Revo Capital, Turkey’s largest technology-focused venture capital fund, has announced Revo Capital Fund III’s attainment of an $86m first close.
The fund, targeting $100mn, is positioned to surpass that figure ahead of a final close scheduled for within the coming year, the early stage investment specialist said.
The new fund will maintain Revo Capital’s longstanding emphasis on fintech—a segment in which Revo is already the most active investor in Türkiye—while deepening its focus on B2B SaaS, cybersecurity and health technology, it added.
Fund III also introduces energy and gaming as dedicated verticals.
A significant portion of the investments made will be deployed into startups with roots in Turkey, either due to a Turkish founder or a Turkish R&D team. That approach will reinforce Revo’s role as a cornerstone of the local ecosystem, according to the company.
“The fund will also opportunistically cover Central and Eastern Europe, where Revo sees a pipeline of technical talent and capital efficient innovation,” it added.
Across its first two funds totalling $180mn, Revo has invested in 40 technology startups and achieved 17 successful exits to date. Revo closed its second fund, at €90mn, in October 2021.
When Revo Capital raised its inaugural fund in 2013, Turkey’s startup landscape comprised fewer than 1,500 startups and attracted under $30mn in annual venture investment.
By 2024, the country was hosting more than 10,500 startups and adding over 1,000 new startups each year. The total value of the ecosystem has expanded more than 10-fold in the last four years, with over $6bn deployed into startups.
