Capital raising services in Turkey
Turkey's VC market has entered a new phase following the Trendyol mega-round, Getir's international expansion capital and the Peak Games milestone, establishing Istanbul as a credible address for cross-border growth investors.
Hepsiburada's Nasdaq listing, Insider's enterprise SaaS global growth and the ongoing scale-up of Dream Games have drawn European, US and MENA investors into the Turkish growth-stage market; Iyzico's PayU acquisition demonstrated the strategic acquirer appetite for Turkish fintech infrastructure.
We work with mid- to late-stage Turkish startups raising growth capital on the best available terms, drawing on an extensive VC investor network spanning European growth funds, US cross-border investors and MENA sovereigns. We manage the full end-to-end fundraise: pitch deck, operating and financial model, investor outreach, term sheet negotiation and closing - including offshore holding structure considerations and Turkish transfer-pricing requirements.
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VC rounds raised in the last 12 months in Turkey
$12M
Median VC valuation (across all stages) in Turkey
-
Median VC revenue multiple (across all stages) in Turkey
$80M
Largest VC round raised in Turkey in the last 12 months
Raising venture capital in Turkey
Turkey's VC market has scaled materially following Peak Games (2020) and Getir (2021-22), with Istanbul as the centre. Cross-border participation from European, US and MENA investors is common at growth stage.
Turkish VC conventions
Turkish venture rounds typically use documentation aligned with European venture conventions, adapted for the Turkish Commercial Code. Most material rounds at Series A and later involve an offshore holding entity (Cayman, Delaware, Netherlands) for international investor familiarity and exit mechanics.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Turkey. Y Combinator SAFEs are used where the lead investor is US-based and the company has an offshore parent. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Turkish A.Ş. (joint-stock) and LTD ŞTİ structures govern share issues.
Holding structure choice
Many venture-backed Turkish companies operate via an offshore holding entity (Netherlands, Cayman, Delaware) over Turkish operating subsidiaries. The structuring choice provides currency hedge, investor familiarity and cleaner exit mechanics - but requires careful Turkish transfer pricing and tax structuring.
Foreign investment review
Turkey has limited general FDI screening but specific approvals apply in defence, banking, energy and certain critical infrastructure. Worth checking specifically for deals involving foreign acquirers in scoped sectors.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions; Turkish-domestic closings involve Trade Registry filings and notarisation. Turkish stamp duty applies to certain transaction documents.
Largest private tech companies in Turkey
Trendyol Group valued at $17B is the largest still privately-owned company in Turkey.
See all large tech companies in Turkey| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Trendyol Group | | Trendyol Group is an Istanbul-headquartered e-commerce marketplace dominating online retail in Turkey. The platform offers fashion, electronics, beauty, and groceries from over 250,000 vendors, with same-day delivery in major cities via Trendyol Express logistics. Features include personalized recommendations, live shopping streams, and buy-now-pay-later options. Backed by Alibaba Group since 2018, Trendyol expanded into Europe with operations in Germany, Netherlands, and Poland. Founded in 2010, it processes millions of daily orders through mobile apps and web interfaces. | Aug-21 | $1.5B | $17B | |
Dream Games | | Dream Games is an Istanbul-based mobile gaming studio that develops and publishes casual games such as Royal Match. The company focuses on long-lasting titles blending technology and creativity for global audiences across iOS and Android platforms. | May-25 | $1.3B | $5.0B | |
Midas | | Midas is a Mumbai-headquartered digital brokerage platform offering commission-free trading in U.S. equities, Indian stocks, mutual funds, and cryptocurrencies. Regulated by SEBI, the app provides access to NYSE, NASDAQ, and NSE exchanges with real-time quotes, zero custody fees, and margin trading facilities. Founded in 2021, it serves Indian investors through a mobile-first interface supporting U.S. options and IPO access alongside demat accounts for domestic markets. | Aug-25 | $80M Series B | $1.0B |
Startups who recently raised money in Turkey
Largest VC round raised recently in Turkey was a $70M Series B of Grand Games in May 2026.
