The trailblazing e-commerce platform ikas has captured a monumental $20 million in Series A funding. Orchestrated by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, this funding round is noted as the IFC’s most significant investment in a Turkish startup, underlining ikas’s exponential growth and its pivotal role in fortifying small businesses.
In a groundbreaking achievement for the Turkish startup scene, ikas has captured a $20 million Series A funding, led by the IFC and Re-Pie Asset Management. This investment serves as a testament to ikas’s exceptional accomplishments within Turkey’s e-commerce infrastructure over a relatively short two-year period. The company is now set to leverage this investment to solidify its presence in Europe and other strategic markets.
The rapid progression of ikas has been duly acknowledged, securing its position in the Deloitte Technology Fast 50 program in 2023 as one of the most rapidly expanding tech companies in Turkey. The company has also attained a significant SaaS milestone, propelling its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with a bold vision of escalating to $100M in the foreseeable future.
The cornerstone of ikas’s success lies in its unwavering dedication to equipping SMEs and entrepreneurs with an intuitive e-commerce platform, thereby simplifying the management of online shops without necessitating technical prowess. The vibrant ikas team, with an average age of 28, epitomizes the company’s deep-rooted commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his gratitude towards the enduring support from customers, the team, investors, and all partners.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, elucidated on the investment philosophy, noting, “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, IFC’s Director for Türkiye and Central Asia, reflected on the broad impact of ikas, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she expressed. “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 shared insights into the strategic plans post-investment, remarking, “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.“