VROOM CARAVAN TURKEYIstanbul 8 March 2017
Sustaining The Momentum
Turkey remains an attractive place for start-up investors despite its recent political troubles. The momentum of the past two years has carried the country’s start-up, aided in large part by the ability of Turkish start-ups. 2015 was in fact a banner year for Turkish start-ups, with overall investments increasing by 50% and total early-stage investments booming by 200% over the already robust numbers of the previous year.
One high-profile exit made global headlines in 2015: Yemeksepeti was acquired by Delivery Hero for a staggering $589 million, which is believed to be the largest acquisition ever made in the digital food ordering space.
Business As Usual
Turkish entrepreneurs are relying on the country’s resilient economy that survived the recent instability with a mere 2% weakening. Global funds continue to support Turkey: The Abraaj Group closed $526M fund dedicated to Turkish start-ups and 500 Startups earmarked a $15M fund to Turkey. They are competing with Turkish VC’s that continue to operate full force.
Seeing The Potential
Turkey’s start-up ecosystem capitalizes on its tech-savvy and highly educated workforce that draws on a very young population. As of 2015, nearly 60% of the Turkish population are Internet users, most of whom are technology early adopters. The devaluation of the Turkish Lira also presents an unprecedented opportunity for investment: TRY/EUR has lost nearly 30% in 2016 which means that investments in Turkey are now 30% cheaper for European investors.