The uncertainty in the global economic and political climate for tech startups continues in 2023. Although the interest of domestic investors in Türkiye continues, it is not possible to say the same for foreign investors.

In the first quarter of 2023, 77 technology startups in Türkiye received investment. There is a decrease of about 20% compared to the previous quarter. In particular, high-valued investments have decreased significantly. Tech startups received a total of $61 million in Q1'23, the lowest amount collected since the beginning of 2021.

2023 started off somewhat problematic with high-valued investments exceeding $10 million. Low interest of foreign investors can be an important factor here, especially. So much so that while 50% of institutional investors investing in domestic tech startups were foreigners in 2022, the rate of foreign investors in the first quarter of 2023 remained at the level of 16%. Although the number of foreign investors is small, the interest of domestic investors in the ecosystem is quite high.

On the other hand, when we look at investments under $10 million, it can be seen more clearly that the interest in the ecosystem continues. Investments under 10 million dollars were very close to 2021 and 2022 in quantity and quantity.

The first numbers for 2023 are in the report!

Updates (12.4.23/18:00):

Fixed some typos.

Some information added to Secondary Transactions

Q1'2023 Turkish Startup Ecosystem Investment Report

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