9.8 C
Manchester
Friday, May 24, 2024
Businessikas Secures $20M in Series A Funding Led by IFC and Re-Pie

ikas Secures $20M in Series A Funding Led by IFC and Re-Pie

ikas, the trailblazing e-commerce platform, has successfully secured $20 million in a Series A funding round. The investment round, spearheaded by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, is notable for being the IFC’s largest-ever investment in a Turkish startup. This significant funding round is a strong endorsement of ikas’s swift growth trajectory and underscores its pivotal role in bolstering small businesses.

In a landmark achievement for Turkey’s startup landscape, ikas has clinched a $20 million Series A funding, with the International Finance Corporation (IFC) and Re-Pie Asset Management at the helm. This financial boost is a testament to ikas’ standout performance in Turkey’s e-commerce sector within a mere two-year span. With this fresh capital, ikas is poised to assert its dominance in Europe and other strategic markets.

ikas’s journey of exponential growth has not gone unnoticed, securing its position in the Deloitte Technology Fast 50 program in 2023 as one of the fastest-expanding tech entities in Turkey. Additionally, the company has hit a remarkable SaaS landmark, scaling its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with an eye on the ambitious target of $100M in the foreseeable future.

At the heart of ikas’s success is its dedication to providing SMEs and entrepreneurs with a user-friendly e-commerce platform, enabling effortless online store management without the need for technical expertise. The youthful and dynamic ikas team, boasting an average age of 28, reflects the company’s deep-seated commitment to innovation and excellence. Mustafa Namoğlu, ikas’s Co-Founder and CEO, expressed gratitude towards the unwavering support from customers, the team, investors, and all involved parties.

Dr. Emre Çamlıbel, Re-Pie Asset Management’s Chairman of the Board, shed light on the investment philosophy, 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, IFC’s Director for Türkiye and Central Asia, highlighted ikas’ significant impact, 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 intent behind the funding, 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.“

Sam Allcock
Sam Allcock
With over 20 years of experience in the field SEO and digital marketing, Sam Allcock is a highly regarded entrepreneur. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
Latest

Lyon v Paris Saint-Germain: Betting preview, odds and offers

Lyon take on Paris Saint-Germain on Saturday in a Coupe de match. Here is our in-depth preview, as well as some betting tips and special offers.

Kaiserslautern v Bayer Leverkusen: Betting preview, odds and offers

Kaiserslautern take on Bayer Leverkusen this coming Saturday in a DFB-Pokal match. Here is our in-depth preview, as well as some betting tips and special offers.

Sevilla v Barcelona: Betting preview, odds and offers

Sevilla take on Barcelona on Sunday in a La Liga match. Here is our in-depth preview, as well as some betting tips and special offers.

Real Sociedad v Atletico Madrid: Betting preview, odds and offers

Real Sociedad take on Atletico Madrid this coming Saturday in a La Liga match. Here is our in-depth preview, as well as some betting tips and special offers.
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

Burnley v Nottingham Forest: Betting preview, odds and offers

Burnley take on Nottingham Forest on Sunday in a Premier League match. Here is our in-depth preview, as well as some betting tips and special offers.

More News