Istanbul, Turkey-based venture capital fund Revo Capital has closed its second fund at €90 million, with several leading international development financial institutions coming on board as limited partners (LPs).
International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and German development finance institution DEG came in as limited partners to invest in the fund, Revo Capital executive Alpaslan Canli said in a LinkedIn post.
Other LPs to the fund include the Turkish Development and Innovation Fund, the Development and Investment Bank of Turkey as well as several Turkish corporate investors including Enerjisa, Finberg, QNB Finansbank, Yildiz Ventures, and Ünlü Yatırım Holding.
Canli said that Revo has “become Turkey’s largest VC fund to date” by closing its second fund at €90 million.
Revo is led by managing partner and founder Cenk Bayrakdar and managing director Berkin Toktas. It lists on its website a portfolio of more than 20 companies that it has backed. Of these, it has so far exited five.
The VC firm invests in tech-driven and growth-stage startups in Turkey and Eastern European countries, including in the Baltics.
Its portfolio of companies includes marquee names like Getir, Vivoo, Zizoo, PayCare, fintegre, smpl and digiform, to name some. It has clocked exits from sonarworks, LOGIWA, Foriba, skyatlas and peoplise.
Revo’s investments in Getir, Vivoo, Massive Bio Inc, Akinon and CYVision are from the second fund, it said in a tweet.
Revo’s first investment vehicle was a $66 million fund that was founded at the end of 2013, according to Crunchbase.