Turkey-focused VC Revo Capital, which has previously backed unicorns including speedy grocery startup Getir and app maker Builder.ai, has closed $86m for its third fund. LPs include Germany’s KfW, the International Finance Corporation (IFC) and the European Bank for Reconstruction Development (EBRD).
Revo is targeting a final close of $100m, and will invest in B2B SaaS, cybersecurity, healthtech, energy and gaming startups. Ticket sizes start at $5m and can go up to $10m for follow-on rounds.
Revo’s new fund will primarily invest in Turkish companies, though it anticipates some opportunities in central and eastern Europe.
The Turkish ecosystem has grown significantly over the last few years. When Revo started out in 2013 with a fund of $66m, it says it tracked $30m of investment into the country’s startups. In 2024 that had increased to $1.1bn, according to the firm.
Exits
Revo also closed a $100m fund in 2021, and has backed 40 companies to date. Its portfolio includes Turkish investment apps Midas and TransferGo, e-commerce platform Ikas and vehicle repair startup Bumper.
The firm says it has achieved 17 exits so far, the largest of which came from speedy grocery giant Getir.
Revo first backed the company in 2017 and then cashed out in a secondary sale at the height of the speedy grocery boom in 2021, when Getir was valued at $7.5bn. The firm did not disclose the size of the stake it sold but Sifted understands it comfortably returned the value of the firm’s first fund.
The VC offloaded its Getir stake at an opportune time. By 2023, Getir’s valuation had fallen to $2.5bn, and last year it withdrew from all markets outside of Turkey.
Revo’s other exits include the sale of its stake in London-based Builder.ai. The firm invested in 2021 and cashed out in 2023, when the company raised a round from Microsoft.
Read the orginal article: https://sifted.eu/articles/revo-capital-closes-86m-fund/
