Investment from Ministry of Treasury of Turkish Government to Bogazici Ventures Growth Fund
BV Growth, a venture capital fund established by Bogazici Ventures, which was founded by entrepreneur partners who have successful global exit stories, in cooperation with Gedik Portfolio Management Inc. to invest in technology star ups at growth-stage which have global expansion potential, has become one of the five funds entitled to receive funding from the Ministry of Treasury after successfully passing all the evaluations made within the framework of "1514 Tech-InvestTR Program."
The efficiency of technology ventures will increase
Barış Özistek, Chairman of the Board of Boğaziçi Ventures, also known for his diverse and active roles in the technology and entrepreneurial ecosystem, emphasized the importance of the funding by the Treasury for the ecosystem and stated that investors can benefit from the high return opportunities of the technology sector by investing securely in the funds passing through a very challenging and detailed evaluation process and that the BV Growth Fund's contribution to the ecosystem will be great, by investing in growth stage where startups face important difficulties to reach funding. Özistek said; “The active role of the state will accelerate the interest of traditional capital in the technology startups through funds. Thus, we are entering a period where investors and technology startups will enjoy high efficiency.”
The aim is to invest in 60 companies
Kenan Çolpan, Board Member of Bogazici Ventures and Chairman of the BV Growth Fund Investment Committee, also known for his high number of angel investments, stated Bogazici Ventures' experience of successful global exits with high valuation will be critical both in the assessment of start-ups to be invested in and in the exit with high valuations. Çolpan stated that BV Growth Fund, with a volume of 300 million TRY, plans to invest in 60 technology start-ups at growth stage and said; "In the coming period, Turkey will grow faster than imagined in terms of technology entrepreneurship."
Our contribution to the growth of Turkey will increase.
Onur Topaç, CEO of Gedik Investment (BIST: GEDIK), 100 percent owner of Gedik Portfolio Management, and also Chairman of the Board of Starters Hub (BIST: HUBVC), one of Turkey's most active venture capital investment partners, said; "For our country to enter the path of sustainable high growth, technology start-ups should be supported, and investment should be increased. We are honored that we are entitled to receive funding from Treasury for BV Growth Fund, which will contribute to employment and technology exports, that is among the most important targets of our country. We are fully confident that we will create great success stories in cooperation with the ecosystem. We take this as a beginning and continue to work for contribution to the growth of our country with the new funds we will establish in the future.”
After Treasury’s investment decision BV Growth Fund will do first closing and start investments from investor pool consisting of universities, pension funds, reputable individual and corporate investors.
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