Originally starting the fund raise process with a target size of EUR 60m, Revo Capital ended up closing an oversubscribed second fund at EUR 90m, making it Turkey’s largest VC fund to date.
The continued interest and support that Revo Capital has drawn from institutional and global investors reflects the trust in 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. Revo managed to finalize 3 exits, 3 new investments in the last 3 months in tandem with Fund II closing. As the largest VC fund in Turkey, Revo Capital will continue making investments in Turkey, Eastern Europe and Baltics.
Revo Capital has received the continuing support of IFC and EBRD, which were also cornerstone investors in Fund I. Further commitments have come from a broad group of premier institutional investors including 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 such as EnerjiSA Enerji, Finberg, QNBEYOND Ventures, Yildiz Ventures and Unlü&Co.
“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,” said Cenk Bayrakdar, Revo Capital’s Founding Partner.
“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 a role model to build global category-defining products and services. As Revo Capital, we invest in certain select verticals and the latest developments have proven us right about these verticals. We work hand in hand with entrepreneurs and look forward to continuing our proven investment strategy with Fund II.”
Revo Capital invests in Series A and B rounds of startups with a proven product-market fit and potential for global market disruption. Revo Capital’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.
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 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.