Revo Capital becomes Turkey’s largest VC fund with final close of Fund II at EUR90 million
Revo Capital has become Turkey's largest VC fund to date with the final closing of its second fund at EUR90 million. Within the last three months, Revo Capital successfully finalised three exits from its first fund while closing its second fund and making three new investments.
Revo Capital has received the continuing support of IFC and EBRD, which were also cornerstone investors in Fund I. Further commitments have come from a broad group of premier institutional investors including Turkish Growth and Innovation Fund (TGIF) as advised by European Investment Fund (EIF), German Investment Corporation (DEG), Turkey Development Fund, as well as several prominent local corporate investors such as EnerjiSA Enerji, Finberg, QNBEYOND Ventures, Yıldız Ventures and Ünlü&Co.
“We are proud of the everlasting support we received from our long-time LPs IFC and EBRD, and the interest from new long-term LPs EIF and DEG,” says Cenk Bayrakdar, Revo Capital’s Founding Partner. "The last decade was laying the foundation of our belief that providing capital and operational/growth support to fast-growing software and tech-enabled startups from Turkey, Eastern Europe and Baltics will help them become industry and global leaders.
"As the first fund investing in Turkish unicorn Getir, we have firsthand experienced how its success strengthened the Turkish startup ecosystem, motivating entrepreneurs as a role model to build global category-defining products and services. As Revo Capital, we invest in certain select verticals and the latest developments have proven us right about these verticals. We work hand in hand with entrepreneurs and look forward to continuing our proven investment strategy with Fund II.”
Revo Capital invests in Series A and B rounds of startups with a proven product-market fit and potential for global market disruption. Revo Capital's close relationship with its vast investment network enables easier access to capital for its portfolio companies as they scale up to overseas markets. Revo Capital has already made five investments from its second fund: CY Vision, Massive Bio, Getir, Akinon and Vivoo.
Revo Capital’s target verticals are fintech, SaaS, marketplaces, B2B cloud, Martech, Big Data and AI, and (as a new vertical for Fund II) Health IT.
“The rapid pace of digitisation in the last couple of years has brought these sectors into focus and we believe that they will see tremendous growth going forward,” says Bayrakdar.