Why they exited?

The exit. It’s become the startup north star, even before the startup has gone from idea to operation. What is it? What does it involve? In this month’s 212 Deep Dive, we talked to a few founders to find out.

What is it?

To start, it’s important to note that “the exit” is a financial goal post. Not all entrepreneurs start companies with the idea of selling it to another or even going public. As Yemeksepeti co-founder, Melih Odemis, notes, it depends on the entrepreneur.

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Looking Back – Part II : Resilience & Culture

Reflections of a Turkish VC, seven years on

In my last post, I reflected on trust and the pioneers of the Turkish startup ecosystem. Here are a few more “lessons” I’ve taken away in my seven years as a Turkish VC.

Resilience. When the unexpected is the norm, resilience becomes second nature. Silicon Valley may brag about innovation and failure, but Turks and those of us in the MENA region own resilience and the “pivot.”

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Looking back – Part I: Trust & Pioneering

Seven years ago, I boarded a plane at JFK bound for Istanbul. In 2010, in the wake of the global financial crisis, moving to Turkey didn’t seem like the wisest decision. Emerging markets, most pundits predicted, would shrink.

Imagine, then, trying to start a venture capital fund. I left many people wincing. “Numan will be back,” a few friends in New York said.

Seven years on, we’re going strong. A few weeks ago, I paused to trace that journey. I re-read some of the things that I’ve shared on this blog. Here are a few points that leapt out at me; points that made all the difference on that journey.

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Egypt at an Inflection Point

The pounding heart of tech in the region
by Karim Hussein

Egypt has been buzzing with entrepreneurial activity in recent years with ever expanding new businesses and a rich set of supporting institutions and communities. Egypt offers some unique opportunities within the region driven by a large online consumer population, a highly competitive core technology talent pool, a large untapped opportunity in financial services for an under-banked population and rapidly expanding energy demands driving the need for clean technology.

Egypt’s entrepreneurial ecosystem enjoyed some early government support in the last 10 years through several government financed technology funds and government sponsored incubation programs. Since the 2011 revolution, these have been significantly augmented by a growing ecosystem of private startup events, accelerators, incubators, angel networks, venture capital funds and community enablers. There are now over 20 accelerators/incubators, two significant angel networks in Cairo and Alexandria, several local and regional VC funds (with over $70 million in committed capital in the last couple of years), regular startup events throughout the country and an annual regional and international startup summit bringing together emerging businesses, investors, support services and most importantly eager young talent looking for exceptional opportunities.

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Beyond Payment

Innovation has been, without question, one factor behind the excitement about entrepreneurship worldwide. From the microchip to the iPhone, the personal computer to virtual reality, new technologies have pushed progressed forward – and transformed our lives.

Among the biggest transformation: social mobility. Millions across the globe have moved out of poverty into the middle class. That is certainly true in Turkey and its surrounding region.

The biggest impact of the middle class? Spending.

The middle class has fueled growth in consumer products, in services, on the Internet – and, most importantly, in payments.

How people pay for goods and services has created the hottest startup opportunities.

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iyzico raises $13m in Series C round


We are pleased to announce iyzico raised USD13 million in a round led by Vostok Emerging Finance with participation from 212 Capital Partners and International Finance Corporation.

Vostok Emerging Finance is a part of Vostok New Ventures with more than USD600 million of Net Asset Value and investments including BlaBlaCar, Gett and Delivery Hero.

For press release and news links:

Full Press Release

http://tech.eu (English)

https://webrazzi.com (Turkish)

 

2017 Predictions

2016 was a difficult year. From where I sit in Istanbul, this is what I saw: stifling emerging market growth; a plummeting Turkish Lira (20% decline); terrorist attacks in Turkey and Europe; a worsening refugee crisis; a coup attempt.

Any one of these would dissuade even the most ambitious entrepreneur in the West from launching a business. Not here. Entrepreneurs in EMEA are tough. I am in awe of the resilience the entrepreneurs demonstrated throughout the year. They did not just survive; they evolved, grew stronger and entered new markets. As you can see here: Continue reading

Ne satıyoruz?

–Webrazzi ile eş zamanlı olarak yayımlandı–

 

PayPal 1 Temmuz’da Xoom’u USD890 milyona aldığını açıkladı.

Xoom

  • Bireylerin Amerika’dan gelişmekte olan ülkelere[1] kolay para transferini istedikleri platform üzerinden yapmasını sağlayan bir şirket
  • San Francisco ve Guatemala’da ofisleri var
  • 2015’in ilk çeyreğinde USD1.7 milyarın gönderilmesine aracılık etmiş

Benim dikkatimi çeken değerleme oldu; Xoom son 12 ayda USD20 milyon EBITDA yapmış[2].

Yani 45x’e yaklaşan bir EBITDA çarpanı ile değerlenip satılmış.

Diğer ödeme ve para transferi sağlayıcılarına baktığımızda, çok daha farklı, 2015 öngörüleri üzerinden 8-15x’lerde dolaşan EBITDA çarpanları görüyoruz.[3]

Xoom’un değerlemesi 2015 EBITDA tahminin 36x katı.

2001 senesinde kurulan, yıllık cirosu %30lar seviyesinde artan bir şirket nasıl bu fiyattan satılır diye düşünürken, bir süredir aklımda olan bir başka fikir daha da netleşti:

Biz bu coğrafyada zamanı satıyoruz.

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Recent Developments in Competition Law Enforcement in E-Commerce

Av. Bora Ikiler is a counsel at Moroğlu Arseven 

(Turkish version can be found below)

Lately, both global and local competition law enforcement is focusing on online markets. The recent press release of the Turkish Competition Authority about opening an investigation on the activities of Yemeksepeti and the press release about the statement of objections of the European Commission against Google, signals that e-commerce markets will be on the radar screen of the competition law enforcers for a near future.

 

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