See all VC rounds in Turkey| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Grand Games | | Grand Games is a mobile gaming studio developing titles in strategy, simulation, and multiplayer genres. Headquartered in Tel Aviv, Israel, the company releases games like Hero Wars and Infinity Kingdom, which have garnered millions of downloads worldwide. Its development team emphasizes cross-platform compatibility for iOS and Android, partnering with global publishers to distribute free-to-play experiences with in-app purchases. | Balderton CapitalBek Ventures+2 | $70M | - | Series B | |
Nov-25 | EasyCep | | EasyCep is a Turkey-based online marketplace founded in 2018 for refurbished electronics including smartphones, tablets, and computers. The platform sells professionally restored devices at up to 70 percent below original prices, backed by 12-month warranties. | Oleka CapitalRePie Portfolio+1 | $45M | - | Undisclosed stage | |
Dec-25 | Getmobil | | Getmobil is a smart marketplace for refurbished electronics in Turkey. It buys used smartphones, laptops, and tablets from consumers, subjects them to rigorous diagnostic tests, repairs issues via certified technicians, and resells them alongside original accessories. Customers access doorstep delivery of quality-checked devices at reduced prices, with warranties and buyback options ensuring reliability for budget-conscious buyers in Istanbul and other cities. | 2122150+8 | $22M | - | Series A | |
Jan-26 | Dataroid | | Dataroid is a digital analytics platform for customer engagement across web, mobile, and channels. Headquartered in Jakarta, the company unifies user profiles from interactions to enable real-time personalization via email, push notifications, and in-app messaging. It supports over 40 million users for e-commerce and media clients in Southeast Asia, analyzing journeys to increase lifetime value through behavioral segmentation. | Endeavor CatalystFuture Impact Fund+1 | $6.6M | - | Seed | |
Apr-26 | Lucida AI | | Lucida AI is a London-headquartered edtech company specializing in AI-powered speech-to-speech language learning technology. Its platform has facilitated over 2 billion minutes of spoken practice, achieving top 10 rankings on App Store charts in multiple countries and generating 22% organic revenue growth. The proprietary system accelerates learners to C1 English fluency within three months through immersive, real-time conversations. Launched in 2023, Lucida AI serves individual users and enterprises worldwide, partnering with language institutions to enhance conversational proficiency. | Boğaziçi VenturesLook.ai+4 | $5.4M | - | Seed | |
Apr-26 | Mission Control Games | | Mission Control Games is a mobile game studio that develops casual puzzle games. | Arcadia Gaming Partnerse2vc+1 | $4.0M | - | Pre-seed | |
Mar-26 | Vento Games | | Vento Games develops and publishes video games and digital experiences for mobile, console, and PC platforms. The company creates titles across genres with storytelling and gameplay mechanics, plus community features like events and updates. Vento Games handles development, publishing, distribution, and player outreach. | Arcadia Gaming PartnersMakers Fund | $4.0M | - | Seed | |
Feb-26 | Paket Mutfak | | Paket Mutfak is an Istanbul-based operator of ghost kitchens developing delivery-only food brands optimized for online platforms. The company runs cloud kitchens producing diverse cuisines like burgers, pizzas, and healthy meals, distributed via apps such as Yemeksepeti and Getir across Turkey's major cities. Paket Mutfak reinvents local meal delivery through centralized production that maintains quality and speed for urban consumers. | Ali SabanciCorsini Global+5 | $3.8M | - | Seed | |
Apr-26 | C | Claw Intelligence | | Claw Intelligence builds AI tools to analyze data, automate workflows, and support business decisions. | Castrum CapitalGenesis Capital+2 | $3.0M | - | Seed |
Jan-26 | Diginak | | Diginak is a B2B digital freight platform streamlining transportation via brokers with full traceability and financial services. Operating in Turkey, it connects shippers, carriers, and financiers in a closed-loop ecosystem for trucking and logistics. Diginak digitizes contracts, payments, and tracking, empowering stakeholders with invoice financing and efficiency gains across the supply chain. | - | $2.5M | $33M | Seed | |
