More capital inflows but fewer deals: $80M invested in Turkey-based startups in H1

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Despite a global backdrop caused by the coronavirus pandemic, the Turkish startup ecosystem has succeeded in showing healthy growth in the first half of this year, according to the latest report on venture investments in Turkey.

The January-June period has seen some $80 million being invested in Turkey-based startups, accounting for about 80% of the total funding in full-year (FY) 2019, the H1 2020 Turkey Venture Investment Snapshot report showed on Monday.

Prepared by MAGNiTT, a startup data platform for emerging venture markets, the report highlighted that investments in Turkish startups have seen continued growth over the years, with more capital invested in fewer startup deals from January through June of this year.

According to the report, the number of investment deals came in at 29, down by 51% from 2019.

“This consolidation is partly a function of an evolving and maturing ecosystem and partly a function of investors skewing to favor large-ticket investments in more established startups against the backdrop of COVID-19 – a trend that is consistent with MENA’s (Middle East and North Africa) startup ecosystem in H1 2020,” it said.

Compared with the last five years, venture capital funding has reached a record-high level for a half year period.

“Turkey has attracted prominent PE (Private …

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