ikas Secures $20 Million in Series A Funding Led by IFC and Re-Pie Asset Management

Next-generation e-commerce platform ikas, has announced it raised $20 million in a Series A funding round. The investment, led by the World Bank's International Finance Corporation (IFC) and Re-Pie Asset Management, sets a record as the IFC's largest single investment in a Turkish startup

April 04, 2024 10:49 AM EDT | Source: B2Press BV

New York, New York--(Newsfile Corp. - April 4, 2024) - In a significant step for the Turkish startup ecosystem, ikas has captured a $20 million Series A funding milestone, led by the International Finance Corporation (IFC) and Re-Pie Asset Management. This infusion of funds underscores ikas' remarkable success within just two years in Turkey's e-commerce infrastructure space. The company now sets its sights on leveraging this capital to establish its leadership in Europe and other key markets.

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Caption: Turkish E-commerce Platform ikas Raises $20 Million Series A Round

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ikas' journey of rapid growth has been widely recognized, earning it a spot in the Deloitte Technology Fast 50 program in 2023 as one of Turkey's fastest-growing tech companies. Moreover, the company has achieved an impressive SaaS milestone, reaching $1M to $10M in Annual Recurring Revenue (ARR) within just 16 months, with the ambitious goal of scaling to $100M in the near future.

ikas' success comes from its commitment to giving SMEs and entrepreneurs an easy-to-use e-commerce platform that simplifies managing online stores without needing technical skills.

Reflecting the vibrant and youthful energy of the company, the ikas team, with an average age of just 28, demonstrates a profound commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, voiced his appreciation for the support from customers, the team, investors, and all stakeholders.

Amidst this backdrop of growth and innovation, Dr. Emre Çamlıbel, Chairman of the Board of Re-Pie Asset Management, highlighted the investment strategy: "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."

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Caption: Wiebke Schloemer

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Wiebke Schloemer, IFC Director for Türkiye and Central Asia, emphasized the broader impact of ikas' innovation, "Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC," she said. "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 vision behind the new funding, "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."

Contact: Çağrı Menteş - cagri.mentes@ikas.com

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