The cutting-edge e-commerce platform ikas has successfully garnered $20 million in Series A financing. This round, spearheaded by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, marks a historic investment by the IFC in a Turkish startup, highlighting ikas’s fast-paced growth and its key role in bolstering small businesses.
In a milestone event for Turkey’s startup ecosystem, ikas has garnered a $20 million Series A financing, with the IFC and Re-Pie Asset Management leading the initiative. This capital infusion is a testament to ikas’s exceptional track record within Turkey’s e-commerce infrastructure over just two years. The company is now well-positioned to expand its influence in Europe and other crucial markets.
ikas’s rapid growth trajectory has been formally recognized, earning it a spot in the 2023 Deloitte Technology Fast 50 program as one of the fastest-growing tech firms in Turkey. The company has also achieved a notable SaaS milestone, growing its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with a strategic goal of reaching $100M in the upcoming years.
The foundation of ikas’s success lies in its commitment to providing SMEs and entrepreneurs with a straightforward e-commerce platform, streamlining the management of online stores without the need for technical expertise. The youthful and dynamic ikas team, with an average age of 28, embodies the company’s commitment to innovation and quality. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his thanks to customers, the team, investors, and all stakeholders for their steadfast support.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, outlined the investment approach, 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, highlighted the broader impact of ikas’s innovation, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she commented. “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 revealed the strategic plans following the new 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.“
