Boston, March 5, 2014 – For Immediate Release
Solvoyo, a leading cloud based Software as a Service (SaaS) provider of Supply Chain Planning and Optimization solutions, today announced the successful completion of an investment by 3TS Capital Partners and the Istanbul Venture Capital Initiative (iVCi), joined by existing investors, 212 Capital Partners.
The company is headquartered in Boston, USA and has significant R&D presence in Istanbul, Turkey. The new capital will be deployed to expand Solvoyo’s operations in North America and Europe.
Solvoyo’s progress has been outstanding both in terms of market traction and revenue growth since its debut in 2010. Founded and led by Koray Dogan, PhD, Solvoyo offers a disruptive alternative to traditional supply chain planning software. By removing the partitions among critical supply chain functions, Solvoyo solves demand, inventory, transportation, replenishment and fulfillment planning in one model across strategic, tactical, and operational horizons. Furthermore, Solvoyo’s Elevation Platform is based on the latest technology supported by advanced optimization techniques to provide customers with decisions on demand. The company’s SaaS platform integrates seamlessly with existing ERP systems.
“Solvoyo is a solid, well-managed, fast-growing company and has great potential to democratize access to supply chain planning with its easy to acquire and fast to implement solutions. We are happy to support its further expansion and have confidence in its continued success.” commented Mr. Jozsef Köver, Partner of 3TS Capital Partners.
“Solvoyo has experienced tremendous growth since our initial investment, demonstrating regional talent’s ability to provide game-changing technology solutions to global clients. This round will provide additional growth capital to tackle the global market at a larger scale.” commented Mr. Ali H. Karabey, Partner of 212 Capital Partners.
“Solvoyo welcomes 3TS Capital Partners and iVCi on board. Their support further validates our efforts in building this business and serving our customers globally. With the help of this investment we’ll speed up our growth in North America and Europe. ” added Koray Dogan.
Solvoyo is a SaaS cloud based supply chain platform that breaks the chains of traditional supply chain planning. Unlike traditional enterprise software solutions that force customers to artificially divide their supply chain into separate modules, Solvoyo’s technology has no modules. This enables organizations to do strategic, tactical, and operational planning on one singular platform which generates optimal solutions that reduce costs while increasing overall demand fulfillment. For further information, please visit www.solvoyo.com
About 3TS Capital Partners
3TS Capital Partners is one of the leading private equity and venture capital firms in Central and Eastern Europe operating in the whole region through offices in Budapest, Bucharest, Istanbul, Prague, Vienna and Warsaw. 3TS targets investments in growth sectors including Technology & Internet, Media & Communications and Technology-Enabled Services. Investors in the 3TS funds totalling over € 300 million include EIF, EBRD, Cisco, OTP, Sitra, and KfW among others. For further information, please visit www.3tscapital.com
About 212 Capital Partners
212 Capital Partners, advised by 212 Ltd, is an early-stage venture capital fund dedicated to make investments in early stage internet and technology companies. 212’s other investments include, Butigo.com, online fashion retail start-up focusing on fast fashion, evim.net, leading e-commerce portal for the home decoration market, ArcadeMonk, Turkish social gaming studio, Hemenkiralik.com, the online marketplace for people to list and book short-term rentals in Turkey, Cloudarena, Software as a Service (SaaS) solutions for hotel management and socializing the online travel experience and Hazinem.com, the online jewelry store. For further information, please visit: www.212ltd.com
Established in November 2007, Istanbul Venture Capital Initiative (www.ivci.com.tr) is Turkey’s dedicated fund of funds and co-investment program. Total fund commitments amount to EUR 160 million from public and private investors including the Small and Medium Enterprises Development Organization of Turkey (KOSGEB), the Technology Development Foundation of Turkey (TTGV), the Development Bank of Turkey (TKB), Garanti Bank, the National Bank of Greece Group (NBG Group) and the European Investment Fund (EIF). EIF is the adviser to iVCi. For further information, please visit: www.ivci.com.tr