ikas, an innovator in the e-commerce platform space, has attained a significant $20 million in Series A investment. This round of investment, led by the World Bank’s International Finance Corporation (IFC) and Re-Pie Asset Management, represents the largest investment by the IFC in a Turkish startup, underscoring ikas’s rapid advancement and its essential role in the empowerment of small enterprises.
In a significant step forward for Turkey’s vibrant startup ecosystem, ikas has attained a $20 million Series A investment, with the IFC and Re-Pie Asset Management at the forefront. This investment reflects ikas’s significant strides in Turkey’s e-commerce infrastructure sector over a mere two-year period. The company is now aiming to strengthen its position in Europe and other strategic markets.
The rapid rise of ikas has been recognized, placing it in the Deloitte Technology Fast 50 program in 2023 as one of the fastest-growing technology companies in Turkey. Moreover, the company has achieved a noteworthy SaaS milestone, escalating its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with the ambitious target of reaching $100M in the near term.
ikas’s success is built on its commitment to providing small and medium-sized enterprises (SMEs) and entrepreneurs with an intuitive e-commerce platform. This platform allows for easy management of online stores without the need for extensive technical knowledge. The dynamic ikas team, with an average age of 28, demonstrates the company’s commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his gratitude for the continuous support from customers, the team, investors, and all stakeholders.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, commented on 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, spoke about the significant potential of ikas, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she noted. “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 following the 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.“
