ikas, a trailblazer in the e-commerce platform domain, has bagged a significant $20 million in its Series A investment round. This round, championed by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, is a testament to the IFC’s largest investment in a Turkish startup, highlighting ikas’s swift growth and its crucial role in bolstering small enterprises.
In a noteworthy development for the Turkish startup ecosystem, ikas has bagged a substantial $20 million in Series A investment, with the IFC and Re-Pie Asset Management taking the lead. This financial boost reflects ikas’s exceptional performance in the Turkish e-commerce infrastructure space over a short two-year timeframe. The company is now strategically positioned to amplify its footprint in Europe and other key markets.
ikas’s rapid ascent has been formally acknowledged, securing its place in the Deloitte Technology Fast 50 program in 2023 as one of Turkey’s fastest-growing tech companies. Moreover, the company has reached an important SaaS milestone, catapulting its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with a vision to scale to $100M in the upcoming years.
The success of ikas is rooted in its commitment to providing SMEs and entrepreneurs with a streamlined e-commerce platform, enabling them to manage online stores effortlessly without technical know-how. The energetic ikas team, with an average age of 28, exemplifies the company’s dedication to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his appreciation for the relentless support from customers, the team, investors, and all stakeholders.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, spoke about the investment approach, stating, “Re-Pie invests in ventures with high growth potential, technology and innovation-oriented business models and we continue to grow our portfolio. This investment was executed through a dedicated GSYF (Venture Capital Investment Fund) issued by Re-Pie. Having opened its office in Germany at the end of 2022, Ikas is well-positioned to hit its target of becoming one of the leading brands in Europe in its vertical by 2030.”
Wiebke Schloemer, Director for Türkiye and Central Asia at IFC, highlighted the transformative potential of ikas, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she stated. “ikas’ innovative software has the potential to transform e-commerce in Türkiye, enabling smaller businesses to access new markets, boost their online sales and productivity, and better adapt to the rapidly changing business landscape.”
Namoğlu discussed the strategic intentions post-funding, saying, “We intend to leverage the new funding to expedite our international expansion. While this round of investment significantly excites us, it also serves as a reminder that we are just at the beginning of our journey, with much work ahead.“