2021, the closing of their second fund of €90 million was announced. So far, they have made more than 30 investments and can boast 12 successful exits.

Earlybird Digital East Fund

Geography: CEE and Turkey
Preferred industries: ICT
Investment ticket: undisclosed
Company stage: seed and series A

Earlybird is one of the most experienced European investors, with an established presence across many countries and sectors. Amongst their specialized funds, there is a Digital East Fund - focused on early-stage ICT investment opportunities in Eastern Europe and Turkey. The last closing of the second Eastern Europe-focused fund was in 2021. When they raised €200M and invested in many promising companies, they led the tech transformation in the region. Their startups can count on comprehensive support, not only in the form of financial resources but also strategic advice and access to international networks and capital markets.

ScaleX Ventures

Geography: Emerging Europe
Preferred industries: B2B SaaS, deeptech and industry-specific software
Investment ticket: 200K to €2M
Company stage: early-stage

ScaleX Ventures is an early-stage investor, typically focused on late seed rounds, backing pioneering founders from the underappreciated markets of Emerging Europe. Their efforts are concentrated in three core areas: B2B SaaS, deeptech, and industry-specific software-seeking companies with global vision and ambitions to scale globally. ScaleX provides its companies with a platform to do so, guiding them pre- and post-investment, through strategic advising, networking opportunities, peer-to-peer learning, coaching programs, and site visits to startup hubs all around the world.

Diffusion Capital Partners

Geography: Europe and the US
Preferred industries: deeptech with a special interest in biotech, greentech, agritech, life sciences, materials & nanotechnology, IT, robotics, and mechatronics
Investment ticket: €500K initially and €1M to €2M in follow-on rounds
Company stage: seed and series A

DCP is an Istanbul-based, leading Venture Capital fund manager. It is focused on technology-intensive opportunities and recognizes the disruptive nature of science and tech-driven innovation. They are looking for startups developing cross-industry, multidisciplinary projects, with efficient solutions and a potential for significant value to be unlocked. When making investment decisions, they also take into consideration the market potential and the right entrepreneurial skill set for that market. They exhibit a hands-on approach to their portfolio companies - not only financing but also enabling and supporting in all key aspects of business activities - helping deeptech startups hit technical, financial, and product deployment targets.

Bogazici Ventures

Geography: Turkey
Preferred industries: game / web3, retailtech, fintech, edutech, hrtech, SaaS, digital health
Investment ticket: undisclosed
Company stage: growth

BV Growth Fund is a venture capital fund of an investing company, Boğaziçi Ventures. BV is compromised of technology entrepreneurs, which have sold their own companies and now wish to help the new generation of entrepreneurs, leveraging their hands-on experience. The company invests in tech ventures which are capable of bringing down the traditional industries, originating from Eastern Europe, Turkey, and the MENA region. The BV Growth Fund supports growing Turkish startups, which have the potential to not only provide high financial returns to investors but also make a lasting impact. In addition to the capital, BV also provides the companies with access to business networks and strategic advice.

TechOne VC

Geography: Turkey
Preferred industries: sector agnostic but with a preference towards AI, Robotics, medtech, Advanced Materials, and IoT
Investment ticket: up to 10M TL
Company stage: seed to series A

TechOne Venture Capital is an Istanbul-based Smart Capital Fund that invests in seed and early-stage technology startups with a global vision and disruptive business model. Their comprehensive support includes not only capital but also strategic expertise, academic, and industry connections as well as mentoring and operational capabilities, helping startups build lasting solutions and succeed. Their unique strength also lies in the broad network of global partners, to which their startups gain access.

Inventram

Geography: Turkey
Preferred industries: medtech, fintech, SaaS, gaming, and data analytics
Investment ticket: undisclosed
Company stage: early and growth stages

İnventram is the CVC arm of Koç Group, the largest conglomerate in Turkey. It invests in early and growth-stage high-tech startups launched by successful entrepreneurs with global ambitions. They aim to leverage their resources and help these startups become the future leaders of the industry by employing expertise in various business areas, from financial management, legal infrastructure, and business development to marketing and sales. Inventram is specifically interested in innovation-driven industries, including medical technologies, financial technologies, software as a service (SaaS), gaming, and data analytics.

Starters Hub

Geography: MENA and CEE
Preferred industries: sector-agnostic
Investment ticket: undisclosed
Company stage: early-stage

Starters Hub has been active on the Turkish VC scene since 2015, backing dozens of startups and registering a successful exit of Meditopia in 2020. It is an early-stage tech investment firm aiming to become the leader of the MENA and CEE regions. Their portfolio companies can count on all-around support and a long-term commitment to their development and potential market disruption.

Ludus Ventures

Geography: Global
Preferred industries: gaming vertical
Investment ticket: $200K to $2M
Company stage: pre-seed to series A

Ludus VC is a venture capital firm and a venture-building studio operating in the gaming vertical. Their investment activities are aimed at a global reach, supporting founders all around the world and equipping them with a deep understanding of the mobile industry. But it is not all - Ludus also provides in-house expertise and funding, leading the venture studio model in Turkey. In 2021, they have been named the largest and most active gaming investor in Turkey, actively contributing to the gaming ecosystem in the country by investing in gaming studios, adtech companies, and other platforms related to gaming.

Collective Spark

Geography: Turkey and the US
Preferred industries: sector-agnostic but have a preference towards fintech, marketplaces, SaaS/enterprise, gaming and ML/AI
Investment ticket: $500K to $1M
Company stage: pre-seed to series A

Collective Spark is an Istanbul-based VC firm focused on early-stage tech founders. They keep an eye on driven entrepreneurs seeking to build scalable solutions, from pre-seed up until series A. Their portfolio companies can benefit from operational support across all key business areas: product & technology, growth & marketing, strategy, recruitment, and finance, as they are focused on the operational part of venture building and creating durable, long-term partnerships.

