Turkey draws over USD700M in early-stage technology investments in 2023


(MENAFN) Burak Daglioglu, the head of the Turkish Presidency’s Investment Office, revealed that Turkey attracted more than USD700 million in early-stage technology investments in 2023. This surge in investment underscores the growing interest among international investors in Turkey's thriving technology sector.

In an interview with a Turkish news agency, Daglioglu pointed out that there is an escalating eagerness among global investors to uncover promising technology ventures in Turkey, which could potentially expand their operations into neighboring regions.

Furthermore, Daglioglu underscored the significant contributions of the European Bank for Reconstruction and Development (EBRD) and the European venture capital firm Truffle Capital. These entities have played a pivotal role through their substantial investments in DG Pays, a Turkish financial technology firm. Their investments not only demonstrate confidence in Turkey's tech industry but also contribute to its growth and development.

“This is very exciting for us. Truffle Capital is a well-known fund that invests in fintech in Europe. This is their first step into Turkey,” he stated.

Daglioglu highlighted that there is an increasing acknowledgment of Turkey’s prowess in the realm of financial technologies.

“This is one of the areas we are trying to promote because Turkey is very strong in this field,” he declared.

Daglioglu further noted that investors find Turkey an attractive destination for financial technology ventures due to the presence of competent entrepreneurs, a skilled workforce, and a mature regulatory framework that facilitates and encourages their involvement in this sector. He emphasized that approximately 10 percent of all investments in Turkey’s technology sector were allocated to fintech initiatives.

Highlighting the robust investor sentiment in the technology sphere, Daglioglu mentioned that Turkey witnessed a total of 325 transactions in early-stage technology investments in 2023. This statistic underscores the confidence and interest investors have in Turkey's technology ecosystem.

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