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January 19, 2024
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Turkish startups triumph with $722M investments amidst global turbulence

Turkish startups have managed to secure $722 million in investments in 2023, despite the global downturn in venture capital. This total investment figure rises to $889 million when cryptocurrency investments and convertible debts are factored in. The number of investment rounds fell by 7% compared to the previous year, and the total amount fell by 47% year-over-year. However, this decline has been viewed positively by the entrepreneurial community. The country saw 70 of the 325 investment rounds directed towards initiatives led by female entrepreneurs, reflecting a commitment to gender diversity.

Globally, venture capital investments have hit a five-year low, with mergers and acquisitions at their lowest point in the past decade. However, Saudi Arabia has seen a 90% increase in investment compared to the previous year, attributed to the kingdom’s favorable decisions related to entrepreneurs. In Turkey, there has been a diversification of funding sources, including the creation of new venture capital investment funds and crowdfunding platforms. Turkey ranked fourth in Europe for seed investments and 11th for investments in idea-stage startups. Despite the overall decrease in investment numbers, Turkey retained its position as a leader in seed investments in the MENA region.+

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