586.8 Million has invested in 254 funding rounds in the first half of 2024.

In the first half of 2024, a total of 254 investment rounds resulted in $586.8 million being invested in startups. This amount surpassed the total investments made in 2023, with TÜBİTAK BİGG-1812 investments reaching a total of $4 million. A significant investment of $250 million was made in Getir, marking the only investment over $100 million during the first half of 2024.

When examining the number of investments during this period, a total of 245 startups received funding. Of these, 133 were funded through the BİGG program, while the remaining 112 came from other sources. A downward trend was observed when the data was analyzed quarterly, with the second quarter of 2024 witnessing the least investment activity since 2021.

The sectors of artificial intelligence and gaming continued to stand out in the first half of 2024

Excluding BİGG investments, the artificial intelligence and machine learning sector became the most active, receiving 31 investments. The gaming sector with 14 investments followed it, and the sustainability & environment and fintech sectors with 11 and 10 investments, respectively.

For the first time, startups in 29 different Turkish cities managed to secure funding during the same period, an increase from 17 cities the previous year, largely due to the impact of the BİGG program.

Istanbul continues to be the primary hub for startups

Analyzing Turkish cities where startups that maintain their main operations in Turkey but have official headquarters abroad, Istanbul, Ankara, and Izmir remain the preferred centers for startup activities. 17% of the startups that received investments have their headquarters located abroad.

The participation rate of foreign investors continues to decline

In 2023, the participation rate of domestic investors in investments ranging from $10 to $100 million was 16%, which increased to 30% in the first half of 2024. While the participation rate from North American and European investors remained stable, there was no active investor from the MENA and Asian regions within this investment bracket.

The proportion of BİGG startups with at least one female founder surpasses 21%

In the first half of 2024, the proportion of startups with at least one female founder exceeded 30% for the first time. Particularly influenced by TÜBİTAK BİGG programs, the rate of startups with at least one female co-founder reached 30.5%. Female founders exclusively lead half of these startups, while the other half are led by both female and male founders. While the proportion of startups led only by female founders varied between 5% and 7% in previous years, it has risen to 15% in 2024."

2024 - Halfyear Turkish Startup Ecosystem Funding Report

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