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This comprehensive report takes a close look at how Turkey’s startup ecosystem kicked off 2025, analyzing both global and local dynamics through first-quarter data. You’ll find in-depth insights under the following sections:Introduction & Global Perspective: Trends in venture capital from 2020 to 2024, followed by shifts in the global VC market in Q1 2025 and their impact on Turkey.Q1 2025 Performance in Türkiye: 53 rounds totalling $77.6 M in investment; breakdown of early-stage vs. mega rounds; the role of TÜBİTAK BİGG support.Investor Profiles: Participation rates of institutional (VC/CVC/GPIF) vs. individual (angel) investors; domestic vs. foreign capital; sizes of co-invested rounds.Sectoral & Geographical Distribution: Investments in top verticals such as AI, FinTech, and Gaming; distribution of funded startups across Istanbul, Ankara, İzmir, and other regions.Founding Team Analysis: Single-founder vs. multi-founder structures, gender distribution, experience profiles, and fundraising trends.Crowdfunding Deep Dive: Success rates on platforms, number of campaigns, and the role of equity crowdfunding in the ecosystem.Conclusion & Outlook: How a cautious Q1 sets the stage for Q2 investor confidence, new fund structures addressing financing gaps, and expectations for the remainder of the year.Download the full report to access our charts and analyses, and arm yourself with data-driven insights to strengthen your sector perspective and investment strategy. Click the button below to get the complete report now.
2024 was marked by cautious yet scale-oriented investment behavior across the global startup landscape. In this environment, France solidified its position as one of Europe’s leading hubs, raising $7.93 billion across 642 funding rounds—ranking second in the region after the UK.📌 Key Highlights:AI & ML emerged as the top-performing sector, attracting $3.2 billion across 176 deals.Smaller investment rounds (below $50M) declined sharply, while mega-deals and later-stage funding remained resilient.Gender imbalance persisted: startups with all-male founding teams continued to dominate both volume and funding.Île-de-France (Paris) remained the epicenter of funding, but regions like Auvergne-Rhône-Alpes and Nouvelle-Aquitaine showed growing sectoral diversity and investment strength.This data-driven report offers a comprehensive view of France’s startup ecosystem, exploring trends across deal sizes, sectors, co-founder dynamics, and regional performance—providing valuable insights for founders, investors, and policymakers.📥 Explore the full report to understand France’s evolving investment landscape and the key forces shaping innovation in 2024.
This data contains information about investors and startups that received investments in 2024.Data headings in the Excel file:1- Fundings TableStartupWebsiteLinkedin URLTUR_City (The city where the company carries out its operations in Türkiye)Foreign_City (The city where the company carries out its operations abroad)Foreign_Country (The country where the company carries out its operations abroad)Founded DateLegal NameIndustryDetailed IndustryFunding DateFunding Amount ($)Valuation ($)Given ShareFunding Stage (Seed, Early, Late)Detailed Funding Stage (Series A, B, Convertible...)Total RoundsInvestorsCo-founders2- Investors TableInvestorInvestor Type (VC, Individual, CVC..)Investor Country
2024 - StartupCentrum-Yıldız Tekno GSYO Turkish Startup Ecosystem Funding Report aims to provide a comprehensive snapshot of the Turkish entrepreneurship ecosystem 2024. The report offers a multi-faceted view of the current landscape by bringing together diverse data—ranging from global trend comparisons to the number of investment rounds, check sizes, regional distribution, founder profiles, and the rise of technopark-based startups.Global Trends & Türkiye’s Position: Examines how the global trend of “selective growth” following the 2021 “bubble” effect has manifested in Türkiye.Investment Data: Evaluates different funding sizes, from mega-rounds to small-scale TÜBİTAK BİGG support, looking at both the total investment amounts and the number of deals.Sectoral & Regional Breakdown: Compares the performance of key sectors such as AI, gaming, and health & biotech, along with various regions including Marmara and Central Anatolia.Founder Profiles: Provides insights into the rising proportion of women-led teams, university background statistics, and overall founder diversity.Technopark Analysis: Highlights the growth of R&D-driven ecosystems in technoparks and the sectoral breakdown of startups operating there, making it one of the report’s standout sections.Readers can use this report to gain clear insights into the prominent opportunities and trends shaping Türkiye’s investment ecosystem in 2024, as well as a detailed understanding of how global developments impact the local market. It serves as a practical roadmap for investors, entrepreneurs, and ecosystem professionals alike.
