The Top 10 Most Funded Startups in Turkey in 2023

A decade of cultivating talent, fostering innovation, and building investor confidence, the Turkish startup ecosystem continues to strengthen its position as a notable hub of innovation and investment in the MENAPT region. This article sheds light on the Turkish market, highlighting the top 10 most funded startups in 2023 that are shaping the future of technology. 

Rank	Company	SECTOR	Funding in US $ million
1	Getir	Foodtech and Delivery	500
2	Insider	Marketing Enterprise Software	105
3	Techsign	Security Enterprise Software	30
4	Agra	FinTech	18
5	Rem People	Retail Analytics	12
6	Usersdot	Marketing	11
7	Tarfin	FinTech, AgriTech	10.9
8	Grand Attic	Gaming	10.6
9	Seedify	Gaming, Fintech	10
10	SuperGears Games	Gaming	10

Source: Lucidity Insights Research & Analysis based on Dealroom Data 

 

1. Getir  

  Established: 2015 

  Sector: Foodtech and Delivery 

Funding: US $500 million     

HQ: Istanbul, Turkey 

Getir is a dynamic player in the "quick" commerce or Q-commerce space; they quickly rose to prominence with its rapid grocery delivery model and achieved a valuation of US $11.8 billion in 2022; this cemented their position as a major force in the tech ecosystem when it became a decacorn by the end of the pandemic. In 2023, Getir saw its valuation slashed to US $2.5 billion when it raised a down-round, a telling trend on how high-interest rates and the extended downturn in venture capital markets is shifting fundraising dynamics and forcing valuation corrections across the world.  

Getir raised US $500 million from Mubadala Investment Co, Michael Moritz, G Squared, and Discovery Ventures in 2023, as well as US $250 million in 2024 from Mubadala again. The company now consists of two separate businesses— its food delivery business in Turkey controlled by Mubadala and a standalone business that includes all the company's other assets. 

  

2. Insider  

  Established: 2012  

  Sector: Marketing Enterprise Software 

Funding: US $105 million     

HQ: Istanbul, Turkey 

Founded by a team of Turkish entrepreneurs, Insider specializes in AI and marketing technology to provide a platform for individualized, cross-channel marketing experiences. Its offerings include an AI engine to predict customer behavior as well as customer experience orchestration enabling marketers to create personalized customer journeys. In 2022, Insider became Turkey’s 6th ever unicorn, and its first software unicorn, then raised US $105 million in 2023 from Qatar Investment Authority and Esas Holding, bringing it to a valuation of US $1.2 billion. The funds were dedicated exclusively to accelerating Insider's growth through M&As to integrate tech and abilities from partnering companies into its platform. 

 

3. Techsign  

  Established: 2017  

  Sector: Security Enterprise Software 

Funding: US $30 million     

HQ: Istanbul, Turkey 

Founded by CEO Abdullah Kip and Erdal Çokol, Techsign is a security enterprise software company specialized in digital identity and biometric verification solutions. It provides verifiable biometric signature & forensic software, document signing platform Techsign DOC, customer identity verification solution Know Your Customer (KYC), FIDO biometric authentication, and smart ID Card verification. In 2023, Techsign raised US $30 million in a corporate round led by Papara as its interim investment to accelerate their steps in becoming an effective actor on a global scale ahead of its Series A funding round. 

 

4. Agra Fintech 

  Established: 2020 

  Sector: FinTech 

Funding: US $18 million     

HQ: Istanbul, Turkey 

Founded by Taner Toraman, AGRA is a fintech that offers innovative technical solutions such as CreditBarometer for credit analysis, RiskMeter for risk assessment, e-Defter for commercial credit analysis, e-Belge for secure e-document transfer, and FinBand for electronic document management. Agra raised US $18 million in a seed round led by Re-Pie Asset Management in 2023, which was dedicated to transforming Agra's financial data analysis system into a deep embedded finance platform and offer it to SMEs through company collaborations. 

