Revo Capital Becomes Turkey’s Largest VC Fund with $105M Fund II

Interested in more data on startup investments? Access our data on 7,490+ startup funding rounds

Originally starting the fundraise with a target size of $70M (EUR 60M), Revo Capital ended up closing an oversubscribed second fund at $105M (EUR 90M), to become Turkey's largest VC fund to date. Revo Capital’s Fund II was backed by returning cornerstone investors IFC and EBRD and welcomed leading institutional investors Turkish Growth and Innovation Fund (TGIF) as advised by European Investment Fund (EIF), German Investment Corporation (DEG), Turkey Development Fund, as well as several prominent local corporate investors, family offices and entrepreneurs. Koray Bahar and Ahmet Bilgen, founders of Foriba (a Revo Fund I portfolio company exited to Sovos Inc) contributed to Revo's second fund, proving a very positive circular impact of financing great entrepreneurs, strengthening the development of the ecosystem.

Revo Capital invests in Series A and B rounds of startups with a proven product-market fit and potential for global market disruption. In doing so, the Turkish VC fund supports the ongoing creation and expansion of innovation in Turkey and East Europe. As most recently recorded in our August 2021 Venture Investment Dashboard, the Turkish ecosystem has been witnessing a steady 4-year growth in the number of Series A & Series B rounds closed, increasing by 200% since 2018. Revo Capital has been boosting investment growth of Early-Stage startups, where investment in Series A and B round in Turkey grew by almost 4x YoY in 2021 as Revo Capital alone contributes to more than 20% of that total capital in 2021.


The continued interest and support that Revo Capital has drawn from institutional and global investors validates Revo's strategy and the success of its first fund. Thanks to the financial returns of its first fund, Revo Capital ranks in the top decile among the same vintage VC funds globally. “We are proud of the everlasting support we received from our long-time LPs IFC and EBRD, and the interest from new long-term LPs EIF and DEG,” Cenk Bayrakdar, Revo Capital’s Founding Partner highlighted "The last decade was laying the foundation of our belief that providing capital and operational/growth support to fast-growing software and tech-enabled startups from Turkey, Eastern Europe and Baltics will help them become industry and global leaders. As the first fund investing in Turkish unicorn Getir, we have firsthand experienced how its success strengthened the Turkish startup ecosystem, motivating entrepreneurs as role models to build global category-defining products and services.”

Revo Capital’s target verticals are fintech, SaaS, marketplaces, B2B cloud, Martech, Big Data, and AI, and as a new vertical for Fund II Health IT. The Turkey-based VC’s close relationship with its vast investment network enables easier access to capital for its portfolio companies as they scale up to overseas markets. Revo Capital has already made 5 investments from its second fund: CY Vision, Massive Bio, Getir, Akinon, and Vivoo “The rapid pace of digitization in the last couple of years has brought these sectors into focus and we believe that they will see tremendous growth going forward,” Bayrakdar said.

The second fund continues the success of the first fund, which saw 6 profitable exits, among them many stars of the Turkish digital ecosystem such as Foriba, Paraşüt, and Getir. Raising its reputation among the leading investors in Turkey, Central and Eastern European regions thanks to the success of its second fund, Revo Capital will keep on utilizing its hands-on approach to create international funding opportunities in the follow-up rounds for its new investments. Cenk Bayrakdar concluded "We are perfectly placed to act as a catalyst to accommodate the new wave of ambitious local founders who want to target global markets. Through our collaborative approach and international network, we can help bridge them to larger investors and open them up to capture growth opportunities globally."

Looking for leads in the Turkish market? Access real-time data on 150+ Investors in Turkey