Startups

FT: Technology startups came from Istanbul, not Silicon Valley

The world-famous British newspaper Financial Times wrote that the hottest ideas of this year in terms of technology investments came not from Silicon Valley, but from Istanbul. In the news, it was stated that Turkish companies have become the stars of Europe thanks to their trade startups.

Financial Times, the world’s leading economy and business magazine, wrote a long analysis on the success of Turkish entrepreneurs and trading companies.

In terms of technology investments, it was mentioned that this year’s hot ideas came from Turkey, not Silicon Valley. In the analysis titled “How Turkey became the star of European technology”, it was stated that the success of start-ups was a turning point in Turkey.

In the news, it was stated that technology investors have invested billions of dollars in online grocery delivery start-ups in the USA, while the value of Turkish company Getir, one of the leading companies in the sector, has reached $7.5 billion at the moment with 10-minute delivery.

TURKEY IS THE NEW CENTER OF ENTREPRENEURS

In the news, it was pointed out that the sudden change in the fate of the company last year was also a part of the big change in Turkey’s technology industry. “Since last summer, Turkish technology companies, including e-commerce platforms and game developer companies, have seen their value exceed the billion-dollar mark seen as a global milestone for start-up success,” FT said in its news.

According to the news, which is estimated to have increased the e-commerce spread in Turkey from 3.5% three years ago to 10% today, one of the reasons behind this was the excessive growth of online retail globally with the effect of the pandemic. In the news, Melis Kahya Akar, General Manager of General Atlantic, who managed Trendyol’s $1.5 billion funding round with SoftBank this week, said, “Covid has passed the level. All the pieces are now in place for Turkish companies to start thinking more globally.”

The news reported that Trendyol, currently valued at $16.5 billion and majority-owned by Alibaba, began operations as an online fashion retailer in 2010 before expanding into the food distribution industry and launching a digital wallet.

In the news, where it was stated that Turkish companies have grown enough to attract international attention, attention was also drawn to the success of game developers Peak Games and Dream Games.

Source: NTV / Translated by Irem Yildiz

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