The forefront e-commerce platform, ikas, is proud to announce it has landed a significant $20 million in Series A financing. This round, pioneered by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, marks the IFC’s most substantial investment in a Turkish startup, showcasing ikas’s rapid progression and its pivotal role in empowering small businesses.
In a landmark event for the Turkish startup ecosystem, ikas has successfully landed a $20 million Series A financing, with the IFC and Re-Pie Asset Management at the helm. This influx of capital is a testament to ikas’s stellar performance in the e-commerce infrastructure within Turkey over the last two years. The company is now well-equipped to expand its influence in Europe and other key markets.
ikas’s rapid growth trajectory has earned it a spot in the 2023 Deloitte Technology Fast 50 program as one of the fastest-growing tech companies in Turkey. Additionally, the company has achieved a notable SaaS milestone, raising its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with aspirations to escalate to $100M in the foreseeable future.
The essence of ikas’s success lies in its commitment to offering SMEs and entrepreneurs a user-friendly e-commerce platform, facilitating the management of online stores without requiring extensive technical expertise. The vibrant ikas team, with an average age of 28, reflects the company’s commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his gratitude towards customers, the team, investors, and all stakeholders for their unwavering support.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, elucidated on the investment strategy, 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, emphasized the broad impact of ikas’s initiatives, 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 goals post-investment, 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.“