In a strategic transfer to bolster the nation’s entrepreneurial panorama, Türkiye is initiating an bold fund to contribute to the expansion of expertise startups within the nation.
Addressing an occasion organized by the Presidential Investment Office, Türkiye Wealth Fund (TWF) CEO Arda Ermut introduced the activation of the Türkiye Technology Fund (TTF), an initiative that’s aimed to succeed in a measurement of $1 billion (TL 27.6 billion).
Ermut highlighted the fund’s pivotal position: “Billion-dollar expertise initiatives showcase Türkiye’s funding potential. We are launching the Türkiye Technology Fund, sometimes called the fund of funds, to actively contribute to the expansion of expertise startups in Türkiye.”
The basis for the fund was laid by the partnership between TWF and Abu Dhabi-based funding and holding firm ADQ in 2022.
The fund seeks to again the Türkiye expertise ecosystem, together with rising expertise corporations and people enhancing present applied sciences in key sectors. It will spend money on enterprise capital funds and corporations with excessive progress potential in Türkiye.
“The Türkiye Technology Fund will act as both venture capital through direct investment and core capital for other funds in crucial stages like seed funding or capital increase,” defined Ermut.
“This initiative not only benefits technology startups in Türkiye but also significantly contributes to the growing entrepreneurial and venture capital ecosystem in the country.”
Century of Türkiye imaginative and prescient
Ermut emphasised that the Türkiye Technology Fund aspires to change into a benchmark expertise initiative, accelerating the expansion of the nation’s tech ecosystem.
“We envision the Türkiye Technology Fund as a cornerstone of the Century of Türkiye vision, supporting funds investing in Türkiye-based startups,” he stated.
“To benefit from this fund, companies must meet specific criteria, including being established in Türkiye, employing local engineers or technical staff, conducting research and development within the country and having a significant portion of their intellectual property or revenue generated in Türkiye,” he famous.
Seeds at Teknofest
Ahmet Burak Dağlıoğlu, the top of the Presidential Investment Office, emphasised the pivotal position of regional hubs in expertise entrepreneurship.
“We’ve taken significant steps toward fostering entrepreneurship culture. Seeds planted at events like Teknofest are now bearing fruit. Startups excelling at Teknofest accolades at entrepreneurial events and manage to secure investments. We are actively promoting participation of Turkish startups at international events,” stated Dağlıoğlu.
Dağlıoğlu was referring to Türkiye’s largest aviation and expertise pageant that has been selling the nation’s newest developments in a number of areas.
“Investors in Berlin, London, the United Arab Emirates (UAE) and Singapore are exploring investment opportunities in Türkiye and making investments in Turkish startups. We have witnessed many tech-oriented investments in recent years. We have a robust infrastructure and a skilled workforce. I believe Türkiye will become a global hub for significant technology investments in the next five years,” he said.
TWF’s Ermut stated they search the Türkiye Technology Fund to be an initiative that accelerates the enlargement of the ecosystem.
“We aim for the Türkiye Technology Fund to be a benchmark program that accelerates ecosystem growth, serving as a reference fund in this domain. It’s an integral part of the Century of Türkiye vision and will be the fund of funds, supporting funds investing in Türkiye-centered ventures,” famous Ermut.
“We expect these funds to cultivate pioneering companies that support Türkiye’s strategic and technological autonomy. Additionally, we anticipate them to bolster the global success of our tech startups.”
The Türkiye Technology Fund will focus its investments on three key areas:
1. Venture capital funds investing in Türkiye-centric expertise startups.
2. Venture funds supporting initiatives pivotal to Türkiye’s strategic and technological improvement.
3. Startups at pre-seed, seed, early, center and late phases of improvement.
Source: www.dailysabah.com