The avant-garde e-commerce platform ikas has successfully attracted a substantial $20 million in Series A funding. This pivotal round of investment, led by the World Bank’s International Finance Corporation (IFC) and Re-Pie Asset Management, is distinguished as the most significant investment by the IFC in a Turkish startup, highlighting ikas’s accelerated growth and its crucial function in enhancing small enterprises.
In a groundbreaking development for the startup ecosystem in Turkey, ikas has procured a $20 million Series A funding, orchestrated by the IFC and Re-Pie Asset Management. This investment not only celebrates ikas’s exceptional accomplishments in the e-commerce infrastructure sector within Turkey over a span of two years but also strategically positions the company for expansion in Europe and other vital markets.
ikas’s remarkable journey of rapid expansion has garnered recognition, earning it a spot in the 2023 Deloitte Technology Fast 50 program as one of the swiftly growing tech companies in Turkey. In addition, the company has achieved a significant milestone in SaaS, increasing its Annual Recurring Revenue (ARR) from $1M to $10M within a mere 16 months, with a visionary target of reaching $100M in the upcoming years.
The success of ikas is rooted in its commitment to providing small and medium-sized enterprises (SMEs) and entrepreneurs with an accessible e-commerce platform, allowing for seamless management of online stores without the need for intricate technical knowledge. The energetic and youthful team at ikas, with an average age of 28, embodies the company’s dedication to innovation and high standards. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his gratitude for the unwavering support from customers, the team, investors, and all collaborators.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, elucidated 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, discussed the transformative impact of ikas, commenting, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she observed. “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 the strategic direction post-funding, saying, “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.“
