Akinon, a Turkish cloud-based digital commerce platform, has raised $20 million in a Series B funding round led jointly by private equity firm Actera Group and venture capital firm Revo Capital.
The lead investors were joined by SmartFin Capital and Endeavour Catalyst, Akinon said.
The company said it will use the money to enhance the global competitiveness of its services, boost its service quality, and step up growth by expanding into the Middle East, North Africa, Eastern Europe, and Asia.
Akinon co-founder and CEO Tolga Tatari said the company plans to double its headcount next year from 400 currently and also aims to double its revenue.
Founded in 2016, Akinon offers software that streamlines retail sales via online channels as well as physical stores, providing end-to-end support in managing orders, user experience, and customer data.
Akinon’s customer base ranges from small-to-medium-size enterprises to larger clients with $1 billion in revenue. In its home market Turkey, the company serves around half of the top 100 retailers such as Lacoste, Marks & Spencer, Sephora, and Gap, the company said in a statement.
“We are big believers in the strength of the management team to execute their vision to revolutionize commerce through its cloud-based omnichannel experience platform with an expanding set of tools and features,” said Cenk Bayrakdar, founding partner and managing director at Revo Capital.
Actera is the largest Turkey-focussed PE firm. It manages assets in excess of $3.3 billion. Its backers include global pension funds, multilateral institutions and sovereign wealth funds from North America, Europe, Asia and the Middle East.
The investment in Akinon is at the least the third transaction by Actera this year. In June, Actera had invested in Litum Technologies Inc, a local company that makes Internet of Things (IoT) systems and location-tracking software.
In March, Actera had written a $4-million cheque for gaming company Brew Games.
The PE firm counts 19 companies as part of its portfolio. These include financial services company Dünya Varlık, alcoholic beverages maker Mey İçki, radio broadcaster Karnaval Media Group, movie theatre company Mars Cinema Group and health club operator MAC.
As for Revo, 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. It has clocked exits from sonarworks, LOGIWA, Foriba, skyatlas and peoplise.
The investment in Akinon comes barely weeks after Revo late last month finished fundraising for its second VC fund after raising €90 million.