The first half of 2023 was a period of uncertainty globally, as well as a challenging time for Turkey with earthquakes and elections. However, despite all the adversities, Turkish startups took successful steps in the investment field. Here are the details of the report for the first half of 2023:

In the first half of the year, a total of 162 startups received a total investment of $218 million in 164 funding rounds. While most of these investments were below $1 million, investments ranging between $1 million and $10 million matched the previous year. However, there was only one investment above $10 million, which was the $105 million investment received by Insider.

In terms of sectors, artificial intelligence and machine learning, gaming, finance, and healthcare were among the sectors that received the most investments. Startups working in the waste management and digital transformation verticals also stood out with their investments in the first half of the year.

Istanbul received the highest amount of investments, with 126 startups raising approximately $190 million. Investments in Ankara and Izmir reached a total of $10 million. Investments also took place in cities like Kocaeli, Kayseri, Sakarya, and Erzurum.

It can be said that foreign investor interest decreased somewhat in the first half of the year. However, local investors continue to show interest in the ecosystem. While the ratio of foreign institutional investors was 50% in 2022, it dropped to 25% in the first half of 2023.

The report also mentions the gender distribution of co-founders. Although the number of female co-founders in the ecosystem is gradually increasing every year, it has not yet reached sufficient levels.

Updates (14.7.23/18:00):

Fixed some typos.
The tables were improved.
More details have been added to the Secondary Transactions.

2023 - Halfyear Turkish Startup Ecosystem Funding Report

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