Lonca Venture Capital Investment Fund was established by Kuveyt Turk’s subsidiary KT Portfolio Management Inc.. Kuveyt Turk will provide ₺25 million as the first investor in the fund.
According to Kuveyt Turk’s statement, Lonca Venture Capital Investment Fund was established by the bank’s subsidiary KT Portfolio. The fund, named after the Lonca Entrepreneurship Center established in 2017, aims to make early and growth-stage investments in technology-focused scalable startups.
Kuveyt Turk will provide a source of ₺25 million as the first investor to the Lonca Venture Capital Investment Fund.
In the statement, Kuveyt Turk General Manager Ufuk Uyan reminded that they established the Lonca Entrepreneurship Center in 2017 to support the projects of entrepreneurs with technology-focused and scalable business ideas and to help the ideas become added value quickly.
Explaining the support they offer to high enterprises that have added value and have the potential to provide qualified employment through the Center, Uyan said, “With the contribution of our knowledge and experience at the Lonca Entrepreneurship Center and Teknogirisim GSYF, we established Lonca GSYF and allocated ₺25 million as the first investor. In the coming period, we will put Lonca SYF into the service of the entrepreneurial ecosystem in a structure that includes qualified individual and institutional investors from Turkey and abroad.”
‘We are planning to make growth capital investments’
Hamit Kutuk, General Manager of KT Portfolio Management, also stated that they plan to make early-stage and later growth capital investments in technology-oriented scalable companies with Lonca GDP in a 2-year period.
Kutuk said, “The successful performance of the companies they invested in and the demands of entrepreneurs prompted us to establish funds to invest in startups at the early stage as well as at the growth stage. We aim to continue our close cooperation with other incubators in the ecosystem and other participants in the industry.”
Source: AA / Translated by Irem Yildiz