IFC Boosts Innovation in Türkiye and CEE with $20 Million Investment in Revo Capital Fund III

At least 70% of IFC's capital will be directed to support startups in Türkiye, up to 20% for the CEE region, and up to 10% will focus on ventures founded by Turkish diaspora entrepreneurs.

The International Finance Corporation (IFC) is investing $20 million in Revo Capital Fund III (Fund III), a venture capital (VC) fund focused on accelerating innovation and supporting high-growth startups in Türkiye and the Central and Eastern Europe (CEE) region. This investment aims to bridge early-stage funding gaps and unlock the potential of technology-driven businesses across these regions.

At least 70% of IFC's capital will be directed to support startups in Türkiye, up to 20% for the CEE region, and up to 10% will focus on ventures founded by Turkish diaspora entrepreneurs. Fund III plans to back 25 early-stage startups by 2030, with a strong emphasis on artificial intelligence (AI), fintech, B2B software as a service (SaaS), cybersecurity, health tech, energy, and gaming industries.

A Strong Partnership: Revo Capital and IFC

This marks the third partnership between IFC and Revo Capital Management, following previous investments of $8 million in Revo Fund I and €15 million in Revo Fund II, made during the COVID-19 pandemic. Revo Capital has a proven track record in the tech investment space, having successfully helped numerous startups scale and innovate.

Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital, expressed gratitude for IFC’s continued trust, saying, “We are grateful for IFC’s ongoing support as an anchor investor in Fund III. Their confidence in Revo Capital’s strategy and Türkiye’s potential as an innovation hub strengthens our mission. We are not just investors; we work closely with our portfolio companies to help them scale into leading global businesses.”

Empowering Women Entrepreneurs

In line with IFC’s commitment to gender equality and economic empowerment, the partnership also focuses on developing inclusive investment practices. IFC has supported Revo Capital in adopting a gender-lens investing approach and participated in the ScaleX Program, a gender-inclusive initiative aimed at increasing access to early-stage capital for women-led startups in emerging markets.

Confidence in Türkiye’s Startup Ecosystem

Wiebke Schloemer, IFC Director for Türkiye and Central Asia, emphasized the firm’s long-term commitment to the region. “Our investments in Fund III reflect our strong belief in the growth potential of tech entrepreneurship in Türkiye and the CEE region. Our goal is to empower local entrepreneurs, foster job creation, and promote technology exports,” she said.

Revo Fund I and II have demonstrated significant impact, with portfolio companies experiencing remarkable growth. As of 2023, the value of startups in Türkiye has grown more than tenfold, reaching nearly $37 billion.

IFC’s investment in Fund III aligns with its broader strategy to support innovation and entrepreneurship in Türkiye, which represents the third-largest country exposure globally in its portfolio, with a committed value nearing $5.4 billion as of February 2025.

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