The "2024 Third Quarter Turkey Startup Ecosystem Investment Report" comprehensively analyzes the developments within Turkey’s entrepreneurial ecosystem. The report presents an optimistic outlook, highlighting an investment volume reaching 754 million USD in the first nine months of the year, with 323 investment rounds taking place during this period. Notably, the impact of startups supported by the TÜBİTAK BİGG Program is significant. The recovery in the number of investments in the third quarter indicates a reactivation of the ecosystem.Among the sectors, the healthcare and biotechnology sector maintains its leadership in attracting investments, while artificial intelligence and machine learning also show a strong performance. Another significant development in 2024 is the renewed interest of foreign investors in the ecosystem.The report identifies a peak in investments made in early-stage ventures throughout 2024, although a slight decline was observed in the third quarter. Additionally, there has been a notable increase in the number of investments under one million USD.The rise in the percentage of startups with female co-founders represents another positive development enhancing diversity within the ecosystem. This percentage reaching 14.29% indicates the growing role of women entrepreneurs.This report provides a comprehensive analysis of Turkey’s entrepreneurial ecosystem, serving as an essential guide for investors and entrepreneurs. The year-end report promises to present further developments and achievements with detailed analysis to the readers.
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 2024Excluding 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 startupsAnalyzing 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 declineIn 2023, the participation rate of domestic investors in investments ranging from $10 to $100 million was 16%, which increased to 30% in the first half of 2024. While the participation rate from North American and European investors remained stable, there was no active investor from the MENA and Asian regions within this investment bracket.The proportion of BİGG startups with at least one female founder surpasses 21%In the first half of 2024, the proportion of startups with at least one female founder exceeded 30% for the first time. Particularly influenced by TÜBİTAK BİGG programs, the rate of startups with at least one female co-founder reached 30.5%. Female founders exclusively lead half of these startups, while the other half are led by both female and male founders. While the proportion of startups led only by female founders varied between 5% and 7% in previous years, it has risen to 15% in 2024."
This data contains information about investors and startups that received investments in 2024 Q1.Data headings in the Excel file:1- Fundings TableStartupWebsiteLinkedin URLTUR_City (The city where the company carries out its operations in Türkiye)Foreign_City (The city where the company carries out its operations abroad)Foreign_Country (The country where the company carries out its operations abroad)Founded DateLegal NameIndustryDetailed IndustryFunding DateFunding Amount ($)Valuation ($)Given ShareFunding Stage (Seed, Early, Late)Detailed Funding Stage (Series A, B, Convertible...)Total RoundsInvestorsCo-founders2- Investors TableInvestorInvestor Type (VC, Individual, CVC..)Investor Country
2024's first quarter has once again proven the resilience and dynamism of Turkey's startup ecosystem. During this initial period, the ecosystem witnessed a total of 72 investment transactions amounting to $133.6 million. Although not reaching the billion-dollar investment volumes seen in 2023, the trend of increased activity in mid-scale investments was notable. While there was a slowdown in later-stage investments, interest in seed and early-stage ventures remained steady.Seed-stage investments, despite a decrease in amount compared to previous quarters, maintained a robust trajectory in number. The 1-10 million dollar investment range, with 19 transactions, underscored the vitality of the sector and the confidence in ventures within this segment. The reduction in later-stage investments reflects the variable dynamics of the market and the opportunity-focused tendencies of investors.
