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Investments received by startups in Turkey reached $1.5 billion

Industry and Technology Minister Mustafa Varank stated that the reputation of Turkish startups has crossed borders and the ecosystem continues to develop rapidly with the power it receives from advanced technologies.

Industry and Technology Minister Mustafa Varank shared on his Twitter account about the performance of the startup ecosystem in Turkey last year.

Noting that the reputation of Turkish startups crosses borders and the ecosystem continues to develop rapidly with the power of advanced technologies, Varank said, “Here is the development, here are the numbers! The investments received by the startups in Turkey reached $1.5 billion by the end of 2021.”

According to the infographic shared by Varank, the startup ecosystem, powered by advanced technology and innovation, continues to grow with state-supported investment funds.

Last year, investments by startups increased 9 times compared to the previous year, reaching $1.5 billion. 323 startups received investment in 345 investment rounds throughout the year. The amount of investment made per venture was $4.8 million. 45 foreign investments for startups were made.

Mutual funds also provided the opportunity to solve the capital needs of technology-based enterprises in Turkey. “Tech-InvesTR Venture Capital Support Program” carried out by TUBITAK under the Ministry of Industry and Technology accelerated the development process in the entrepreneurial ecosystem.

Source: Sabah / Translated by Irem Yildiz

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