As 2024 unfolds, venture capital funds, corporate venture capital firms and foreign investors are setting their sights on burgeoning enterprises as they outline their strategic plans.

Investment funds are honing in on ventures specializing in cutting-edge technologies such as artificial intelligence, big data and cloud technology, spanning renewable energy, mobility, agriculture, health, robotics, finance, "gamification," human resources and regulatory technology.

Investors in 2024 are anticipated to concentrate on financially robust enterprises, with ventures struggling to achieve positive earnings before interest, taxes, depreciation and amortization (EBITDA), excluding deep technology ventures, facing a partial diversion from investor radar.

Energy, artificial intelligence

One notable player in the Turkish venture capital scene is TT Ventures, the venture capital arm of Türk Telekom, one of Türkiye’s leading telecommunications and technology companies.

TT Ventures has listed its areas of interest and verticals, including 5G technologies, "gamification" technologies, artificial intelligence, retail technologies, digital products and services, energy solutions, supply chain technologies, smart grid solutions, IoT/smart cities, regulatory technologies, gaming and esports, health technologies, robotic process automation (RPA), education technologies, ICT products, blockchain, finance and insurance technologies, cloud-based software as a service (SaaS) and B2B business solutions, as well as big data solutions.

Focus on assistants

In a world where the race for artificial intelligence assistants is intensifying, banks and financial ventures are entering a fierce competition. The surge initially centered around data analytics, followed by meaningful responses in customer services and life-enhancing cloud-based services.

Türkiye’s largest private lender Işbank has initiated new venture programs in sustainability and gaming. The bank is also directly investing in financial technology ventures and payment system technologies. Investments in groundbreaking ventures like FigoPara and Getir Finans have garnered attention.

Growing venture capital funds

In Türkiye, early and seed-stage ventures can benefit from support provided by the government and venture capital funds. Securing funds is relatively easier for startups initially, but challenges increase when seeking growth and advanced-stage funding.

Entrepreneurs often turn to foreign markets, where options, exemplified by venture capital investment funds and cases like Maçkolik, are expanding. However, as investment amounts grow, diversification becomes imperative. Long-term solutions are particularly crucial for overcoming challenges faced by producer artificial intelligence ventures, such as those related to big data and customer acquisition.

‘Meta Game On’ emerges as new stage for game studios

Game Factory, a pioneer in the Turkish game development industry, is launching a premium program called "Meta Game On" in collaboration with Meta Platforms, designed exclusively for advanced mobile game studios.

It marks the first-ever partnership between Game Factory and Meta, aiming to elevate the potential of the Turkish mobile game development industry and support game studios from a global perspective.

Türkiye, particularly Istanbul, stands out as a highly active market for mobile game ventures, boasting the second-highest number of mobile game studios in Europe after London.

The dynamics of the industry thrive on the success of game ventures, where each departing developer triggers the establishment of a new studio. Recognizing this dynamism, organizations are rolling out mobile game programs to harness the sector's potential.

The innovative "Meta Game On" program seeks to enhance the Turkish mobile game development industry and globally support game studios.

Preparation for growth

The program offers a unique premium experience focused on game growth, providing participants with access to Meta's extensive global resources. Participants will engage in sessions on game growth, accompanied by exclusive mentorship and benefits from Meta.

Designed for advanced game studios aiming to rapidly expand and venture into new markets, "Meta Game On" introduces strategic growth concepts and emphasizes effective media planning. Through the program, participants will have the opportunity to enhance their skills in reaching broader audiences and increasing growth potential.

Strong business partnerships

The strength of the program lies in robust partnerships and support from leading companies in the industry. Deloitte will provide guidance and training to participants, while successful entrepreneurs affiliated with the program, such as Ludus Ventures and Boğaziçi Ventures, will share personal experiences, offering valuable networking opportunities. Unity will offer support to program participants through mentorship, training sessions and insights, particularly in ad revenue generation.

Additionally, industry leaders like Appmagic, Appnava, Balancy and Potensus will provide technical and operational advantages to participants through product credits, discounts and special support. Significant game development programs and universities, including GamesUp and Yıldız Technical University (YTÜ) Teknopark, will support the program, offering unique opportunities to participants.

Applications are open until Jan. 5, 2024, through the "Meta Game On" website.

Stars of mobile gaming

Murat Kahraman, founder of Game Factory, says they are well aware of the advantages and challenges of the Turkish gaming sector, and that they strive to provide the most accurate support to the studios.

"Meta constitutes one of the most crucial and indispensable building blocks of our industry. With this program we've designed and launched in collaboration with Meta, we plan to address a significant need in the industry during a time when self-publishing is gaining prominence: the proper growth of our games," said Kahraman.

