Eight years after raising its very first $30 million fund, 212 is back in the market with a $30 million very first close for its newest fund focused on financial investments in Turkish and Eastern European startups.
Wanting to purchase business-to-business software as a service startups, monetary services technologies and marketplace services, the firm has already released four business that have actually caught regional and global attention, says Numan Numan, one of the firm’s co-founders and managing directors.
212 has Iyzico, among the largest payment processing services in Turkey;-LRB- **************) Expert, a southeast Asian-focused e-commerce made it possible for platform, is another portfolio win (it raised $11 million in follow-on financing from no less remarkable a company than Sequoia Capital).
2 other business that have gotten traction are Hotel Runner, a service bringing hotels and online travel bureau into a marketplace with innovation service vendors that already has 55,000 hotels signed up in more than 160 various countries; and a supply chain management company called Solvoyo.
It’s still early days for the firm, but its concentrate on “business that are ready to offer worldwide and are currently offering,” is paying dividends, Numan stated.
All of the firm’s portfolio companies are producing half of their revenues beyond the Turkish market.
And Turkey itself is experiencing a surge in endeavor capital investment. There are approximately 15 financial investment firms in Turkey concentrated on technology business, Numan says. “We still have a lack of loan and the environment is still brand-new,” he states. “We are the first proper institutional fund in Turkey and we set it up in December 2011.”
Worldwide business can originate from anywhere, says Numan, and significantly founders of startups are remaining put rather than trying to browse the U.S. immigration system that’s becoming increasingly draconian. “ They end up setting up in Berlin or in Lisbon or somewhere in Europe that makes it simpler to do that,” Numan says.
Foreign investors are also beginning to bear in mind of what’s taking place in Turkey, says Numan. Approximately 20 various equity capital firms have come on to syndicate handle the Turkish company.
The 2 partners in the fund, Numan and his co-founder Ali Karabey, both cut their teeth in financing in New York. Numan was a lender at Goldman Sachs while Karabey worked for Morgan Stanley.
The 2 started by setting up angel networks in the country and then helped produce the nation’s first accelerators. It sought the accelerators had introduced that Numan and Karabey decided it was time to raise the very first fund. Since that time, Numan says that interest in Turkish business has grown exponentially.
” The Turkish market is active enough to necessitate devoted exposure on the ground,” says Numan.