Startups.watch – Turkish Startup Ecosystem, Q3 2024

In the first nine months of 2024, the Turkish startup ecosystem saw $709M invested across 388 deals in seed, early, and later VC stages. The TÜBİTAK BiGG Fund played a significant role, with 228 of the 247 pre-seed deals coming from this fund. Notably, 81% of investments were made in 9 startups that raised $20M or more, making Turkey the country with the highest number of pre-seed investments in Europe. Grocery delivery and fintech were the most invested verticals in terms of deal size, while biotech and artificial intelligence were the most invested in terms of deal count. Additionally, a quantumtech startup received investment for the first time in Turkey. Female entrepreneurs were involved in 29% of investments, the highest rate in the last 5 years. The Turkish gaming industry also saw success, with $70.9M raised across 16 deals. Overall, the startup ecosystem in Turkey continues to show growth and potential for the future.