TLDR:
- Türkiye’s startup ecosystem raised $587 million in H1 2024 across 235 investment deals.
- TÜBITAK BiGG Fund and fintech ventures played a significant role in the growth of the ecosystem.
The article highlights the significant role of TÜBITAK BiGG Fund and fintech ventures in supporting the startup ecosystem in Türkiye during the first half of 2024. The Turkish entrepreneurial system raised a total of $587 million through 235 deals in seed, early, and later venture capital stages. The TÜBITAK BiGG Fund financed 136 out of 142 seed investments made in the first half of the year, solidifying its impact on the ecosystem. Additionally, financial technology startups raised a record-breaking $181.5 million, showcasing the growth and potential of the sector.
While the fintech sector attracted large investments and made international acquisitions, female entrepreneurs also saw increased support in the ecosystem. However, only 3.4% of startups securing seed investments managed to secure Series A funding, indicating challenges in scaling up. The article also noted a decline in crowdfunding campaigns and emphasized the importance of utilizing alternative financing methods effectively.
In terms of investments, companies like Colendi, Dgpays, Midas, and Sipay each received investments exceeding $15 million, contributing to the overall growth of the fintech sector. Additionally, artificial intelligence (AI) was identified as the vertical with the highest number of investments in the first half of 2024. Türkiye also ranked second in Europe in terms of gaming investments, with Spyke Games raising $50 million.
