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Jan 11, 2024 514

The 10 Turkey startups that received the most investment in 2023

#Regional

2023 is behind! We have compiled the Turkish startups that received the highest investments in 2023. We included the startups whose investment amounts were announced in the list.

If you recall, we previously shared information on the domestically founded ventures that received the highest investments in 2021 and 2022. As another year draws to a close, we've compiled a list of the domestic ventures that secured the highest investments in 2023. While the gaming sector predominantly stands out in 2023 investments, ventures in the energy and sustainability fields have also garnered significant attention from investors. Additionally, there is notable interest in automotive technologies and the super-app domain.

Moreover, it's noteworthy that there has been a substantial decrease in investment amounts compared to previous years. In 2022, the venture with the lowest investment on the list of the top 10 domestically founded ventures receiving the highest investments secured 26.4 million dollars. This year, the ventures HockeyStack and NetKasam, ranking 10th on the list, received 3.2 million dollars. To provide some context, Getir, which received the highest investment last year, secured 768 million dollars, while this year's top recipient, Insider, received 105 million dollars. This decrease in investment amounts aligns with the economic challenges we globally experienced. Let's take a closer look at the top 10 domestically founded ventures that received the most investments in 2023.

10. HockeyStack (3.2 million dollars) Founded by three entrepreneurs, each 19 years old, HockeyStack earned the right to join Y Combinator's new batch in May 2023. Along with the program acceptance, HockeyStack secured a $500,000 investment from Y Combinator. Established in 2020 by Arda Bulut, Buğra Gündüz, and Emir Atlı, HockeyStack is defined as a SaaS platform enabling B2B companies to analyze customer acquisition channels and the most effective sales methods. In November 2023, HockeyStack received a $2.7 million investment, with participants including General Catalyst, Madrona, Y Combinator, Soma Capital, Austen Allred, and Jude Gomila.

10. NetKasam (3.2 million dollars) Focused on the digital transformation of SMEs and e-commerce operations, NetKasam announced in March 2023 that it secured a 3.2 million dollars investment. According to the information provided by NetKasam, the venture received this investment from IQ Money.

9. Passion Punch (4 million dollars) Passion Punch, a venture concentrating on mobile games, declared in March 2023 that it received a seed investment of 4 million dollars. The investment round was conducted with a valuation of 39 million dollars. Colendi led the seed investment round, with participation from Turkcell Yeni Teknolojiler GSYF, Re-Pie Portföy, and angel investors.

8. Büyütech (4.2 million dollars) Büyütech, a domestic venture specializing in automotive cameras, received an investment of 4,230,000 dollars in August 2023. Following this investment round, Büyütech concluded the valuation at 28,230,000 dollars.

7. Macellan SuperApp (4.7 million dollars) In June 2023, Macellan SuperApp, the fintech venture of Macellan, completed its first investment round with a total of 4.7 million dollars. Investors included Qinvest Portföy, APY Ventures Bilişim Vadisi GSYF, Fonangels, and CapitalTurk Holding, with a valuation of 62.5 million dollars.

7. Salus (4.7 million dollars) Sharing the 6th position on the list with Macellan, Salus envisions a comprehensive preventive health world by centering around its users. In a funding round led by Northzone, Salus received a 4.7 million dollars investment from investors such as 500 Emerging Europe, Pitch Drive, İş Bankası 100. Yıl Girişim Sermayesi, and various angel investors.

6. Bluedot (5 million dollars) Bluedot, a domestic venture offering a payment platform exclusive to electric vehicle users, announced a 5 million dollars investment in June 2023. The investment round included participation from Y Combinator, Leap Forward, Operator Stack, LACI Impact Fund, Caffeinated Capital, Ford Driventure, ScaleX, and angel investors like Plaid, Stripe, and Moonpay.

6. Hopi (5 million dollars) Operating under the Boyner Group, Hopi strengthened its position in financial technologies with the partnership and investment of Param. In April 2023, Boyner Holding Chairman Cem Boyner, Param CEO Emin Can Yılmaz, and Hopi CEO Yalın Özcan announced that Param invested in Hopi with a valuation of 100 million dollars. The investment, amounting to approximately 2.5 million dollars, was followed by another investment of around 2.5 million dollars in September, as reported by the Trade Registry.

5. Linktera (5.13 million dollars) Linktera, providing digital transformation and consultancy services in finance, banking, media, transportation, logistics, e-commerce, and public sectors, announced that it received an investment of 100 million Turkish Lira (approximately 5.13 million dollars). The investment came from Venture Capital Portfolio Management company Letven Capital.

4. Fazla (6 million dollars) Formerly known as Fazla Gıda, the venture received a new investment in June 2023 after securing 26 million Turkish Lira in July 2021. After a name change to Fazla, the venture announced a new investment of 6 million dollars. This investment round, led by Esor Investment and 212, included participation from TTGV, Türkiye Kalkınma Fonu, Founder One, and previous investors Techstars and Atlantic Food Labs.

3. Inavitas (12.5 million dollars) Established in 2012, Inavitas, providing smart solutions in energy monitoring and management, received a 12.5 million dollars investment from Alfasolar Teknoloji Yatırımları A.Ş., a subsidiary of Alfa Solar Enerji Sanayi ve Ticaret A.Ş. This investment, with Alfasolar Technology Investments acquiring 30% of Inavitas Energy Inc.'s capital, involves 6.5 million dollars in transfer fees and 6 million dollars in emission premium capital increase.

2. Getir Finans (50 million dollars) As part of the partnership between Türkiye İş Bankası and Getir, İş Bankası announced in October 2023 that it would invest 50 million dollars in Getir Teknolojik Hizmetler A.Ş.

1. Insider (105 million dollars) In May 2023, Insider, having companies like Volkswagen and Barclays in its portfolio, disclosed that it received an additional investment of 105 million dollars from its existing investors QIA and Esas Holding. With the leadership of Sequoia in the previous investment round, the total fund amount raised by Insider reached 274 million dollars.

Update: Following the publication of the news, Fimple announced that it received an additional 3.5 million dollars in a bridge investment round led by APY Ventures, with the participation of KT Portföy, Tera Portföy, and angel investors.