The pioneering e-commerce platform, ikas, has announced a significant milestone, securing $20 million in Series A investment. This investment round, championed by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, signifies the IFC’s most ambitious investment in a Turkish startup to date, highlighting ikas’s rapid growth trajectory and its vital role in empowering small-scale businesses.
In a move that underscores the dynamism of Turkey’s startup ecosystem, ikas has successfully secured $20 million in Series A investment, led by the IFC and Re-Pie Asset Management. This infusion of capital is a testament to ikas’s impressive performance within the Turkish e-commerce infrastructure sector over a span of two years. The company is now strategically poised to enhance its market presence in Europe and other key regions.
ikas’s swift ascent in the tech sphere has been recognized, earning it a spot in the 2023 Deloitte Technology Fast 50 program as one of the fastest-evolving tech entities in Turkey. Additionally, the company has reached an important SaaS milestone, escalating its Annual Recurring Revenue (ARR) from $1M to $10M within 16 months, with aspirations to scale to $100M in the forthcoming period.
At the core of ikas’s success is its unwavering commitment to providing SMEs and entrepreneurs with a seamless e-commerce platform, enabling them to manage online stores effortlessly without technical complexities. The ikas team, with an average age of 28, embodies the company’s dedication to pushing the boundaries of innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his gratitude for the support from customers, the team, investors, and all stakeholders.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, shared insights into the investment philosophy, 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, commented on the significant potential of ikas, noting, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she remarked. “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 outlined the strategic intentions behind the new funding, stating, “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.“
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