Istanbul, Turkey, June 12, 2020— IFC, a member of the World Bank Group, is committing €15 million to Revo Capital Fund II (Revo II) to support digital startups and ensure their continued growth and success during the COVID-19 pandemic. The fund, which is managed by Revo Capital Management B.V., Netherlands, aims to support development of a more dynamic digital economy in Turkey and Central and Eastern Europe (CEE). Revo Capital will use IFC’s financing to invest in startups that provide technology-based solutions to consumers and to small and medium enterprises to help them increase productivity and connectivity.
This is IFC’s second investment with Revo Capital. In 2016, IFC invested $8 million in the $65.7 million Revo I, a venture-capital fund focusing on early-stage startups. Cenk Bayrakdar, managing director of Revo Capital, said, “We are proud to have IFC as our cornerstone investor in both Fund I and Fund II. Their support is a significant sign of trust in both Revo Capital and the Turkish startup ecosystem. This investment will help us to continue to invest in great startups that are solving globally relevant problems and creating value with world-class technology at the core of their offerings.”
Revo II will focus on the same geography as the first fund, allocating 65 percent of its commitments to Turkey, and the remaining to CEE. IFC is also establishing a €15-million envelope for potential co-investment opportunities alongside funds managed by Revo Capital.
“This funding addresses a critical gap in access to early-stage equity, which is scarce in Turkey and other CEE countries,” said Arnaud Dupoizat, IFC Country Manager for Turkey. “The investment is essential to ensure that the region’s digital startups across various sectors—including software, fintech, and healthtech—are able to scale up their operations and help SMEs grow and provide more jobs.”
IFC has supported private sector development in Turkey for over fifty years, with a committed exposure of over $4 billion in the country as of June 2019.
About IFC
IFC— a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About REVO Capital
Founded in 2013, Revo Capital is a leading venture capital firm in Turkey. Revo has launched two funds (Fund I at $66 million and Fund II targeting €60 million), which are used to invest in seed to early and growth-stage startups in Turkey and CEE. They have made 19 investments to-date in companies such as Paycore, Capturefast, V-Count, Getir, Onedio, and Zizoo. They had 4 exits, 2 in 2019 (Foriba and Paraşüt). Their anchor investors include multilateral institutions such as IFC and European Bank for Reconstruction and Development (EBRD). For more information, visit www.revo.vc.
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