Eight years later increasing its original $30 million fund, 212 is in the market with a $30 million first close because of its most recent fund focused on investments in Eastern and Turkish European startups.
Looking to put money into business-to-business software for a service startups, financial services technologies and marketplace businesses, the business has already established several organizations who’ve seized regional and global attention, says Numan Numan, among the business’s cofounders and managing directors.
212 includes Iyzico, certainly one among the biggest payment processing organizations in Turkey; Insider, a south east Asian-focused ecommerce empowered platform, is just another portfolio triumph (it increased $11 million into follow-on financing from no less illustrious a firm than Sequoia Capital).
Two other companies that have gained traction are Hotel Runner, a service bringing hotels and online travel bureaus into a market place with tech service vendors that already has 55,000 hotels registered in over 160 unique countries; and a supply chain management company called Solvoyo.
It’s still early days for its business, but its focus on”organizations who are ready to sell globally and so therefore are already selling,” is paying dividends,” Numan explained.
All the firm’s portfolio firms are generating half their revenues beyond the Turkish market.
And Turkey itself is undergoing a surge in venture capital investment. There are roughly 1-5 investment firms in Turkey focused on tech companies, Numan says. “We have a shortage of funds and the eco system is new,” he says. “We’re the very first genuine institutional fund in Turkey and we place it up in December 2011.”
Global companies will result in anywhere, says Numan, and increasingly founders of startups are staying put rather than attempting to browse the U.S. immigration system that is becoming increasingly draconian. “They wind up creating in Berlin or at Lisbon or somewhere in Europe that produces it easier to complete this,” Numan says.
Foreign investors are also beginning to observe what’s happening in Turkey, says Numan. Roughly 20 different investment capital firms have come on to syndicate addresses the Turkish business.
The two spouses at the fund, Numan and his co-founder Ali Karabey, both cut their teeth in finance in nyc. Numan was a banker at Goldman Sachs while Karabey worked for Morgan Stanley.
Both started by putting up angel networks in the country and subsequently helped make the world’s first accelerators. It was after the accelerators had started the Numan and Karabey decided it was time to raise the very first fund. Since that moment, Numan says that curiosity about Turkish organizations has increased exponentially.
“The Turkish market is active enough to justify focused exposure to the ground,” says Numan.