Russia's IT sector fears re-entry of Western competitors
3 days ago
Tech startups in Turkey raised $58mn via 49 funding rounds in 1Q25, according to a quarterly report by Startups.watch.
The quarter registered as the worst since 3Q23, the analysis, published on April 8, showed.
Charts: Turkey was relegated to the second leagues of both Europe and MENA because of the Q1 performance.
In 2024, 69 Turkish tech startups raised $1.1bn in funds, beating 2023's figure of $736mn.
| Major M&As in Turkey in 2025 | |||||
| Date | Sold | Stake | Price | Buyer | Seller |
| Apr-25 | Sipay | 9% | $78mn | Elephant VC (USA), QuantumLight VC (UK) | Series B |
| Feb-25 | Laton Ventures (Netherlands) new fund | - | $50mn | Supercell (Finland), Tibas Ventures (Amsterdam/Isbank/ISCTR) | - |
| Jan-25 | TeamSec | - | $8mn | Deniz Ventures, Rasmal (Qatar) | Venture round |
| Jan-25 | TOM Bank, T.O.M. Pay | 25% | - | Dubai Islamic Bank (Dubai/DIB) | Turgut Aydin Holding |
| Jan-25 | Mega Fortuna | - | $10mn | Aonic (Sweden) | - |
| Jan-25 | Grand Games | - | $30mn | Balderton (UK), Bek (Luxembourg), Laton (Netherlands), Mert Gur | Series A |
| Q1-2025 | Paxie Games | 60% | $27mn | DoubleU Games (Seoul/192080) | - |
| Q1-2025 | Hepsiburada (Nasdaq/HEPS) | 65% | $1bn | Kaspi.kz (Nasdaq/KSPI) | Hanzade Dogan, Vuslat Dogan Sabanci, Begum Dogan Faralyali, Arzuhan Dogan Yalcindag, Isil Dogan |
Table: Major Turkey tech deals so far in 2025.
Transitory problems
Problems in making the transition from seed funding rounds to Series A and B rounds, meanwhile, continue as entrepreneurs relocate their companies to foreign countries following the first few funding rounds.
Getir and Bigg issues
Fast-delivery groceries company Getir, which has raised $2.5bn in funds since 2021, and Tubitak Bigg Fund, which invested in 231 pre-seed rounds in 2024, create anomalies in the data set.
Chart: Excluding Getir and Bigg, a total of 37 funding rounds were held in 1Q25.
Related Content
Tech
Russia's IT sector fears re-entry of Western competitors
As discussions intensify around the possible return of Western companies to Russia, the domestic IT industry is increasingly concerned that renewed competition from foreign firms could deal a serious low to local tech players.
Durana tech park launches in Albanian capital
PM Edi Rama hopes new tech park to ultimately bring €0.5bn in budget revenues by backing Albanian tech talent.
TikTok reports intense fraudulent activity related to elections in Romania
Video sharing network reveals the scale of online manipulation around Romania's cancelled 2024 presidential election, with nearly 100,000 fake accounts blocked.
Tether breaks record, surpasses dollar in Tehran crypto market
Tether cryptocurrency has reached a new record high of IRR 1.04mn, surpassing Ferdowsi Street's hard dollar exchange rate on March 30 as people dump the rial further weakening the national currency.
Kazakhstan has emerged as one of world’s fastest-growing technology hubs, says report
Value of country's startup ecosystem soared to $26bn in 2024, up 18-fold since 2019, says Dealroom.co and Astana Hub analysis.
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
25 days ago
-
Serbian police reportedly use sonic cannon against protesters
30 days ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
26 days ago
-
Putin tells Russia's oligarchs that the return of Western business will not be easy or cheap
27 days ago
-
Economic warfare and the rise of Russia's shadow finance
1 month ago