Turkey: The average deal size was up 250% in H1 2020 to $2.8M, according to MAGNiTT’s first venture report, indicating the shift of investors' focus towards later-stage startups as the ecosystem evolves and investors de-risk their venture investments.
As MAGNiTT builds the first venture data platform for emerging markets, we are excited to launch the H1 2020 Turkey startup funding report which provides an in-depth analysis of venture investments in Turkey, a market with clear opportunities for continued MENA cross-pollination. The H1 2020 Turkey Venture Snapshot provides an overview of the investment activity that happened during the first six months of 2020, highlighting key trends in the Turkey venture capital and startup ecosystems.
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Against the backdrop of COVID-19 global economic conditions the Turkish startup ecosystem continued to show healthy growth in H1 2020: the total VC funding ($80M) accounted for close to 80% of total funding in Full Year (FY) 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.
More venture capital inflows but in fewer deals: H1 2020 saw $80M invested in Turkey-based startups, already 80% of total FY 2019 funding, while investment deals (29) were down by 51% from H1 2019;
Growth is quite uneven: The top 5 disclosed funding rounds in H1 2020 accounted for more than 84% of total funding in the first 6 months in Turkey's startup ecosystem compared to 49% across MENA;
The breakdown by industry is consistent with emerging venture markets, with E-Commerce ranking first by number of deals, and Delivery & Transport taking home the lion’s share in terms of funding;
The Turkey Venture Funding Snapshot includes an overview and analysis of:
- Turkey’s yearly funding evolution, from 2015 onwards
- Quarterly funding evolution & analysis;
- Emerging markets comparison & Turkey’s ecosystem in context;
- Industry breakdown by number of deals and amount of funding ($) invested;
- H1 2020’s top 5 funding rounds
- Top funding institutions, most active investors, and investor landscape overview