Revo Capital becomes Turkey’s largest VC fund with the final closing of €90M to invest in tech startups in Turkey, Eastern Europe & Baltics

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Revo Capital became Turkey’s largest VC fund with the final closing of its second fund at €90 million. Revo Capital successfully finalized 3 exits from its first fund while closing its second fund and making 3 new investments.

Originally starting the fundraise process with a target size of €60 million, Revo Capital ended up closing an oversubscribed second fund at €90 million, making it Turkey’s largest VC fund. The continued interest and support that Revo Capital has drawn from institutional and global investors reflects the trust in Revo’s strategy and the success of its first fund.

Thanks to the financial returns of its first fund, Revo Capital ranks in the top decile among the same vintage VC funds. Revo managed to finalize 3 exits, 3 new investments in the last 3 months in tandem with Fund II closing. As the largest VC fund in Turkey, Revo Capital will continue making investments in Turkey, Eastern Europe, and Baltics.

Founded in 2013, Revo Capital invests in Series A and B rounds of startups with a proven product-market fit and potential for global market disruption and targets verticals such as fintech, SaaS, marketplaces, B2B cloud, Martech, Big Data, and AI, and (as a new vertical for Fund II) Health IT. “ The Turkish VC has already made 5 investments from its second fund: CY Vision, Massive Bio, Getir, Akinon, and Vivoo.

In the next 10 years, Turkey is expected to produce more than 10 unicorns

The second fund continues the success of the first fund, which saw 6 profitable exits, among them many stars of the Turkish digital ecosystem such as ForibaParaşüt, and Getir.

The tech ecosystem in Turkey is growing at an exceptional pace and is back on global investors’ radar. In the first half of 2021, almost $1.5 billion in venture capital was deployed to Turkish startups, growing eight-fold compared to the same period in 2020. The capital invested in Turkish startups exceeded 2% of the total value invested across Europe, solidifying Turkey as an international startup ecosystem. We expect to see more than 10 unicorns and a number of decacorns in the next decade,” said Cenk Bayrakdar, Managing Director and Founding Partner of Revo Capital.

Raising its reputation among the leading investors in Turkey, Central and Eastern European regions thanks to the success of its second fund, Revo Capital will keep on utilizing its hands-on approach to create international funding opportunities in the follow-up rounds for its new investments. Cenk Bayrakdar added: “We are perfectly placed to act as a catalyst to accommodate the new wave of ambitious local founders who want to target global markets. Through our collaborative approach and international network, we can help bridge them to larger investors and open them up to capture growth opportunities globally“.

Revo Capital was proud to onboard returning cornerstone investors IFC and EBRD and welcomes premier institutional investors European Investment Fund (EIF) (via its Turkish Investment Initiative — Turkish Growth and Innovation Fund), German Investment Corporation (DEG), Turkey Development Fund, as well as several prominent local corporate investors, family offices and entrepreneurs. Koray Bahar and Ahmet Bilgen, founders of Foriba (a Revo Fund I portfolio company exited to Sovos Inc) contributed to Revo’s second fund, proving a very positive circular impact of financing great entrepreneurs, strengthening the development of the ecosystem.


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