Last Updated on: 7th April 2024, 06:52 pm
ikas, a pioneering force in the e-commerce sector, is thrilled to announce a $20 million Series A investment. This round, led by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, marks a historic investment by the IFC in a Turkish startup, signifying ikas’s escalating growth and its indispensable role in bolstering small businesses.
This significant financial milestone for Turkey’s startup landscape saw ikas receiving $20 million in Series A funding, with the IFC and Re-Pie Asset Management taking the lead. This investment underscores ikas’s significant strides within the e-commerce infrastructure realm in Turkey over a mere two-year period. The company is now strategizing to use this capital to solidify its presence in Europe and beyond.
ikas’s meteoric rise has been officially acknowledged, placing it among the Deloitte Technology Fast 50 program in 2023 as one of Turkey’s rapidly expanding tech enterprises. Furthermore, the company has reached a notable SaaS milestone by growing its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, aiming ambitiously to scale to $100M in the near future.
The cornerstone of ikas’s achievements lies in its commitment to offering SMEs and entrepreneurs a straightforward e-commerce platform, thus simplifying the management of online storefronts without the need for technical expertise. The vibrant ikas team, with an average age of 28, epitomizes the company’s deep commitment to innovation and quality. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his appreciation to customers, the team, investors, and all stakeholders for their continuous support.
Dr. Emre Çamlıbel, Chairman of Re-Pie Asset Management’s Board, illuminated the investment philosophy, saying, “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, IFC’s Director for Türkiye and Central Asia, shared insights on ikas’s impactful innovation, remarking, “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 plan following the new funding, noting, “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.“
