by Fevzi M. TOKSOY, PhD EU Law, Partner at ACTECON
The suspension of Booking.com’s services in Turkey has been seen as an attack on individuals’ online freedom and digital entrepreneurship as a whole. Such claims seem to be inaccurate because undertakings, irrespective of their legal form, location and mode of operation (digital/ ‘traditional’), are equally subject to, among others, (i) competition law; (ii) the respective regulatory framework, and (iii) rules on (un)fair competition. If an undertaking is found to be in violation of any of these, then naturally respective measures shall be taken by the state to deal with the consequences of the infringement. The case of Booking.com should be seen from this perspective. Access to the website has been restricted temporarily by the Turkish court on the grounds of unfair competition, and technically, the Information and Communication Technologies Authority (BTK) has implemented the order of the court. At the same time, these decisions are part of an increasing pattern whereby conflicts between regulated business and digital networking platforms in many different industries are playing out in the legal and regulatory arenas. Booking.com is a typical example. Others include Uber, Airbnb, and PayPal. Let’s examine the Booking.com situation.
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.”
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.
Insider, a digital experience delivery platform for marketers, secured investment from 500 Startups to fuel its global expansion.
500 Startups is a leading global Venture Capital and Start-up Accelerator with investments in more than 1,600 start-ups in more than 60 countries.
As an innovative marketing platform at the junction of ad-tech and mar-tech, Insider provides predictive modelling and segmentation services to world’s leading brands such as Singapore Airlines, UNIQLO, New Balance, Toyota and Lenovo.
Having over 130 employees and offices in Tokyo, Singapore, London, Dubai, Moscow, Warsaw, Kuala Lumpur, Jakarta and Istanbul, the Company is planning to use the funding to support its expansion into 17 countries by the end of the year.
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.
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
–Webrazzi ile eş zamanlı olarak yayımlandı–
PayPal 1 Temmuz’da Xoom’u USD890 milyona aldığını açıkladı.
- Bireylerin Amerika’dan gelişmekte olan ülkelere 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.
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.
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.
In emerging markets, it’s not easy to access the right information.
The steps entrepreneurs must take to register a business, apply for a license, and raise capital are still under development. Many countries still lack laws and policies regarding startups. This is especially true when it comes to venture capital. In many countries, such as Turkey, it is difficult to draw up a term sheet in the same way you would in the United States.
Yakından takip etme fırsatım olan bir girişimin kurucu ortağı 4 yılı aşkın süredir devam eden süreci böyle özetledi.
Oldukça kalabalık, rekabetin yüksek olduğu bir sektörde çalışıyorlar. Sürdürülebilir, kaliteli, zamanında üretim başından beri uğraştıkları problemler arasında. Düşük miktarda üretim yaptırabildikleri için farklı ve küçük atölyelerle çalışabildiler, bu da hayatlarını daha da zorlaştırdı.
Çok iyi bir ekipler; biri teknik, diğeri tasarım ve üretim tarafında, iki ortak dengeli bir yapı kurdular.
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iyzico Closes $ 6.2 million Series B Investment Round with the IFC, 212, Endeavor Catalyst and Speedinvest
Istanbul, Turkey – May 25 – iyzico, a Turkey based payment solutions company, closed a $6.2 million Series B investment round with the International Finance Corporation (IFC), the World Bank’s investing arm, Istanbul based venture capital firm 212, New York based investor Endeavor Catalyst, and Speedinvest from Austria. The IFC led the investment round.