Public backing helps tech startups attract 175 bln liras

ISTANBUL

Publicly backed investment funds have helped 1,091 technology startups in Türkiye attract a total of 175 billion Turkish Liras in investment, Industry and Technology Minister Mehmet Fatih Kacır said on Sept. 25.

Speaking at a Terminal Istanbul event at Atatürk Airport, Kacır said 5.8 billion liras in public resources committed through fund-of-funds and co-financing mechanisms had helped establish funds with a combined size of 130 billion liras.

Work was underway to channel an additional $300 million in public resources into venture capital funds, he said.

Kacır said Türkiye aimed to produce 100,000 technology startups by 2030 and bring the combined valuation of its unicorn companies to $100 billion.

The country currently had eight unicorns, a term for startups valued at $1 billion or more, he added.

He said the Turcorn 100 program supported companies seeking to enter global markets, while the Türkiye TechVisa program had brought more than 5,500 technology professionals into the country’s startup sector.

The visa program enables eligible applicants to obtain work permits in as little as two weeks.

Türkiye’s 115 technology parks hosted more than 13,000 technology ventures, alongside a nationwide network of more than 1,700 research, development and design centers, Kacır said.

He also outlined progress on Terminal Istanbul, which is converting terminal space at Atatürk Airport into a center for startups, research and investment.

An initial area of about 5,000 square meters had been put into use, with the center targeted to become fully operational in 2027, he said.

The project is planned to cover around 200,000 square meters of indoor space and accommodate thousands of technology companies.

Facilities will include offices, incubators, accelerator and mentoring programs, shared prototyping and production spaces, and research laboratories.

Kacır said the center would connect startups with universities, manufacturers and investors to help turn new technologies into products for international markets.

More than 60 companies and institutions joined a cooperation agreement at the event, he said.