ikas, a pioneer in the e-commerce platform sector, is proud to announce it has achieved a significant milestone by securing $20 million in Series A investment. This funding round, facilitated by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, stands as the IFC’s most significant investment in a Turkish startup, reflecting ikas’s rapid growth and its crucial role in empowering small to medium-sized enterprises.
In an impressive stride for the Turkish startup ecosystem, ikas has achieved $20 million in Series A investment, with the IFC and Re-Pie Asset Management leading the charge. This influx of capital underscores ikas’s notable success within Turkey’s e-commerce infrastructure over the past two years. With this new capital, the company is set to expand its reach in Europe and other key markets, reinforcing its position as a leader in the e-commerce space.
ikas’s journey of rapid expansion has garnered recognition, placing it in the Deloitte Technology Fast 50 program in 2023 as one of the fastest-growing tech firms in Turkey. In a remarkable SaaS milestone, the company has increased its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with ambitious plans to scale to $100M in the near future.
The foundation of ikas’s success lies in its commitment to delivering a straightforward e-commerce platform for SMEs and entrepreneurs. This platform allows for easy management of online stores without the necessity for extensive technical knowledge. The youthful and energetic team at ikas, with an average age of 28, is testament to the company’s dedication to pushing the boundaries of innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his gratitude towards the company’s customers, team, investors, and all stakeholders for their relentless support.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, elaborated on the investment philosophy, 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, underscored the significant impact of ikas’s innovation, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she remarked. “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 objectives post-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.“
