Turkish fintech Odeal among top fundraisers in Q2

Turkish fintech Odeal among top fundraisers in Q2
Spot the present and future unicorns.
By Akin Nazli in Belgrade August 8, 2021

Online payments service Odeal was among the top fundraisers in Turkey in the second quarter, Startups.watch’s quarterly report showed on July 26.

In June, UK-based SPG Holdings bought a 9.9% stake in Odeal for Turkish lira (TRY) 29mn ($3mn).

In the Union of Chambers and Commodity Exchanges of Turkey's (TOBB's) Fastest Growing Turkish Companies ranking for 2020, Odeal ranked 20th with TRY5-20mn of revenues.

A total of 63 Turkish start-ups raised $746mn in Q2, bringing the overall H1 figures to 129 deals worth $1.26bn, according to data compiled by Startups.watch.

Both the Q2 and H1 figures for funds raised suggest record highs, thanks to rapid grocery delivery firm Getir and Dream Games.

Fourteen games developers raised funds in Q2, bringing the H1 figure to 29.

Istanbul is the second largest games studio hub after London, while Turkey has 445 active gaming start-ups, Daily Sabah quoted Startups.watch founder Serkan Unsal as saying on August 6.

Getir was the fundraising leader in Q2, raising $550mn, followed by Dream Games ($155mn), Marti (an undisclosed amount) and Ace Games ($7mn).

Odeal was fourth, followed by Appsilon Diamond, Trio Mobil ($2mn), Veloxia ($3mn), Tarentum ($1.4mn) and EasyCep (TRY9mn).

There are currently some Turkish start-ups with potential valuations standing at over $1bn and these companies will be promoted as unicorns when they raise funds, StartupMarket CEO Serkan Bagce told local business daily Dunya.

Meanwhile, there are a total of 46 Turkey-focused funds with investment volumes standing at over $1bn, according to Bagce.

Modanisa, Insider, Good Job Games, Fugo Games, Alictus, Vivense, Meditopia, Marti, Paycore and Ace Games are seen as the upcoming Turkish unicorns.

Major Tech Deals in Turkey
Date Sold Stake Price Buyer Seller
Aug-21 Palm full TRY43mn Felix (UAE/Israel) -
Aug-21 Fernvaille 8.4% TRY1mn Fonbulucu.com Crowd-funding
Jul-21 Tepe Guvenlik full €10mn Securitas (Sweeden) -
Jul-21 Snapbytes full - Appfire (US) -
Jul-21 Trendyol claim $1.5bn General Atlantic, Softbank (US) Fundraising
Jul-21 MOOV partnership talks Getir Anadolu Group (AGHOL)
Jul-21 PCI Checklist - - SC,Dayioglu,Tora,Erkmen Fundraising
Jul-21 Hitit Bilgisayar intention - IPO Pegasus (PGSUS)
Jul-21 Kitopi (UAE) - - Dogus Fundraising
Jul-21 Trio Mobil - $2mn 212 Fundraising
Jun-21 BLOK (Spain) - - Getir -
Jun-21 Dream Games - $155mn Index,Makers,Balderton,IVP,Kora Series B
Jun-21 WeBee - TRY6mn DCP, Technology Innovation Fund... Fundraising
Jun-21 Marti - - EBRD, Actera Fundraising
Jun-21 Odeal 9.9% TRY29mn SPG (UK) Fundraising
Jun-21 Hepsiburada 20% $738mn IPO/Nasdaq Dogan(DOHOL),FranklinTempleton
Jun-21 Trendyol claim $2bn - Fundraising
Jun-21 OCR (Australia) - $15mn Oyak, Halkin (Australia) Fundraising
Jun-21 Augmency - - Inventram (Koc/KCHOL) Fundraising
Jun-21 Alterna CX - $0.25mn Teknoloji Yatirim Fundraising
Jun-21 Yolda - $1.9mn Speedinvest, Collective Park etc. Fundraising
Jun-21 Hungri Games 11% $1.1mn Triple Dragon (UK) Fundraising
Jun-21 Litum - - Actera (UK) Fundraising
Jul-21 FGS 50% - Vodafone Turkey -
Jun-21 Veloxia - $3mn Collective Spark Fundraising
Jun-21 Getir - $555mn Tiger,Sequoia,Silver,DisruptAD,Mubadala Fundraising
Jun-21 Abonesepeti - - Keiretsu Fundraising
Jun-21 Momento - - Param -
May-21 Tarentum - $1.4mn Bogazici Ventures Fundraising
May-21 ATP Ticari 20% TRY180mn IPO owners
May-21 n11 15% application IPO Dogus Holding (DGHOL)
May-21 Optiyol - - Ford Otosan (FROTO) Fundraising
May-21 Bluedot - - Ford Otosan (FROTO) Fundraising
May-21 Penta Teknoloji 48.34% TRY588mn IPO Gozde(GOZDE)(Yildiz Holding)
May-21 PayTR - - Actera -
May-21 Brightstar Turkey 100% talks Arena(ARENA)(Redington/India) Brightstar(US)
May-21 Uncosoft - - Rollic (Zynga/US) -
Apr-21 EasyCep - TRY9mn Finberg,Keiretsu,Bas,Sozdinler,Karsli Fundraising
Apr-21 Cicek Sepeti minority - Cicek Sepeti Amazon(US),Hummingbird(Belgium)
Apr-21 E-cozum full TRY200mn Param -
Apr-21 Ace Games - $7mn Actera,NfX,Segerstrale,Bonte,Gunay Fundraising
Apr-21 Trendyol 2% $350mn Alibaba (China) Fundraising
Mar-21 Wirecard Turkey - - Finch(Netherlands) -
Mar-21 Getir minority $300mn Sequioa, Tiger Fundraising
Mar-21 DgPays - - EBRD, Goldman -
Mar-21 Softforay/Softeconomics - - NMS (US) -
Mar-21 Mowico (UK) - - Sinan Afra Fundraising
Mar-21 Midas - $1mn Denizbank Fundraising
Mar-21 NetRD 100% $11.6mn Orion Innovation (US) Netas (NETAS)
Mar-21 Dream Games - $50mn Index,Balderton, Makers Fundraising
Feb-21 Brew Games - $4mn Actera Fundraising
Feb-21 Tarfin - TRY46mn Pasha/Azerbaijan Fundraising
Feb-21 Teknofix 100% - Webhelp/France -
Feb-21 Malwation - - Alesta, Sertac Ozinal Fundraising
Feb-21 Mowico (UK) full $1.6mn Tmob (Italy) -
Feb-21 Legna Medikal - - Semih Kocak Fundraising
Feb-21 makromusic - - Omer Erkmen Fundraising
Feb-21 MTS Teknoloji (PayCore) 100% $50mn Mediterra/Netherlands Sancak
Feb-21 Banamama full TRY5mn Tash (UK) -
Feb-21 Pubinno - $1mn Twozero Fundraising
Feb-21 Birlesik Odeme 70% - Oyak Portfoy -
Jan-21 BluTV 2.77% - Twozero -
Jan-21 BluTV 35% - Discovery/US -
Jan-21 Inofab - $1mn Re-Pie/Teknoloji/Fark Fundraising
Jan-21 Getir minority $128mn MoritzMoritz(ex-Google)/Base/Tiger/Goodwater/Esas/Fiba/Revo Fundraising
Jan-21 Innovera - - Eczacibasi-Taxim-Cyberwise -