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Turkey-based Cloud-Based Headless Commerce platform Akinon has successfully raised $20M in its latest funding round. The Series B round was Co-Led by Actera Group and Revo Capital, with participation from SmartFin Capital and Endeavor Catalyst.
Founded in 2016, Akinon’s software, designed with API-first architecture, streamlines retail sales via online channels as well as physical stores, providing end-to-end support in managing orders, user experience, and customer data. As a cloud-based solution provider supporting the digital transformation of leading global brands, Akinon has been a sought-after partner for numerous retailers across 17 countries, including Turkey, Russia, Ukraine, Poland, Hungary, Czech Republic, and Greece.
Despite an almost 50%YoY dip in number of transactions closed, E-commerce startups in Turkey raised more funds in 2021 than the past 4 years combined, observing an unprecedented 969% YoY growth in funding YTD. Of course, Trendyol’s Decacorn Deal of $1.5Bn accounted for almost 99% of the total funding amount, however, E-commerce startups like Bulut Sepeti, EasyCep, and now Akinon have been driving the Turkish E-commerce industry both in innovation and investment.
Akinon’s customer base ranges from small-to-medium-size enterprises to larger clients with $1Bn in revenue. In its home market Turkey, the company serves around half of the top 100 retailers such as Lacoste, Marks & Spencer, Sephora, and Gap. The company charges a commission based on the gross merchandise value and managed USD 315m in GMV in 2020, growing at a rate of more than 150% year-over-year, and plans to increase its annual GMV to more than USD 1bn in 2022. Akinon co-founder and CEO Tolga Tatari commented on the funding “We continue to work very hard with our strong team of 400 and plan to double that number in 2022. Our goal is to double our revenue next year by expanding in new regions where we plan to establish and work with local partners.”
Series B proceeds will be used to enhance the global competitiveness of its services, boost its service quality, and step up its global growth by expanding into MENA, Eastern Europe, and Asia. Revo Capital’s Founding Partner & Managing Director Cenk Bayrakdar concluded “We are big believers in the strength of the management team to execute their vision to revolutionize commerce through its cloud-based omnichannel experience platform with an expanding set of tools and features.”
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