EBRD supports early-stage innovation in Türkiye
LONDON
The European Bank for Reconstruction and Development (EBRD) is investing $15 million in Revo Capital Fund III, a venture capital fund focused on supporting early-stage technology companies in Türkiye and central and eastern Europe.
The fund will concentrate on investments primarily in B2B SaaS (business-to-business software as a service), fintech, cloud operations and security, health information technology (IT), energy and gaming, EBRD said in a statement.
Investing in such innovative, early-stage companies with Investing in such innovative, early-stage companies with Turkish founders and/or with R&D teams based in Türkiye helps them to become more competitive, which in turn enables the development of cutting-edge technologies and digitally enabled business models, it added.
The EBRD has been an investor in Revo Capital since 2015, when it became the first international investor in Revo Capital Fund I. It was also a cornerstone investor in Revo Capital Fund II in 2019.
This latest investment is part of the bank’s Early-Stage Innovation Facility II, a framework through which the EBRD invests in venture capital funds across its countries of operation, expanding the availability of capital and support for innovative early-stage companies.
The EBRD is among Türkiye’s key investors, with more than 20 billion euros committed through 478 projects and trade finance limits since 2009, most of which are in the private sector.
