The forward-thinking e-commerce platform, ikas, has heralded the achievement of a $20 million Series A investment. Orchestrated by the International Finance Corporation (IFC) from the World Bank and Re-Pie Asset Management, this funding round stands as a landmark, marking the IFC’s most substantial investment in a Turkish startup to date. This financial milestone underscores ikas’s swift expansion and its vital role in supporting smaller enterprises.
Marking a pivotal moment for Turkey’s startup sector, ikas has attained a significant $20 million in Series A funding, led by the IFC and Re-Pie Asset Management. This investment highlights ikas’s remarkable trajectory in the e-commerce infrastructure realm in Turkey over just two years. The company aims to use this investment to cement its position in Europe and other pivotal markets.
The rapid ascent of ikas has been duly noted, earning it a place in the Deloitte Technology Fast 50 programme in 2023 as one of the fastest-growing tech firms in Turkey. Remarkably, the company has achieved a significant SaaS milestone, elevating its Annual Recurring Revenue (ARR) from $1M to $10M in merely 16 months, with sights set on reaching $100M in the coming years.
ikas owes its success to its unwavering dedication to providing small and medium-sized enterprises (SMEs) and entrepreneurs with an intuitive e-commerce platform. This platform enables the straightforward management of online stores without necessitating technical acumen. The ikas team, brimming with youthful energy and an average age of 28, embodies the company’s commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his heartfelt thanks to customers, the team, investors, and all stakeholders for their steadfast support.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, discussed the investment approach, noting, “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 on the significant influence of ikas, saying, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she stated. “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 insights into the strategic goals post-funding, remarking, “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.“
