Turkish startup investment volume surges fivefold to $2.6B in 2024
Tech-driven growth and strategic acquisitions fuel Türkiye’s emergence as a global investment hub
ANKARA, Türkiye (MNTV) — Amid global geopolitical tensions and rising concerns over inflation and interest rates, Turkish startups experienced a remarkable surge in investment activity in 2024.
Transaction volumes soared 423% to $2.6 billion, according to a report by consultancy firm KPMG Türkiye.
This marks a significant increase from $497 million in 2023, with the total number of transactions rising from 297 to 331, according to Anadolu Agency.
The report highlights that acquisitions and late-stage investments dominated the landscape, accounting for $2.3 billion across 280 transactions. The fintech sector led the way with 31 deals, followed by biotechnology with 28, and artificial intelligence (AI) with 25.
The largest transaction of the year was Kazakhstan-based Kaspi.kz’s acquisition of over 65% of shares in Turkish e-commerce giant Hepsiburada for $1.1 billion.
Other major deals included US-based General Atlantic’s $500 million investment in SaaS startup Insider and Emirati firm Mubadala Investment’s $250 million funding for logistics startup Getir.
Notable transactions also included Turkish payment company iyzico’s $87 million acquisition of fintech firm Paynet and South Korean DoubleU Games’ $67 million purchase of mobile game startup Paxie Games.
Additionally, UAV manufacturer Altinay Defense raised $58.5 million from public investors, while mobile game startup Spyke Games secured $50 million from Israeli firm Moon Active for a 15.9% stake.
Other significant investments included $45.7 million raised by mobility startup BinBin.
Another $45 million was secured by fintech firm Midas from Canadian, American, German, and Turkish investors, and Dutch firm DxBV’s $39 million acquisition of 65% of SaaS startup Bulutistan.
The report underscores the resilience and growth of Türkiye’s startup ecosystem, positioning it as a key player in the global innovation landscape despite challenging economic conditions.
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