Istanbul-based venture capital firm Revo Capital has announced the first close of its third fund at US$86 million, with a target final close of more than US$100 million, according to information shared with Vestbee.
The fund will support early-stage technology startups with Turkish origins, placing particular emphasis on global growth and AI-related innovation.
Established in 2013, Revo Capital is currently the largest tech-focused VC firm in Turkey and has played a significant role in developing the country’s startup ecosystem.
Its portfolio includes two unicorns, Getir and Builder.ai, as well as other notable firms such as Midas, ikas, and Param.
“Over 70% of our portfolio companies’ revenue is generated internationally, often through relocating their headquarters to major global tech hubs while retaining R&D teams in Turkey. This strategy has increased the share of companies with foreign headquarters from 33% in Fund I to 84% in Fund II, unlocking access to international capital and global business development opportunities,”
said Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital.
With the third fund, Revo aims to invest in over 25 startups ranging from seed to Series B stage. Initial investments may reach up to US$5 million per company, with the potential for follow-on investments totalling up to US$10 million.
A separate “Seed Pocket” has also been established to support promising pre-seed and seed-stage companies with smaller initial investments between US$250,000 and US$500,000.
The fund will focus on areas such as fintech, B2B SaaS, cybersecurity, and healthtech, which have been core sectors for Revo, while also moving into energy and gaming.
AI will be approached as a cross-sectoral enabler rather than a standalone category.
Revo Capital Fund III is backed by major international development finance institutions, including the International Finance Corporation (IFC) and KfW DEG, each committing US$20 million, and the European Bank for Reconstruction and Development (EBRD) with US$15 million.
All three institutions had previously invested in Revo’s second fund and have increased their commitments.
Further backing has come from Türkiye’s Development Fund, corporate venture arms such as Finberg and Yıldız Ventures, and a number of Turkish founders who have exited their startups.
Since its inception, Revo Capital has invested US$180 million across 40 tech startups and has recorded 17 exits.
Featured image credit: LimkedIn
