Managing about 80 million euros (about 84 million dollars) of Capital and 25 investments, based in Turkey venture Capital Fund 212 Invests in growth-stage B2B and technology strong companies teamsProduct achieved-market Harmony and striving for international expansion.
reduction of iyzico to PayU for $165 million (2.7 billion Turkish liras) in 2019 was among the important exits of box. between 212 active And wallet companies it made Get out of there Iziko, Turkey first Rhino software company Insider, 123 Form Builder, App Samurai, Artboard Studio, Avatao, Chooch AI, Fazla Gıda, HotelRunner, Meddy, Metrobi, Mall IQ, Martı, OMMA, SmartMessage, Solvoyo, Trio Mobil.
we sat with Ali Karabi and Noaman Noaman Founding Partners of 212, among the rare investors who I completed 10 years in The ecosystem of Turkish startups, to talk about their experiences in turkey.
a job business internationally
Says how The venture The capital fund has begun its journey, Karabe said. first it was really test. “
“everything in It was Turkey just At first. when we were set out for The fund we invested in 12 startups and set out with investment of $30 million. From there we extracted successful startups like Insider, which became a unicorn, and iyzico, which made “Successful exit,” Karabe noted.
they second The fund was finally created of 2018 with He indicated 50 million euros.
Turkey is different. There have been many startups more successful. Our prerequisite was an initiative that could be successful abroad. we invested in software Companies, B2B technology Initiatives” added.
Now, karapi saysthey have just announced The third fund. “our goal himself. investment in new Projects that can be successful abroad.”
The learning process takes time
On the other hand, Numan was martyred fact That “we learned to invest in developing country “.
“What is happening in Four to five years in The United States happens in just a year in turkey. in 10-year Fund, it is necessary to act accordingly. There was a learning process in creating successful fund in developing country. And that took time,” Nauman explained.
He said that they established the fund 10 years ago to develop an entrepreneurial environment in Turkey and support Startups with strong teams.
“Today, we continue support business men in Turkey, Eastern Europe and the Middle East in they growth investment journey.
agile investor
But nothing comes easy, said Karabe.
“We did not have an easy time. Entrepreneurs are also accustomed to a lot of Risks. Startups also It has graceful structures. we need to me build teams Accordingly. If we get together from very different backgrounds, we have to convince them to do so work in graceful way. we also You should act differently, as startups do.”
Noting that there are different financing structures abroad, Numan added He believes that the structures of the fund in Turkey will not change in next five-six Years.
Success stories in turkey
together with success The stories came from different points of view when it came to it how Karabi said he is looking at Turkey.
“There are unicorns and decorations coming out of Turkey after 10 years. We have initiatives gone or had to go public. We are still at the beginning of The Road. We still have to grow two or three times. take more time for set up Box. It is not installed immediately in six to seven months.
Opportunity said in turkey should be announced more explained in in a broad way.
“we in Much closer connection with investors. Travel restrictions are now lifted. If necessary, we should He travels abroad to better explain ourselves to investors.”
together with Corona Virus Pandemic, Noaman emphasized that investors in The United States has shifted its focus abroad.
Investors in At first, the United States was inviting everyone to Silicon Valley. They started looking at other countries first. Then they started investing in Various talents coming from all over world. distance success Stories, they started asking us about new The talent that will come out of turkey. We talked about investment opportunities with Three to five investors.
to share experience
Celebrating their 10th anniversary, Karabe said they decided to collect all the projects they invested in in To submit a site for Larger experience to share.
“We thought that if we could bring everyone together and empower them share Their experiences, it will be useful for All initiatives. K resultWe gained a lot experience over the classroom of 10 years old, “Hu added.
Naaman echoed the echo of Karabi view on Importance of experience to share.
“in factthere great Deal of experience in investors. We went through a mission experience in The processes that all entrepreneurs go through. We have created environment Where Entrepreneurs Feed off” of each other. We talk until late about the question marks in our minds and share solutions”.
The goal is 73 million euros in third fund
Karabey emphasized fact that there are nearly 100 venture capital funds in Turkey, noting that the goal for third fund of 212 is 70 million euros.
he is also He said 212 has enabled many to get first experience as investors.
“we currently At first of The third fund. have set The target volume is 70 million euros. However, according to demandThis number may be gone up. many of The people who They were investors in our first The fund becomes angel investors or is incorporated venture capital funds. I think we and our investors have learned a lot from first finance. I suspect venture money that stimulates people From different lifestyles by combining them, it will come to the fore.”
212 team grow
Numan also Note the importance of The team like he said of how 212 boxes grown over the years.
“When we set out on Our trip, Ali and I were there. Over time, this number increased and we are now team of 12 people. In 212, we tried to collect experience Entrepreneurs can consult with them at every stage. We looked at what we needed. have added new people to me build a team That will support business men. we want To better serve the wallet.
carabi also He confirmed that although he looks very attractive from outsidea venture Capital Company is a service company and confirmed that it is want To collect colorful characters in The team To provide better service.
