State of Türkiye Tech 2023

While many startups founded in Türkiye relocate beyond its the borders, most maintain business-critical ties to their homelands. In order to take this reality into account, this report includes both Türkiye-based startups, which maintain their main center of business (HQ) in their country of origin, and Türkiye -founded startups, with their HQ relocated outside of Türkiye. The Digital Transformation Office of the Presidency of the Republic of Turkey, in cooperation with Dealroom.co, published the first edition of the State of Turkey Tech report and we wanted to present it to you.

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Ecosystem Overview

Above you can see the combined enterprise value of Turkey-based startups founded since 1990. Turkish startups are now worth more than €39 billion, 10 times more than in 2018. Turkey's startup ecosystem has the highest value among its MENA ecosystem neighbors. We would also like to share with you the graph showing the enterprise value of selected MENA ecosystems (2018-2023 YTD)

Discover the top startups in Türkiye using predictive signals.

Dealroom has launched a powerful predictive algorithm to discover the most promising companies, Dealroom Signal.The input for each Signal's algorithm includes company growth (team size, product growth), founders strength, completion score and contextual data (does the company fit into segments of interest), timing (is the startup likely to raise their next round soon) and team composition.

Turkish startups in Fintech

270+ startups with a combined enterprise value of €1.6B. A record €70M raised in 2022.

Turkish startups in Gaming

140+ startups with a combined enterprise value of €5.8B. A record €428M raised in 2022.

Turkish startups in Transportation

155+ startups with a combined enterprise value of €403M. €22M raised in 2022.

Turkish startups in Food

138+ startups with a combined enterprise value of €9.4B. A record €736M raised in 2022.

Turkish universities are a breeding ground for entrepreneurial talent. Selected Türkiye universities & companies founded by their respective alumnis:

Funding landscape & investors

Turkish-based startups raised €1.6B in 2022, the second highest year after 2021, with the largest round coming from rapid delivery giant Getir. Early-stage funding reached an all time-high in 2022, with 2023 already almost matching 2020 funding levels in the first four months alone.

Türkiye ranks 2nd in MENA for VC investment raised between in the last five years, with Istanbul also the #2 city.

Türkiye ranks as the 2nd MENA ecosystem for 2022 VC investment, despite slower year on year growth than its peers.

Fashion, food and home living attracted the most VC investment, due to funding raised by Trendyol and Getir.

The recent increase in VC investment in Türkiye has been driven by increased foreign investment, especially from the US and Asia.

Local investors participate in more than half of total rounds.

VC investment in startups based in TürkiyeCumulated number of rounds by location of investors 2018-2022