Apr-26 | PhiTech Bioinformatics | | PhiTech Bioinformatics is an AI-driven provider of multi-omics diagnostic decision support for precision medicine. Its platform analyzes genomic, transcriptomic, and proteomic data to guide oncology and rare disease treatments in clinical settings across Europe. | İTÜ ARI Teknokent VenturesOsman Alp Arli+10 | $2.4M | - | Undisclosed stage | |
Nov-25 | SuperGears Games | | SuperGears Games is a Cyprus-based mobile game studio focused on racing titles such as Extreme Car Driving Simulator with over 100 million downloads. The company develops high-fidelity driving games for Android and iOS, incorporating realistic physics and multiplayer modes. | ACK VenturesAPY Ventures+6 | $2.1M | $10M | Seed | |
May-26 | Mindtail | | Mindtail is a mobile gaming studio in Istanbul developing hybrid mobile games. Industry veterans launched the firm after previous titles attracted over 300 million players worldwide. | Ak PortfoyAPY Ventures+1 | $2.0M | - | Pre-seed | |
Jan-26 | Mindsite | | Mindsite is an eCommerce intelligence platform tracking product availability, pricing strategies, promotions, content quality, and brand visibility for online retailers. It provides competitive analysis to improve sales performance across marketplaces. | FinbergLeap Investment+7 | $2.0M | - | Undisclosed stage | |
Dec-25 | Gardiyan | | Gardiyan develops integrated platforms for system security and IT operations management, enabling robust cybersecurity and efficient infrastructure oversight for enterprises. | APY Venturesİvedik GSYF | $2.0M | - | Seed |
Top VCs and strategic investors in Turkey
APY Ventures, ŞirketOrtağım, Turkey Development Fund and Maxis funded the most startups in Turkey in the last 12 months.
See all VCs in Turkey| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
APY Ventures | | APY Ventures is a venture capital firm investing in early-stage technology companies. It focuses on sectors like software, fintech, and consumer tech across North America. The firm partners with founders building scalable platforms, providing capital and strategic guidance from seed through Series A rounds. | MindtailMükellefGardiyan+2 | 28 | Seed | |
Maxis | | Maxis is the private equity investment arm of Türkiye İş Bankası, focusing on mid-market companies in Turkey and Central and Eastern Europe through its platform at maxisgs.com. | GetmobilTark GamesMilvus Robotics+2 | 22 | Seed | |
ŞirketOrtağım | | ŞirketOrtağım is an Istanbul-based online platform connecting early-stage startups with angel investors and venture capital sources across Turkey. It facilitates funding rounds and knowledge transfer between entrepreneurs and seasoned backers. The service streamlines investment matching through deal listings, investor networks, and educational resources on startup valuation and equity structuring. ŞirketOrtağım supports initiatives in technology, consumer goods, and services by hosting pitch events and providing due diligence tools. | Maxi MobiliteDefySkymod Technology+2 | 11 | Seed | |
Inveo Ventures | | Inveo Ventures is an early-stage venture capital firm focusing on tech-enabled startups in emerging markets. The fund invests in fintech, edtech, and logistics companies across Southeast Asia and Latin America. Headquartered in Singapore and launched in 2020, Inveo provides seed funding and operational guidance to portfolio firms. | MindtailPortfoy Financial TechMilvus Robotics+2 | 11 | Seed | |
TT Ventures | | TT Ventures is the Istanbul-based corporate venture capital arm of Türk Telekom established in 2019, investing in early-stage telco, fintech, and digital health startups. The fund has committed $100 million to 25 portfolio companies including Insider and Foriba, focusing on Turkey, Central Asia, and Europe. It leverages Türk Telekom's 18 million subscribers for pilot deployments. | MindsiteVenueXMilvus Robotics+2 | 11 | Seed | |