"Our aim with this program is to accelerate the processes of becoming the stars of the upcoming period for our games currently in the growth stage."

Gül Yüksel Akkaya, director of Türkiye Mobile Applications and Games Group, says Meta's relationship with the gaming industry reveals a deep collaboration and the story of tremendous growth.

"Despite the challenges witnessed globally in recent years, this industry continues to prove itself in flexibility and adaptability. Through Meta Game On, we are excited to support mobile game companies in their growth journeys and provide access to Meta's and our partners' comprehensive resources to help them achieve their goals," Akkaya noted.

Cloud-based finance venture Fimple secures $5.5M investment

Fimple, a cloud-based financial technology venture, has successfully secured a total of $5.5 million in investment, aiming to bolster the company's position in the financial industry through expansion and innovation.

The funding comes at a time when financial ventures are facing almost no difficulties in finding investments, with a growing interest in cloud-based financial applications.

Following the $2 million investment obtained in the previous pre-seed round, Fimple has now secured an additional $3.5 million investment in the bridge investment tour, adding a new angel investor to its list.

Led by APY Ventures, the tour was also joined by KT Portfolio, Tera Portfolio and angel investors.

Cloud-based plug-and-play solution

Fimple plans to utilize the investment to effectively grow in the global market and expedite the transformation in the financial sector.

The new funding is seen as a strategic move to further strengthen Fimple's cloud-based plug-and-play platform, operating on the "Financial Function as a Service" principle, enhance its competitive advantage, and provide better services to customers.

Mücahit Gündebahar, general manager of Fimple, highlighted the significant contribution of the investment to the company's strategies.

"This investment will give a great boost to our mission of strengthening our technological infrastructure and shaping the change in the finance industry through leadership," said Gündebahar.

The company commits to maintaining a sustainable service model by continuously keeping its technological and functional set competitive and focusing on customer satisfaction.

Global ventures on horizon

Fimple's short-term goals include expanding its success in Türkiye on a global scale and becoming a global brand by offering banking platforms and financial applications to Europe, the Balkans, the Gulf and African countries in 2024. With its API-based technological infrastructure and experienced team, the company seeks to increase its impact in the financial industry.

Fimple aims to simplify the operations of industry players with its plug-and-play solution, ready for scalable ecosystem collaborations. The company focuses on providing a lean and parametric function group and platform service, allowing organizations to customize and add features independently according to their dynamics.

Sustainable service

With a sustainable service model, Fimple says it addresses fundamental needs such as keeping the product's technological and functional set consistently competitive and ensuring compliance with regulations.

Financial institutions, in turn, can redirect their focus entirely to their business model, products and customers.

Initiatives addressing rare diseases ready to make a difference

Health initiatives play a crucial role in finding solutions for many rare diseases. Under the umbrella of Sanofi's PharmUp platform, established in 2019, Teknopark Istanbul and LHUSTEK are collaborating on the Care4RARE program.

Applications are ongoing for the program aimed at developing and supporting solutions, particularly for lysosomal storage diseases, within the realm of rare diseases.

Approximately 5 million people in Türkiye and over 350 million worldwide, 80% of whom are affected by rare diseases due to genetic factors, are grappling with these conditions. Often chronic, progressive, degenerative and life-threatening, the diagnosis, treatment and contributions to patient life for these diseases are the focus of the Care4RARE program.

The program aims to facilitate cooperation, new ideas and digital solutions in the field, addressing actions outlined in the Turkish Ministry of Health's Rare Diseases Health Strategy Document and Action Plan.

Program applications

It aims to contribute to public health by implementing digital solutions discovered within the program framework, enabling the early diagnosis of rare diseases, better planning of health care services and faster access to treatment for patients.

The identified areas for the Sprint program include digital health technologies, diagnosis and treatment technologies, remote health services, education technologies, wearable technologies, data system technologies, awareness-focused solutions and disease screening technologies.

The Care4RARE program includes two workshops bringing together representatives from all relevant stakeholder groups to discuss developmental areas related to rare diseases in Türkiye and identify needs in this field. Based on the outputs of these workshops, Teknopark Istanbul is expected to support technologies, innovative solutions and potential ventures invited to the program.

Innovative entrepreneurs in the health, information technology and software sectors can apply for the program until July 31, 2024. Entrepreneurs whose projects are not yet mature can also apply individually. Successful entrepreneurs, determined by the jury, will receive access to international platforms, office space, and software support at Teknopark Istanbul's incubation center, Cube Incubation.