Revo Capital, a Netherlands-based venture capital firm focused on early-stage technology startups in Turkey, has announced the first close of its third investment fund, raising about 86% of its targeted size.
The firm, which has 20 active companies in its portfolio, has secured investments worth $86 million for Revo Capital III. It was backed by returning limited partners (LPs), as well as international institutions, including International Finance Corporation (IFC), the World Bank’s private investment arm, Germany’s DEG, and the European Bank for Reconstruction and Development (EBRD).
Revo, which operates from offices in Istanbul and is headquartered in Amstelveen, also received funding from the Türkiye Development Fund (TDF).
Revo Capital III has a target corpus size of $100 million, with a hard cap of $150 million. It aims to back 25 early- to growth-stage technology companies in Turkey and Central-Eastern European region over the next five years.
Founded in 2013 by former Turkcell CIO Cenk Bayrakdar and Berkin Toktaş, Revo typically invests between $1 million and $6 million per deal, with an average ticket size of around $2 million in post-seed to Series B rounds. For the first time, however, it has set aside capital specifically for pre-seed and seed-stage investments, with initial check sizes ranging from $250,000 to $500,000.
“This allows us to back exceptional founders from day one--and support them through Series A and beyond,” the firm said in a statement.
Revo’s core investment verticals include fintech, B2B SaaS, cybersecurity, and healthtech. It is also investing in energy and gaming sectors. “…the two areas where we see strong technical talent and accelerating global demand,” the firm said. Additionally, it is exploring opportunities in the Web3 space.
The IFC, headquartered in Washington DC, is a returning LP, having previously invested in both of Revo’s previous two outings: the $71-million Revo Capital I in 2013, and the $97-million oversubscribed Revo Capital II, which closed in 2021.
Meanwhile, TDF, established in 2019 by the Development and Investment Bank of Türkiye, has deployed capital from its recently launched $50-million DIBT Fund of Funds, which backs Turkey-focused VC and PE funds investing in technology and growth-focused businesses.
Revo typically acquires between 5% and 20% equity in initial investments, averaging around 12%.
Since its inception over a decade ago, Revo has secured commitments from over 20 institutional investors, including the EBRD, TGIF, DEG, and IFC.
To date, Revo has achieved 17 exits--14 full and one partial--from its debut outing, which had a portfolio of 21 companies, including on-demand grocery delivery player Getir, digital remittance platform Transfer Go, and payment processing solutions PayCore. The exited investments from Fund I include smart energy management technology Cosa, developer of e-invoice programs Foriba, sound technology company Sonarworks, and marketing automation solutions Smpl.
Some of its key investments from Fund II include AI-enabled development platform Builder AI, which it has partially exited, full-stack fintech services player Param, BNPL platform Kredim, and AI content localization company Ollang.