 

5. Rem People 

  Established: 2015 

  Sector: Retail Analytics 

Funding: US $12 million     

HQ: Istanbul, Turkey 

Founded by Bülent Peker, Emre Haraccioglu, and Mert Alemdar, REM People specializes in retail analytics and AI-powered omnichannel retail execution management solutions. REM People offers cloud-based integrated solution REM inStore for in-store execution performance as well as modules for auditing retail environments, tracking field force activities, and managing tasks and actions in retail settings. Moreover, its solutions ensure data accuracy and integrity while identifying and preventing fraudulent activities. The company raised US $12 million from US-based Ethos Asset Management in 2023 with plans to expand its international network from the 50 countries it currently serves to 5 additional GCC countries. 

 

6. Usersdot 

  Established: 2020 

  Sector: Marketing, E - commerce Solutions 

Funding: US $11 million     

HQ: Istanbul, Turkey 

Founded by Gökalp Caymaz and Şevin Ballıktaş, Usersdot is a Turkish B2B SaaS company specialized in AI-powered e-commerce data intelligence solutions. Its offerings include Datadot dashboard for real-time data on customer needs, search results, and price comparisons, as well as Digital Shelf for 24/7 monitoring of marketplace metrics such as Buy Box, ratings, reviews, and product availability. Usersdot raised US $11 million in a 2023 investment round led by Arya GSYF, dedicated to expansion and growth in MENA, Asia, and Europe. 

 

7. Tarfin 

  Established: 2017 

  Sector: FinTech, AgriTech 

Funding: US $10.9 million     

HQ: Istanbul, Turkey 

Founded by CEO Mehmet Memecan, Tarfin is a digital agricultural platform that uses technology like big data analytics and machine learning to provide agricultural inputs with competitive credit terms to farmers. It offers agricultural inputs such as fertilizers, seeds, and feed at competitive prices as well as flexible payment options based on harvest dates on the Tarfin Mobile app which also allows farmers to compare prices and purchase inputs online. In 2023, Tarfin expanded using more than €10 million, approximately US $10.94 million, in investments from both local banks and partners to support farmers in the fall sales season in Romania. 

 

8. Grand-Attic 

  Established: 2021 

  Sector: Gaming 

Funding: US $10.6 million     

HQ: London, UK 

Founded by Mark Müller, Burak Kilic, Güray Emen, and Musa Özey, previously known as Hadi Gaming, Grand Attic is a Turkish gaming company that develops mobile games like its latest Pocket Farm and Pocket Land with engaging graphics and live social gaming features. Grand Attic rebranded in 2023 after raising a total of US $10.6 million, which it has used to move HQ to the UK and to deliver more captivating mobile games. 

 

9. Seedify 

  Established: 2021 

  Sector: Gaming, Blockchain, FinTech 

Funding: US $10 million     

HQ: Istanbul, Turkey 

Founded by Levent Cem Aydan, Seedify is a Turkish company that operates as a blockchain gaming-focused incubator and launchpad aimed at empowering innovators and project developers in the blockchain gaming space. They support blockchain game developers with funding, community building, marketing, content creation, and partnerships, offer financial support to early stage blockchain projects, and share the outcomes of successful projects with the community. Seedify raised US $10 million through early VC funding rounds led by LDA Capital in 2023. This partnership provides the Seedify team with access to LDA Capital's extensive platform, enhancing their potential to create greater value within the blockchain ecosystem. 

 

10. SuperGears Games 

  Established: 2022 

  Sector: Gaming 

Funding: US $10 million     

HQ: Istanbul, Turkey 

Founded by Yasin Demirden and Yakup Demirden, SuperGears Games is a Turkish mobile game studio specialized in racing games. The studio focuses on developing high-quality racing games like Racing Kingdom, a multiplayer mobile racing game universe featuring various racing genres such as drag, drift, off-road, rally, and combat racing as well as extra features like vehicle customization and pet buddies. SuperGears completed its first funding round of US $10 million in 2023 led by TMRW Foundation to redefine their perspective on racing games. Along with the investment, SuperGears also welcomed Cevat Yerli onto its board of directors, a huge win as Yerli is somewhat of a legend in the gaming community as the creator of world renown game series such as Far Cry and Crysis.