TÜBİTAK Approves Boğaziçi Ventures Venture Capital Investment Fund

In the recent period, the Technology and Innovation Support Programs Directorate (TEYDEB) under TUBITAK established a 'Venture Capital Support Program' aimed at activating venture capital funds that support research and development-intensive startup companies. In order for the program to function sustainably within Turkey's venture capital ecosystem, a Cooperation Agreement was signed between TUBITAK and the Ministry of Treasury and Finance, and an announcement was made for participation in the Tech-InvesTR Venture Capital Support Program. BV Growth, a Capital Markets Board-approved investment fund operating within Boğaziçi Ventures focused on technology startups in Turkey, applied to the program together with 5 universities from 4 different cities in Turkey. In the project application titled 'Venture Capital Capacity Enhancement Project Through Hacettepe TGB and 4 Partner Organizations' Participation in Gedik PYŞ Boğaziçi Ventures Fund' Hacettepe University TGB Manager A.Ş., Afyon Uşak Zafer TGB Manager A.Ş., Ankara University Technopark Manager A.Ş., Arı Technopark Project Development Planning A.Ş. and Çukurova TGB Manager A.Ş. participated.

Taking Startups to Global Success

Boğaziçi Ventures Board Chairman Barış Özistek stated that the most important challenge facing startups in Turkey is the difficulty of accessing the necessary funds to enter international markets during the growth phase, and that although technology startups in the country are highly talented and competitive, they struggle greatly to achieve successful outcomes due to insufficient capital depth. Özistek said he believes that this project implemented together with TUBITAK, the Ministry of Treasury and Finance presents an important opportunity for startups deserving of global success that can open up from Turkey to the world, in terms of increasing the depth of venture capital in Turkey.

TRY 300 Million Investment in 60 Startups

Reminding that they will make an investment of TRY 300 million in a total of 60 startups over the next 5 years, Özistek stated: "We have embarked on a journey that will start with 4 different cities in Turkey and expand across the country; we are searching for success stories from our country that will spread to the world across the nation, and we are confident that this journey with our partners in different cities will add value to the entire country. We are delighted and proud that both domestic and foreign investors who believe in this vision are supporting the BV Growth fund. Our fund will continue to accept investors for a short period longer. I invite those who want to support Turkey's development, establish themselves in the technology world and pursue opportunities to participate in the BV Growth fund with high return targets."

An Exciting Period Begins

Barış Özistek thanked all managers, especially the TUBITAK TEYDEB management, who worked dedicatedly to implement this project, stating, "The Technopark and Technology Transfer Office managements of the universities participating in the project, and the bureaucrats from the Ministry of Treasury and Finance are working to implement a much-needed project for the entrepreneurship ecosystem in our country to achieve success on a global scale. An exciting period begins for everyone who has devoted their mind and heart to the development of entrepreneurship. I extend my separate thanks to all institutions and individuals who contributed to this effort."