Revo Capital Raises $86 Million in First Close of Fund III to Back the Next Wave of Global Tech Startups with Turkish Roots
Revo Capital, Türkiye’s pioneering and largest technology‑focused venture‑capital fund, announced that Revo Capital Fund III has reached a first close of $86 million. The fund targets $100 million and is positioned to surpass that figure ahead of a final close scheduled within the coming year. Fund III continues Revo Capital’s twelve-year mission to transform Türkiye’s deep pool of engineering talent into category-leading global businesses by combining hands-on operational support with growth capital for high-potential Series A and B technology startups.
A Decade of Impact and an Expanding Ecosystem
When Revo Capital raised its inaugural fund in 2013, Türkiye’s startup landscape comprised fewer than 1,500 startups and attracted under $30 million in annual venture investment. By 2024, the country hosts more than 10,500 startups, adding over 1,000 new startups each year. The total value of the ecosystem has expanded more than tenfold in the last four years, with over $6 billion deployed into startups. More than 50% of that capital has flowed into Revo portfolio companies, underscoring the fund’s pivotal role in transforming startups to attract global capital by driving technology exports, job creation, and sustainable growth.
Across its first two funds totaling $180 million, Revo has invested in 40 technology startups and achieved 17 successful exits to date. The fund has backed category leaders such as Midas, ikas, Param, Paraşüt, Massive Bio, Yazara, Figopara, Foriba, Roamless, Bumper, TransferGo, and Logiwa, and was an early investor in two unicorns—Getir and Builder.ai.
Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital, commented: “We plan to invest in over 25 seed and early-stage startups, empowering Turkish entrepreneurs to build category-leading companies with global reach. At Revo, we see ourselves as more than just investors—we partner closely with founders throughout their scaling journey to help them grow into globally competitive businesses.”
Bayrakdar also highlighted Revo’s successful internationalization strategy: “Over 70% of our portfolio companies' revenue is generated internationally—often through relocating their headquarters to major global tech hubs while retaining R&D teams in Türkiye. This strategy has increased the share of companies with foreign headquarters from 33% in Fund I to 84% in Fund II, unlocking access to international capital and global business development opportunities.”
Despite the ecosystem’s momentum, only 3.4% of seed-funded Turkish startups reach Series A, compared to 16% in the United Kingdom and 21% in Germany. Fund III directly addresses this funding gap by leading Series A and B rounds that enable startups to accelerate their global expansion, while reserving follow-on capital to support founders throughout their growth journey.
Fund III Strategy and Capital Allocation
The new fund will maintain Revo Capital’s longstanding emphasis on fintech—where Revo is already the most active investor in Türkiye—while deepening its focus on B2B SaaS, cybersecurity, and health‑technology. Responding to emerging market opportunities, Fund III also introduces energy and gaming as dedicated verticals. Artificial intelligence will be treated as a horizontal catalyst, and the team will prioritize founders who are using AI to reinvent products, processes, and entire industries across every sector in the portfolio.
A significant portion of the investments made will be deployed into startups with roots in Türkiye, either with a Turkish founder or a Turkish R&D team, reinforcing Revo’s role as a cornerstone of the local ecosystem. The fund will also opportunistically cover Central and Eastern Europe, where Revo sees a pipeline of technical talent and capital‑efficient innovation.
In terms of deal size, Fund III will make initial investments of up to $5 million, typically by leading or co-leading Series A rounds. Including follow-on capital, total exposure per company can reach up to $10 million—providing the runway needed for international expansion, enterprise-grade product development, and marquee customer acquisition.
To capture tomorrow’s breakout companies even earlier, Revo has carved out a dedicated “Seed Pocket” to target pre-seed and seed-stage opportunities with a $250,000 to $500,000 initial investment size to allow exposure to promising ventures at inception and secure the right to increase its stake in Series A and further rounds.
Distinguished Limited‑Partner Base
The first close of Fund III is anchored by three leading development finance institutions - each returning from Fund II and increasing their commitments in recognition of Revo’s consistent outperformance: IFC with $20 million, KfW DEG with $20 million, and the EBRD with $15 million.
In addition to these cornerstone LPs, the remaining commitments were evenly split between 50% new limited partners and 50% returning investors. Notable participants include the Türkiye’s development finance institution, Türkiye Development Fund and corporate venture capital arms such as Finberg, Eksim Ventures, Inveo Ventures, and Yıldız Ventures. The investor base is further diversified by regional banks, leading corporations, prominent family offices, and a growing number of exited founders from Türkiye’s startup ecosystem.
About Revo Capital
Founded in 2013, Revo Capital is Türkiye’s pioneering and largest venture capital fund focused on early-stage technology investments. Across its first two funds, with a total AUM of $180 million, Revo has invested in 40 startups, including two unicorns, and has achieved 17 successful exits to date. In 2025, Revo launched its $100 million third fund, aiming to invest in over 25 early-stage startups by 2030. The fund targets AI-driven innovation across fintech, B2B SaaS, cybersecurity, health technologies, energy, and gaming. Revo primarily backs startups with roots in Türkiye—whether through Turkish founders or R&D teams—while also supporting high-potential startups across Central and Eastern Europe. By combining early seed participation with Series A and B investments, Revo Capital supports founders from local traction to global expansion, transforming regional startups into category-leading global companies. Learn more at www.revo.vc.