The French Startup Ecosystem Investment Report, prepared by StartupCentrum with the leadership of La French Tech Istanbul and sponsored by TEB and TAV Airports, comprehensively examines investment trends, sector growth, regional hotspots, and the demographic makeup of innovative leadership from 2018 to 2023.Overview of 2023In 2023, French tech startups received $8.95 billion in investment. This amount was distributed across 1,042 investment rounds involving 949 tech startups. The most funded sectors were sustainability and environment, materials and manufacturing, and healthcare and biotechnology. The sustainability and environment sector attracted the highest investment amount at $2.55 billion, followed by the materials and manufacturing sector at $2.15 billion. The healthcare and biotechnology sector received $1.66 billion in investment, securing its significant position.Regional DistributionWhen examining startup investments regionally in France, Île-de-France stands out as the region attracting the most investment, with $5.23 billion, accounting for 58% of all investments. This region is followed by Auvergne-Rhône-Alpes, which received $1.84 billion in investment. Provence-Alpes-Côte d’Azur also emerged as a notable region with $402 million in investment.Women Entrepreneurs and Investment StagesIn 2023, 20.6% of the startups that received investment had at least one female co-founder, while the overall percentage of female founders stood at 12%. These figures indicate an increasing presence of women entrepreneurs in the ecosystem. When analyzing investment stages, there is a growing interest in seed investments, with early-stage investments showing a steady upward trend. However, after peaking in 2021, late-stage investments experienced a decline in 2023.Major Investments and SectorsAmong the startups receiving the most significant investments in France in 2023, Verkor leads with $907 million. This is followed by Mistral AI with $534 million and Ynsect with $175 million. The most funded sectors include sustainability and environment, materials and manufacturing, and healthcare and biotechnology.ConclusionFrance's startup ecosystem continues to offer an attractive environment for investors, thanks to its strong technological infrastructure and startup-friendly policies. The trend towards more selective and strategic investments, particularly in early-stage startups, helps maintain the dynamism of the ecosystem. France remains a compelling investment destination for domestic and international investors, demonstrating its strong position in innovation and entrepreneurship.
This data contains information about investors and startups that received investments in 2023.Data headings in the Excel file:1- Fundings TableStartupWebsiteLinkedin URLTUR_City (The city where the company carries out its operations in Türkiye)Foreign_City (The city where the company carries out its operations abroad)Foreign_Country (The country where the company carries out its operations abroad)Founded DateLegal NameIndustryDetailed IndustryFunding DateFunding Amount ($)Valuation ($)Given ShareFunding Stage (Seed, Early, Late)Detailed Funding Stage (Series A, B, Convertible...)Total RoundsInvestorsCo-founders2- Investors TableInvestor Investor Type (VC, Individual, CVC..)Investor Country
The Turkish entrepreneurial ecosystem witnessed 347 investment transactions and a total investment of $901 million in 2023. Compared to the previous years' investment volumes, which surpassed the billion-dollar mark, there's a noticeable decrease this year. While the Turkish unicorns Insider and Getir stood out with renewed investments, other significant investments remained below $20 million. Although the number of transactions decreased from 387 in 2022 to 347, it managed to stay above the levels of the pre-pandemic period. Despite a contraction in total investment value, the relative resilience shown by the number of transactions allowed the market dynamism to be preserved.Check out our new Investor Relation Map 2023:startupcentrum.com/investor-relation-mapA detailed analysis by investment segments highlights the 1-10 million dollar investment segment, which matched the number of transactions in 2021 with 60 deals, showing sustained stability in mid-level investments. Artificial intelligence was among the most talked-about verticals, with 42 ventures receiving nearly $127 million in investments. The gaming sector followed with close to $33 million in investments. Sustainability and environment emerged as a surprise vertical, with 32 ventures attracting nearly $24 million in investments. Investments in the finance and health & biotechnology sectors have decreased.In 2023, an increase in the proportion of seed-stage investments was notable. These investments maintained a level close to the previous years in terms of the number of deals but captured a larger share of total investments. While there was a decrease in the number of foreign investors, the interest of local investors continued. Among the founding partners of the ventures receiving investments, the female ratio, although not yet at the desired levels, was represented at 13.9%.Updates:- Updates have been made to the Co-founders and Cities pages.- Some typos have been corrected.
