Turkey’s Tech Startups: Road to Multi-Billion Combined Enterprise Value
20 February 2024•
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After a decade of cultivating talent, fostering innovation, and building investor confidence, the Turkish startup ecosystem achieved its highest enterprise value growing tenfold from US $5 billion in 2018 to a remarkable US $45 billion in 2022.
Of course, just as seen everywhere else on the planet, there have been market valuation corrections in 2023, as the VC winter continues to set in – but what Turkey has been able to achieve in a remarkably short period of time, is head-turning.
Interestingly, more than 85% of the combined enterprise value comes from tech startups that were founded after 2010 such as Trendyol, Dream Games, Peak Games, Getir and Insider.
Investments in Turkish startups averaged US $50 million to $100 million between 2010 and 2020 – a very modest figure in the global startup landscape; but 2021 marked a seismic shift, when over US $3.1 billion was invested in Turkish startups, surpassing the total investment of the previous ten years, combined (in a single year)!
This recent increase in funding, driven by both local and international success stories accelerated the rise of unicorns and positioned Turkey prominently on the global innovation map.
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We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.
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