Revo, a venture capital fund, has successfully convinced international investors, such as the International Finance Corporation (IFC) and the European Investment Fund (EIF), to invest in its third fund, which exceeds $100 million, according to its co-founder Cenk Bayrakdar.
Bayrakdar’s remarks came on the sidelines of an event in Istanbul by startups.watch to announce a investment report that wrapped up the first quarter of the Turkish startup ecosystem.
Bayrakdar recounted Revo’s journey since its inception in 2013, when venture capital was a virtually untapped sector in Türkiye.
“When we established the fund, we had almost no local precedent to guide us. We learned and progressed together. The $18 million we raised at the time was a significant sum,” he said.
Over a decade later, Revo’s third fund has surpassed $100 million, with the potential to grow even further.
“We never imagined raising 90% of the fund so early. Now, we can make investments of $2-$3 million in a single deal,” Bayrakdar added.
The success of Revo’s funds has also spurred international interest in Türkiye’s startup ecosystem, he said.
“We contributed to increasing international interest in the Turkish startup ecosystem for investment. As international funds received good returns on their investments, they continued,” he noted.
“We convinced institutions such as the International Finance Corporation, the European Investment Fund and European Bank for Reconstruction and Development to invest in Türkiye. We facilitated the use of tax advantages for venture capital investment funds.”
Bayrakdar emphasized that as international investors continue to see favorable outcomes, they become more inclined to invite others to invest in Türkiye.
Gaps in growth-stage funding
Revo has carved a niche by focusing on startups in their growth phase, an area where the Turkish ecosystem has historically struggled.
Bayrakdar noted that only 5% of Turkish startups secure Series A funding, compared to over 20% in Europe. “Our goal is to close this Series A gap, which is one of the major shortcomings in the Turkish startup ecosystem,” he said.
Many of Revo’s portfolio companies generate most of their revenue outside Türkiye and many have engineering teams based locally but sales targeted at international markets.
“Our focus is on startups with global growth ambitions. The target market for the startups in our portfolio is not Türkiye; in fact, many of them generate revenue outside of Türkiye. These startups now mostly have their engineering hubs in Türkiye, but their operations are focused on selling internationally. Consequently, they have become companies generating foreign currency income,” Bayrakdar said.
“We do not invest in startups that lack global ambitions. While our investments are primarily finance-focused, we also keep an eye on emerging areas like gaming.”
Despite its focus on Series A and growth-stage investments, Revo also supports early-stage startups through rapid investment rounds, said Bayrakdar. Beyond Türkiye, Revo invests in tech-oriented startups across Eastern Europe and the Baltics.
Turkish startup ecosystem secures $58M investment in Q1
Turkish startups secured a total of $58 million in the first quarter of this year through 49 investment rounds, according to data by industry monitor startups watch.
The figures were announced during an event in Istanbul that wrapped up the first three-month period for the Turkish startup ecosystem.
The financial technology (fintech) and gaming sectors dominated the January-March period, attracting $18.1 million and $26 million, respectively, the data showed.
The overall figure still showed a decline amid broader economic uncertainties, global investment trends, and the Ramadan period.
The ongoing Series A crisis in Türkiye remains a pressing issue. Securing seed funding has become more accessible, thanks in part to significant support from the Scientific and Technological Research Institution of Türkiye’s (TÜBITAK) BiGG Fund.
However, the real challenge lies in attracting institutional investments (Series A and B) that would enable startups to grow beyond the seed stage. This has led many promising startups to either relocate abroad or lose their growth potential.
In fact, no advanced-level investments occurred in Türkiye during Q1 2025, underscoring this ongoing challenge.
Despite the slowdown, certain sectors managed to stand out. The gaming and fintech sectors were particularly prominent in terms of investment amounts, driven by startups like Good Job Games and Fimple.
Although artificial intelligence investments seemed modest at first glance, it’s important to note that this sector is still in its “seed stage.” A total of 13 AI startups received funding during the first quarter, with five of them supported by TÜBITAK’s support programs.
Women-led startups surge
In a groundbreaking development, Türkiye witnessed its first-ever “dragon exit,” a full return of an entire deep tech fund, when Burgeon, a portfolio company of DCP, was sold to French firm Vivacy Laboratories. This reaffirms the importance of patient, long-term investments in deep technology.
Another encouraging development has been the rise in investments in women-led startups. Investments in ventures led by women entrepreneurs reached 34% share, a notable increase from past years where this figure struggled to exceed 21%.
This increase was significantly boosted by the TÜBITAK’s BiGG’s support for women entrepreneurs, providing targeted support and helping to bridge gender gaps in entrepreneurship.