In the last quarter of 2023, 81 startups received a total of $59.7 million in investment. Compared to the third quarter of 2022-2023, although the number of investments remained at similar levels, the investment amounts decreased.The gaming, finance, and artificial intelligence sectors stood out as the verticals receiving the most investments.During the occurrence of 81 investment rounds, a minimum of 131 investors participated. Among these investors, 59 were individuals who were also part of angel investment networks, while the remaining 72 were institutional investors.Updates (11.10.23 - 15.00):Some typos have been fixed.
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.
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
France was one of the few countries in Europe to increase its investment amount in 2022. In 2021, Paris surpassed Berlin as the city with the most investment. In 2022, the total investment amount in France surpassed Germany, making it the second country in Europe to raise the most funds after the United Kingdom. In 891 investment rounds last year, $13.6 billion was invested. 41% of the investment amount consisted of 25 mega investments of $100 million or more. In addition, the total amount of investments between $10 million and $100 million increased by 21% compared to 2021, reaching $5.9 billion. In 2022, finance and health startups were once again the sectors that received the most investment. In the finance sector, 115 startups received a total of $2.68 billion in investment. There were seven startups in the finance vertical that received investments of over $100 million. In the health sector, 71 startups received investment. Due to only one startup in the health vertical receiving over $100 million, the total investment amount remained relatively low at $1.11 billion. After the finance and health verticals, the energy vertical was the third most invested sector, with 66 energy startups receiving a total of $1.22 billion in investment.
France was one of the few countries in Europe to increase its investment amount in 2022. In 2021, Paris surpassed Berlin as the city with the most investment. In 2022, the total investment amount in France surpassed Germany, making it the second country in Europe to raise the most funds after the United Kingdom. In 891 investment rounds last year, $13.6 billion was invested. 41% of the investment amount consisted of 25 mega investments of $100 million or more. In addition, the total amount of investments between $10 million and $100 million increased by 21% compared to 2021, reaching $5.9 billion. In 2022, finance and health startups were once again the sectors that received the most investment. In the finance sector, 115 startups received a total of $2.68 billion in investment. There were seven startups in the finance vertical that received investments of over $100 million. In the health sector, 71 startups received investment. Due to only one startup in the health vertical receiving over $100 million, the total investment amount remained relatively low at $1.11 billion. After the finance and health verticals, the energy vertical was the third most invested sector, with 66 energy startups receiving a total of $1.22 billion in investment. The headlines from the report are as follows: - The top 12 startups that received the most investment- Changes in investments made in the French ecosystem over the last 6 years- Regions with the highest density of startups- Sector details- Investment stage details (total numbers, averages, and medians)- Information on startups that have completed their first investment round- Countries where investors are located- Gender information of co-founders- The complete list of 891 investment rounds (PDF)
In 2021, a record-breaking investment of 1.6 billion dollars was made in the Turkish startups. In 2022, this record was renewed. 1.74 billion dollars was invested in 341 investment rounds. Although 65% of the investment amount came from 3 mega investments ($100M or more), 594 million dollars were invested in the remaining rounds.In 2022, gaming, artificial intelligence & machine learning and finance initiatives were again the top sectors of the ecosystem. 30 startups in the gaming industry received a total of 437 million dollars. The investment focus in the gaming industry started to shift away from mobile hypercasual and towards blockchain-based games. 30 startups working in artificial intelligence & machine learning verticals received investment in 2022. It was followed by Finance with 27 startups and Healthcare with 25 startups. You can find detailed information about the sectors in the report.Another outstanding situation in 2022 was that half of the 307 institutional investors who participated in the investments this year were foreigners. Institutional and individual investors are separated and analyzed separately in the report.Highlights from the 2022 Turkey Startup Ecosystem Investment Report:Summary of National Technology Entrepreneurship Strategy published in 2022,The number of enterprises that received investment in 2022 from enterprises that received TÜBİTAK BIGG support,Legislative changes concerning Startup Law in 2022,The number of Startups, Scaleups and Unicorns that received investment in 2022, the amount of investment and the number of employees,Which countries and abroad cities are preferred by the enterprises that move their headquarters abroad,Ranking Istanbul and Turkey in Europe in 2022 with the investments they have received,Game and artificial intelligence & machine learning industry analysis,More information about investments in sectors such as food technologies, blockchain, human resources,Sectoral distribution of startups receiving investment for the first time,2022 performances of active crowdfunding platforms,Domestic investors who invest the most in the ecosystem,and the universities from which the founding partners graduatedUpdates:Changes were made to the ‘Investor List’.Typos were corrected in ‘Data and Methodology’.
