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Tiko, the Turkey-based home-buying Proptech startup, has raised $65 million in a record Series A investment. The round was led by BTOV and Rocket Internet along with key angel investors Joel Ayala along with Class 5 Ventures and former Voi and Lime executive Noah Khamallah.
Founded in 2017, Tiko aims to reduce the sales process for property sellers from several months to a week. Headquartered in Turkey and operating in Spain, the startup offers to buy properties at a nominal discount on the sale price, which effectively means the seller can expedite the transaction for a minor financial hit. Looking at MAGNiTT’s flagship Turkey H1 2021 Venture Investment Report, Turkey observed an 858% growth in capital raised YoY in H1’21 amplified by Turkey’s first-ever 4 Megadeals. This stellar round not only continues Turkey’s formidable VC growth but also puts the Real Estate industry in a competitive position over H2 2021.
Formerly known as EvTiko, the Proptech startup exported its operations to the European market gaining traction and solidifying its innovative purchasing model. Tiko aims to lead a major change in the real estate sector by making offers to those who want to sell their house within 24 hours, driven by its algorithms and supported by artificial intelligence (AI) technology in its infrastructure. Commenting on this milestone and expanding on Tiko’s unprecedented success, Tiko founder, Sina Afra elaborated “The same management and technical team are at work. It is the same brand as Tiko, except for the “home” (the “ev” in Evtko means home in Turkish), but it can implement a business model in a different market.” Afra continues “After all, we knew what we were doing was right. The timing may be early for some markets and right for others. Entrepreneurship sometimes requires striving until the end to find the right path. This is not only limited to finding the product-customer harmony, but sometimes the macro-environment needs to be found.”
The startup is planning on utilizing its newly acquired funds to expand into Portugal, and grow its workforce of approximately 70+ employees distributed between Turkey and Madrid. Tiko showed that a new model is possible. Afra has proved to all entrepreneurs that even if they fail in their own countries, they should not be discouraged if they believe in the success of their model. “We are not just a Spanish venture just because we are in Spain today,” he added. “Once we reach France and Portugal tomorrow, we will not be a French venture either. I always look at ‘where is the management.’ Getir is not a Dutch company. It is not a United Kingdom venture either as it is now in London.”
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