ikas, at the forefront of e-commerce platform innovation, has captured a significant $20 million in Series A backing. This financial round, led by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, stands as the IFC’s premier investment in a Turkish startup, highlighting ikas’s rapid expansion and its essential function in enhancing small business operations.
In a crucial development for the Turkish startup ecosystem, ikas has captured $20 million in Series A backing, with the IFC and Re-Pie Asset Management leading the funding. This investment is a testament to ikas’s impressive achievements in the e-commerce infrastructure arena within Turkey, spanning just two years. The company is now poised to leverage this backing to fortify its market position in Europe and beyond.
ikas’s rapid rise to prominence has been acknowledged, earning it a place in the 2023 Deloitte Technology Fast 50 program as one of Turkey’s most rapidly evolving tech companies. Additionally, the company has achieved a significant SaaS milestone, increasing its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with an ambitious goal of reaching $100M in the near future.
The key to ikas’s success is its unwavering dedication to providing SMEs and entrepreneurs with a streamlined e-commerce platform, making online store management effortless without requiring technical expertise. The vibrant ikas team, with an average age of 28, showcases the company’s strong commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his appreciation for the continuous support from customers, the team, investors, and all involved stakeholders.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, shed light 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, emphasized the transformative impact of ikas’s innovation, noting, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she explained. “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 outlined the strategic direction following the funding, 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.“
