Turkey has a vibrant startup ecosystem and is considered a hub for innovation and entrepreneurship in the region.
According to the Global Startup Ecosystem Report 2021, Turkey ranks 26th globally in terms of the strength of its startup ecosystem.
The country has seen a significant increase in investment in recent years, with the number of funded startups growing and the amount of capital invested increasing year over year.
Top Industries and Investors
The most active industries in the Turkish startup scene include fintech, e-commerce, and logistics.
Some of the most prominent investors in the Turkish startup scene include QNB Finansbank Venture Capital, 500 Startups Turkey, and Endeavor Turkey.
According to dealroom.co, total funding in Turkish startups reached $1.1 billion in 2020, a significant increase from previous years.
Main Startups
Getir, an on-demand delivery startup, raised over $300 million in funding from investors including Sequoia Capital and Coatue Management in 2020.
Ininal, a fintech company offering digital wallets and payment services, raised over $100 million in a funding round led by Ribbit Capital and Insight Partners in 2021.
Trendyol, a leading e-commerce platform in Turkey, raised $500 million in a funding round led by KKR in 2019.
Takeaways
Turkey has a thriving startup ecosystem with a growing number of funded startups and increasing investment.
Fintech, e-commerce, and logistics are the most active industries, with prominent investors including QNB Finansbank Venture Capital, 500 Startups Turkey, and Endeavor Turkey.
Startups such as Getir, Ininal, and Trendyol are leading the way in their respective industries and attracting significant investment from international investors.