Revo Capital, a Turkish venture capital company that supported Getir technology unicorns and Builder.ai, intends to raise funds for $100 million to invest in regional startups operating in the sphere of artificial intelligence.
A new venture fund, which will be created based on the expected financing, will be the third in a row for the mentioned firm and will mark its first investments in the energy and gaming industry. This was stated by the managing director of Revo Capital, Cenk Bayrakdar, during a conversation with media representatives in Istanbul. According to him, the new fund will focus on providing financing to startups developing solutions for artificial intelligence and large amounts of data.
Cenk Bayrakdar also stated that the new investment initiative will support firms that work in the spheres of fintech, healthcare, cloud security, and B2B cloud software.
The success stories of Getir’s fast delivery service and Peak Games, a mobile game developer, have been the focus of attention from Turkish startups in recent years.
The next raising of Revo Capital funds is being carried out at a difficult time. Now, a negative influence factor is inflation, which reduces the volume of investment in private and venture capital around the world. The company expects that 80% of the raised funds will go to Turkish startups. Revo Capital intends to provide the rest of the financing to firms from Central and Eastern Europe.
Cenk Bayrakdar stated that the new fund will focus on working with Turkish companies that employ local talented professionals to create a global presence and have a source of income in hard currency to appeal to potential sponsors from other countries. According to him, Revo Capital invests only in global firms or firms that conduct global business.
Cenk Bayrakdar said the fund will aim for the first $50 million to $60 million closure in March. At the final closing, it is expected to receive $100 million with a limit of $ 150 million.
In the first nine months of this year, the total volume of venture capital investments in Turkish startups amounted to $154 million. For the whole of last year, this figure amounted to $1.26 billion. The relevant information was released by Startups.Watch, a monitoring company based in Istanbul.
Previous sources of money for Revo Capital were international financial institutions, including the European Bank for Reconstruction and Development, the German Investment Corporation, the European Investment Fund, and the International Finance Corporation.
In 2013, the company raised $66 million for its first fund. In 2020, the firm received $98 million for a second fund, which, according to Cenk Bayrakdar, plans to make one or two investments next year.
Builder.ai, backed by Revo Capital, has created a platform for the development of low-code/no-code apps based on artificial intelligence. In this case, customers get the opportunity to create software and other digital products faster and cheaper.
Getir, which Revo Capital also cooperates with, is a 24-hour mobile retailer of challenger FMCG. The company operates in Turkey, 7 European cities, and the U.S.
As we have reported earlier, Salv Raises $4.3 Million.