Turkey Development Fund | | Turkey Development Fund is an Ankara-based venture capital entity backed by Turkish public institutions. It invests in seed to Series A startups developing technologies in defense, cybersecurity, agritech, and cleantech to bolster Turkey's innovation ecosystem and national priorities. | MindsiteMükellefOnlayer+2 | 10 | Seed | |
Arcadia Gaming Partners | | Arcadia Gaming Partners is a venture capital firm investing exclusively in mobile gaming studios. London-headquartered and founder-led, the company provides seed to Series A funding for developers creating free-to-play titles on iOS and Android platforms. Arcadia Gaming Partners backs teams building hyper-casual, mid-core, and hybrid-casual games, offering hands-on support in user acquisition, monetization, and scaling operations worldwide. | Mission Control GamesVento GamesBigger Games+2 | 5 | Seed | |
TRANGELS | | TRANGELS is an early-stage investment fund and network operating in Vietnam. It connects local angels with startups in e-commerce, edtech, and mobility services. The group has facilitated investments in over 50 companies since 2015, providing equity alongside business development resources. TRANGELS hosts pitch competitions in Ho Chi Minh City and Hanoi to source deals. | DatasanceSkymod TechnologyEnlighty AI+2 | 5 | Seed | |
e2vc | | e2vc is a venture capital fund focused on early-stage startups from Eastern Europe expanding to the US. The firm invests in seed and pre-seed rounds for founders in Warsaw, Tallinn, and Kyiv, bridging them to markets in San Francisco, New York, London, and Berlin. Managing $50 million in assets, e2vc backs 20 portfolio companies in fintech and SaaS, including exits to US acquirers, and supports immigrant entrepreneurs from the region in key tech hubs. | Mission Control GamesPixel FlowCircle Games+2 | 5 | Seed | |
RePie Portfolio | | RePie Portfolio is an Istanbul-based alternative investment firm managing portfolios in venture capital, real estate, private equity, and infrastructure across Turkey. Launched in 2021 as the country's first such entity, it offers strategies for institutional and high-net-worth clients through funds targeting sustainable assets. RePie Portfolio oversees assets exceeding 500 million Turkish lira in diversified holdings. | AideaEasyCepSaykal | 3 | Pre-seed |
What if not VC? Non-equity funding in Turkey
Turkey's non-dilutive funding stack is strong by emerging-market standards - between TÜBİTAK, KOSGEB, Teknopark benefits and EU-adjacent programmes, Turkish startups have multiple paths to extend runway without taking equity dilution.
TÜBİTAK R&D programmes
TÜBİTAK provides R&D grants at 60-75% co-financing across TEYDEB, BiGG and 1507 SME programmes. Often the single largest source of non-dilutive cash for early-stage Turkish tech companies.
Teknopark zone benefits
Companies in Technology Development Zones benefit from corporate income tax exemption on qualifying R&D revenue, income tax exemption for R&D personnel and reduced social security contributions. Materially valuable; most VC-backed Turkish startups operate from Teknopark zones.
KOSGEB SME support
KOSGEB administers SME and startup grants, subsidised loans and acceleration. Often combined with TÜBİTAK funding for early-stage Turkish tech.
Turkey Wealth Fund / TVF Tech
Turkey Wealth Fund and adjacent vehicles provide indirect institutional capital via partner VC funds and direct growth-stage investments. Important component of Turkish venture capital LP base.
Angel investing networks
Galata Business Angels, Startup Türkiye and other Turkish angel networks anchor pre-VC investment. Tickets typically TRY 250k-2M per investor; structured rounds often syndicated across 5-15 angels.
EU funding access
Turkey has partial access to Horizon Europe (associated country) and the EBRD provides growth lending and equity participation in Turkish SMEs. EU pre-accession funds are not currently active for Turkey.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Turkey and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Turkey.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Turkey
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Turkey
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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