We recently reviewed our direct investment amounts in Turkish startups since making our first investment 3 years ago. We invested $32.8M in 2013, $10.9M in 2014, and $17.0M in 2015, for a total of $60.7M. These figures don’t include our investments in Turkish funds and our US investments.
When looked at this way, this isn’t good news. A healthy ecosystem requires more diversified sources of capital.
However, looking at the data on an annual basis tells a different story. Of the $144.4M total, $57.6M was invested in 2013, $31.1M in 2014, and $55.7M in 2015. So our share of the total investment amount dropped from 57% in 2013 to 35% in 2014 to 31% in 2015.
The fact that 31% of the capital invested in a country’s startups comes from a single source still isn’t healthy. Ideally, we’d like even less concentration.
However, the evolution of this figure since 2013 is in the right direction. It shows that other investors are increasingly investing in Turkish startups. And this is great news.