Additionally, professor Atilla Dikbaş, general manager of Istanbul Technical University (ITÜ) Arı Teknokent, announced the launch of a new venture capital investment fund.
Dikbaş highlighted the role of ITÜ Çekirdek incubation center in nurturing globally-focused startups through its award-winning accelerator program. This initiative aims to provide enhanced financial support to emerging ventures, strengthening Türkiye’s position as a regional innovation hub.
Countries urged to build national cloud, data center infrastructure
In today’s digital world, where data has become the most valuable asset, multinational cybersecurity company Kaspersky cautions countries should not rely on a single source for data center access.
Eugene Kaspersky, the founder and CEO of Kaspersky, highlighted the necessity of national alternatives in cloud and data center infrastructure, particularly as artificial intelligence becomes more prominent.
Speaking specifically about Türkiye, Kaspersky said, “Türkiye should have local options for data centers and cloud infrastructure to support AI development.”
Referring to Russia’s experience, he noted, “When American and European tech companies left Russia, it wasn’t easy to keep systems running. But Russia succeeded, because it had the national resources to maintain its digital systems and processes.”
Growth in Türkiye
Kaspersky shared the company’s 2024 financial results during a press event in Istanbul before the Global Partners Conference. Kaspersky achieved a record-breaking performance with an 11% increase in sales, raising its revenue to $822 million. The company also posted a remarkable 42% growth in sales in Türkiye.
In 2024, Kaspersky continued to expand its solution portfolio and grow its business in favorable markets. Despite geopolitical tensions and resulting restrictions, the company maintained a positive growth trajectory.
While strengthening its leadership in enterprise cybersecurity solutions, Kaspersky also remained a significant provider of consumer cybersecurity.
The company’s global performance was driven by consistent and positive results across most regions, especially in the Middle East, Türkiye, and Africa (META) region, which grew by 18%. Türkiye stood out with a 42% increase in business, driven by significant growth in both the B2B (82%) and B2C (12%) segments.
Kaspersky Türkiye General Manager Ilkem Özar expressed satisfaction with the company’s achievements and ongoing commitment to partnership development.
Global conference in Türkiye
“Kaspersky is a partner-centric company dedicated to building and enhancing a strong partner network. We strive to make collaboration both profitable and seamless, with customer satisfaction as our top priority,” she said.
“We’re pleased to come together with our partners at this special event. The Partner Conference includes many high-profile discussions that will shape Kaspersky’s forward-looking initiatives, particularly regarding further investments in Türkiye and the META region.”
The year 2024 also marked the introduction of Kaspersky’s new flagship product line, Kaspersky Next. This portfolio combines robust endpoint protection with the transparency and speed of Endpoint Detection and Response (EDR), along with the visibility and powerful tools of Extended Detection and Response (XDR). The new line aims to further boost B2B ecosystem sales.
New-generation learning opportunities: Türk Telekom Academy
An academy by Türk Telekom, one of Türkiye’s leading telecommunications and technology companies, is offering a wide range of educational programs designed for individuals who wish to enhance their skills and competencies, advance their careers, and take part in the future of the communication world.
The Türk Telekom Academy provides development-oriented training tailored to the needs of users from all walks of life.
The Türk Telekom Academy training platform includes free courses designed for both personal and professional development, as well as digital certification programs developed in collaboration with universities. These educational resources are available to anyone who values self-development.
Through the “Career Package,” users can access training in categories such as workplace dynamics, leadership, financial expertise, sales, and communication skills. Moreover, under the “Foreign Language Training” category, users can choose from 38 foreign language courses, all of which have been localized with Turkish interfaces.
Whether you are a recent graduate, someone planning a career shift, an individual aiming for professional growth, or simply someone who values lifelong learning, Türk Telekom Academy has a program for you. It serves everyone with professional and personal development goals.
Certificates, career-focused programs
Türk Telekom Academy’s educational packages are offered across nine main categories. Among them are the Micro MBA and other certificate programs delivered in collaboration with Istanbul Bilgi University, providing future leaders with the training they need to succeed.
The career programs also include over a hundred courses in leadership, sales, communication, finance, corporate development, Microsoft Office and personal enrichment.
With an extensive catalog of over 11,000 videos and more than 600 individual lessons, the platform offers comprehensive training in personal development, professional development, information technologies, photography, graphic design, web design, programming, 3D modeling and animation, and video editing. These resources are ideal for individuals seeking to upskill or reskill in their current professions or explore new career paths.
For those who want to improve themselves, a wide selection of free programs featuring hundreds of lessons is also available. One standout offering is an online speed reading program, which uses scientific methods to help users increase their reading comprehension and pace.