Ida Capital

Geography: Turkey
Preferred industries: impact, healthtech, financial inclusion, edutech, cleantech, agrotech
Investment ticket: undisclosed
Company stage: early-stage

Ida Capital is an established Turkish investment management firm, and the first Turkish impact fund centred around impact investments in tech, innovation, and growth companies. They are backing disruptive startups and SMEs with a clearly defined mission of providing positive returns in three key aspects - financial, social, and environmental. They are investing across technology-enabled business verticals, combining profit with societal returns.

F+ Ventures

Geography: Global
Preferred industries: transportation, logistics, mobility, vehicles, and related
Investment ticket: undisclosed
Company stage: late seed and series A

F+ Ventures is the corporate venture arm of Fark Holding, established to support emerging technology startups in the transportation sector. Their vision is focused on innovative transportation solutions, empowering travellers and customers to use interconnected and intelligent technologies. The companies they look for should develop solutions that can predict demand, optimize capacity, improve efficiency, and reduce environmental impact while improving the end-to-end travel experience and ensuring safety and security. Selected startups should not only have a strong tech background, but also exceptional human capital and a clear scaling vision. On top of that, researchers, scientists, and spin-offs from large transportation-related businesses could also benefit from F+ Ventures value proposition.

hiVC

Geography: Turkey
Preferred industries: sector-agnostic
Investment ticket: undisclosed
Company stage: early-stage

hiVC is an early-stage public venture capital firm that supports innovative founders in attaining global success - from the initial idea up until the exit. They believe that the Turkish ecosystem has great potential and that with the right institutional support, Turkish founders can become the leaders of the changing industry. On top of that, hiVC also provides venture-building services through a hiBoost program, designed to develop winning business models for tech startups and work closely with founders to ensure sustainable scaling. The selected companies can count on financial injections, strategic advice, mentorship, offers from worldwide partners, and access to a valuable business network.

Paribu Ventures

Geography: Global
Preferred industries: blockchain, cryptocurrency, Web 3.0 and fintech
Investment ticket: undisclosed
Company stage: early-stage

Paribu Ventures is an Istanbul-based VC firm that invests in founders developing game-changing solutions from the cryptocurrency sector, including blockchain, Web 3.0, and fintech verticals. Their extensive experience in the industry has been raised firsthand - Paribu Ventures is the investing arm of Paribu, a leading global crypto asset exchange platform with over 5 million registered users. Their portfolio companies are therefore uniquely positioned for success, gaining not only an investor but also a strategic long-term partner with the purpose of influencing the fast-paced crypto world and investing in a decentralized future.

Alesta Yatirim

Geography: Turkey
Preferred industries: sector-agnostic
Investment ticket: undisclosed
Company stage: early-stage

Alesta Yatrim is a notable Turkish investor, which in 2021 was named the fund with the highest number of investments in the country. It fuels the Turkish economy by supporting regional companies, from the earliest of phases, with only product prototypes, up to venture stages, during which the capital is needed to enter new markets and expand the customer base. Alesta aims to provide its portfolio companies with the capital, knowledge, and experience essential to become successful and gain traction.

APY Ventures

Geography: Turkey
Preferred industries: software, mobility, games, alternative energy, cybersecurity, agritech
Investment ticket: undisclosed
Company stage: seed to series A

APY Ventures is an initiative of Albaraka Asset Management, which has founded many VC Investment Funds, tailored to the needs of entrepreneurs and investors alike. Their aim is to bring together entrepreneurs with great ideas, and investors willing to carry them out. They are currently managing three VC funds - the first one is Bilişim Vadisi VCF, established to support startups operating in the field of civilian technology (mobility, games, alternative energy, cybersecurity, agricultural technologies, etc.) from the seed stage to the series A stage. The second fund is a fintech-focused one, designed for startups that have successfully completed the Albaraka Garage acceleration program. The last one - Start-up Venture Capital Fund - was raised to invest in startups at all stages. Although its main focus is startups that provide scalable software services, the fund is vertical agnostic.

Finberg

Geography: Global
Preferred industries: fintech, retailtech, crypto, deeptech, B2B SaaS, gaming
Investment ticket: undisclosed
Company stage: early-stage

Istanbul-based Finberg is a Corporate Venture Fund, an investment vehicle of Fibabanka and a manager of three specific funds. So far, it has invested more than $34 million in 19 startups, with a goal to form strategic partnerships with rising companies, that are developing innovative solutions, especially in the financial sector.

Yildiz Ventures

Geography: Turkey
Preferred industries: foodtech, retailtech, agritech, deeptech, SaaS, e-commerce, mobility, logistics, fintech, gaming, and hrtech
Investment ticket: undisclosed
Company stage: early-stage

Yildiz Ventures was created to back pioneers, innovators, and disruptors, supporting them on their growth journey. The company has a wide-reaching array of programs, which is a comprehensive proposition for regional startups. Their VC investment activities are directed at companies operating across a variety of core verticals, which include foodtech, agritech, deeptech, SaaS, e-commerce, mobility, logistics, fintech, gaming and HRtech. A part of their activities is also a CVC arm, designed for companies that can be integrated into the Yildiz main business line and add value to the activities of Yildiz Holding in the food and retail industry. On top of that, they are also running a Yildiz acceleration program, aimed at pre-seed companies, operating in the food sector.

Related Posts:

Top VC Funds In Greece To Finance Your Startup (by Olga Chechłacz, Editor, Vestbee)

Top VC Funds In The Western Balkans To Finance Your Startup (by Katarzyna Groszkowska, Editor, Vestbee)

Top VC Funds In Denmark To Finance Your Startup (by Valerie Stupnikova, Vestbee)



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