In the 2022-Third Quarter Turkey Startup Ecosystem Investment Report, the investments made in Turkey were discussed in many aspects, along with many detailed information such as the cities, sectors, founding partners and investors of the enterprises that received investment.
Startup investments in the world are decreased this year, but how is the investment in Turkey? Which data increased and decreased? What about investments in the gaming industry? Will a Unicorn be heard from the fintech in the near future? You can find answers to such questions and curious details about investments in 2022 in the report!
The Turkish entrepreneurship ecosystem has been growing rapidly in recent years. How does this growth compare to the rest of the world? We compared the investments made in the first quarter of 2022 in the USA, UK, France, Israel, Germany, Singapore, Brazil, and Egypt with the investment trends in Turkey. Details that you have not seen before about the Turkish ecosystem are in our mini-report!
In 2021, the French startup ecosystem received a total investment of $11.7 billion, a significant increase from the previous year. 60% of the investment amount came from foreign investors, indicating the growing interest and confidence in French startups from international players.The top sectors that received investment in 2021 were Finance (112 investments), Health (110 investments), and Transportation (71 investments). In terms of amount, Finance ($2.2B), CRM & Sales ($1.56B), and Health ($1.55B) were the top sectors receiving the most investment, driven in part by unicorn startups.In addition, the report includes information on:The most highly-funded startupsInvestment amounts and numbersSector distribution of investmentsCity/region distribution of investmentsInvestment stage detailsInvestment round detailsInvestors and their countriesCustomer focus of the startupsFounding datesFounder information and gender distributionSecondary transactionsComparison of leading cities
In the 2021 Turkey Startup Ecosystem Investment Report, the startups that received investment in 2021 were evaluated according to their industry, city, investment stage, crowdfunding, investor, founding partner, customer focus, date of establishment, product type, and revenue model. The most active investors and universities of the year were also examined in the report.
In the first half of 2021, the French startup ecosystem received a total investment of $5.9 billion, a significant increase from the previous year. 49% of the investment amount came from foreign investors, indicating the growing interest and confidence in French startups from international players.The top sectors that received investment in the first half of 2021 were Health (55 investments), Finance (47 investments), and Information Technology (24 investments). In terms of amount, E-commerce ($1B), CRM & Sales ($638M), and Data & Analytics ($588M) were the top sectors receiving the most investment, driven in part by unicorn startups.In addition, the report includes information on:The most highly-funded startupsInvestment amounts and numbersSector distribution of investmentsCity/region distribution of investmentsInvestment stage detailsInvestment round detailsInvestors and their countriesCustomer focus of the startupsFounding datesFounder information and gender distributionSecondary transactionsComparison of leading cities
2021 Q1 Turkey Startup Ecosystem Investment Report includes the investments made in Turkey in 2021 Q1 with the details. In addition, much detailed information such as cities and industries of the startups that raised funds were also included. The report also includes the list of startups that raised funding.
