Turkey on top? Meet the top 5 accelerators in Turkey-based startups
MAGNiTT's recently released H1 2020 Turkey Venture Investment Report found that against the backdrop of COVID-19, the Turkish startup ecosystem has continued to show healthy growth in H1 2020; the total VC funding ($80M) accounted for close to 80% of total funding in full year 2019. However, the total number of deals decreased to 29, with the top three disclosed rounds accounting for 67% of total invested funds in H1 2020.
Turkey has a dynamic and evolving startup ecosystem, linking the East to the West. It is similar to MENA's in the sense that the country is witnessing increased government support policies, for example, since 2016, The Small and Medium Enterprises Development Organization of Turkey (KOSGEB) has been providing support grants to accelerator programmes abroad to help the globalisation of Turkish startups, private corporations have also shown interest through creating and sponsoring relevant events, whilst Turkish banks have launched both accelerator and VC funds; all to help grow and continue the evolution of its startup hub.
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As the data highlights, despite H1 seeing a drop in the number of disclosed, deals, big investments are being made in the country with total funding being closer towards the triple digitals. Behind the country's growing startup space, are these initiatives to help VCs and accelerators provide their expertise, support, mentorship, and capital to allow innovative ideas to shift into reality and flourish.
Cenk Bayrakdar, Managing Director of Revo Capital told MAGNiTT earlier this year, “Turkey is evolving into a very attractive and dynamic startup ecosystem. We believe the main pillars of this ecosystem are: talent, market, and capital incentives. Turkey benefits from its young and resilient population, strong technical and engineering training, attractive cost structure, dynamic labor market, and broad incentives and tax benefits for research and development initiatives.
But, who exactly are the accelerators that are providing the support and have taken the most interest in pushing the country's startup ecosystem? It's important to note that they are not just Turkey-based, highlighting the level of cross-pollination and interest from the international scene.
Meet the 5 accelerators who have invested in the highest amount of Turkey-based startups by the number of deals, from 2015 - 2020. The information shared is based on MAGNiTT data.
Startupbootcamp is a global network of industry-focused accelerators. They take startups global by giving them direct access to an international network of the most relevant partners, investors, and mentors in their sector.
Techstars is a global ecosystem that empowers entrepreneurs to bring new technologies to market wherever they choose to live. Techstars exists to support the world’s most promising entrepreneurs throughout their lifelong journey, from inspiration to IPO.
AB Plus is an investment company providing capital, solid business experience, and a strong network in order to turn innovative ideas into successful businesses - “from idea to product”.
Hackquarters is an accelerator and corporate innovation partner supporting disruptive technologies by bringing talent, support, and experience. Application decisions are based on the startup's competency and current capacity.
Savour is the first food vertical accelerator in the Middle East. They help food entrepreneurs bring their products and services to market at super speed.
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