The First Decacorn of Turkey

decacorn turkey

Trendyol, one of the world’s leading e-commerce platforms, increased its valuation to 16.5 billion dollars with a new investment of 1.5 billion dollars. Thus, Trendyol became the first technology company in Turkey to be defined as a “decacorn”, term used for companies with a value exceeding 10 billion dollars.

The new fundraising was led by General Atlantic, one of America’s leading investment funds, and SoftBank Vision Fund 2, managed by Japan-based SoftBank Investment Advisers, which invests in the world’s largest technology companies. Berlin-based Princeville Capital, ADQ (UAE) and Qatar Investment Authority (QIA) also participated. Earlier this year, Trendyol’s current investor, Alibaba, also invested an additional 350 million dollars in the company.

SoftBank Investment Advisers, ADQ and Princeville Capital made their first investments in Turkey with this fundraising. In addition, as a result, major investors from Asia, Europe, America, the Middle East and Turkey have taken part in Trendyol’s shareholding. The platform continues to be managed by the company’s founders and the general management in Turkey.

Mutlu: “We thank our investors for their trust in Turkey and the future of Trendyol”

Demet Mutlu, founder of Trendyol, stated: “We thank the major global investors who participated in this fundraising for their trust in our country and in the future of Trendyol. It is an honour for us to have brought the largest international investment to our country in the last period. Furthermore, the fact that Trendyol is the first “decacorn” to be established in Turkey will strengthen the position of our industry on the international scene. This investment will increase international interest in Turkey’s digital ecosystem and accelerate the development of our industry. We would like to thank our passionate team, the hundreds of thousands of business partners and the more than 30 million customers who trust us for sharing this successful journey with us.”

“We contribute to the creation of 1.1 million jobs in our country”

Pointing out that the platform supports the employment of millions of people in Turkey, Mutlu said: “While hundreds of thousands of people work for the operations carried out by our sellers on our platform, we also provide employment opportunities to hundreds of thousands of people in different sectors such as goods distribution, packaging and customer service. In this way, we contribute to the economy, directly and indirectly, with a total employment of 1.1 million people. We aim to increase this figure to 2.4 million people by 2023,” he said. decacorn of turkey

Üçok: “We will be the leading e-commerce company in the EMEA Region”

Evren Üçok, Chairman of the Board of Trendyol, commented: “Our country has a strong growth potential due to its young population and strategic location in the EMEA region. In order to become the leading e-commerce player in the EMEA region, we will be supported by our strong team in Turkey, our expertise in technology and e-commerce, our country’s quality production capacity and our business partners, their marketing skills and experience in logistics.”

“We are excited to collaborate with the competent Trendyol team to implement the company’s vision in Turkey and the EMEA region”

SoftBank Investment Advisers Managing Partner, Anthony Doeh, said: “ Trendyol, the leading application in Turkey, has successfully integrated its e-commerce capabilities, payment systems and delivery capabilities with its deep expertise in sectors such as fashion. In doing so, it has laid the foundation for a unique consumer experience with strong growth potential in new markets. As a company that has invested in many e-commerce platforms around the world, we are very pleased to cooperate with Trendyol. We look forward to supporting Trendyol in its journey as an emerging digital leader in the EMEA region.”

Princeville Capital Managing Partner Emmanuel DeSousa claimed, “As an investor of the leading e-commerce companies in the world, especially in the EMEA region, we are excited to collaborate with the competent Trendyol team to implement the company’s vision in Turkey and the EMEA region.”

Established in 2010, Turkey’s leading and one of the world’s leading e-commerce platforms, Trendyol delivers more than 1 million packages a day to more than 30 million customers. Trendyol continues to create value and grow rapidly with Trendyol Tech, one of Turkey’s leading R&D centers, Trendyol Express, the fastest growing transportation network, Trendyol Go, which provides fast grocery and food delivery, and Dolap, the largest second-hand product platform.

 

If you would like to read more about the Turkish start-up ecosystem please check our blog.

Leave a Reply

Your email address will not be published.

Let's talk

If you have any questions or if you would like to get a quotation for one or more of our services, please fill in the form below and we’ll get in touch with you in a short time.




    TurkeyFrench