ikas, the revolutionary e-commerce platform, is proud to announce the reception of $20 million in Series A financing. The investment, led by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, represents the IFC’s most significant foray into the Turkish startup ecosystem to date. This financial endorsement serves as a clear marker of ikas’s burgeoning growth and its key role in empowering small businesses.
In a significant milestone for Turkey’s burgeoning startup scene, ikas has secured $20 million in Series A financing, with the International Finance Corporation (IFC) and Re-Pie Asset Management leading the charge. This injection of funds is a clear testament to ikas’s outstanding trajectory in the realm of e-commerce infrastructure within Turkey, spanning a mere two years. The company is now strategically poised to expand its influence into Europe and other critical territories.
ikas’s rapid rise to prominence has been formally recognized, placing it within the Deloitte Technology Fast 50 program in 2023 as one of Turkey’s most rapidly evolving tech enterprises. The company has also accomplished a noteworthy SaaS milestone, boosting its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with the ambitious target of scaling to $100M in the foreseeable future.
The foundation of ikas’s success lies in its dedication to providing SMEs and entrepreneurs with an intuitive e-commerce platform, facilitating the easy management of online stores without requiring deep technical expertise. The ikas team, vibrant with an average age of 28, reflects the company’s strong commitment to innovation and quality. Mustafa Namoğlu, Co-Founder and CEO of ikas, extended his gratitude to customers, the team, investors, and all stakeholders for their unwavering support.
Dr. Emre Çamlıbel, Chairman of Re-Pie Asset Management’s Board, spoke on the investment strategy, noting, “Re-Pie invests in ventures with high growth potential, technology and innovation-oriented business models and we continue to grow our portfolio. This investment was executed through a dedicated GSYF (Venture Capital Investment Fund) issued by Re-Pie. Having opened its office in Germany at the end of 2022, Ikas is well-positioned to hit its target of becoming one of the leading brands in Europe in its vertical by 2030.”
Wiebke Schloemer, Director for Türkiye and Central Asia at IFC, emphasized ikas’s impactful innovation, stating, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she commented. “ikas’ innovative software has the potential to transform e-commerce in Türkiye, enabling smaller businesses to access new markets, boost their online sales and productivity, and better adapt to the rapidly changing business landscape.”
Namoğlu revealed the strategic intentions behind the funding, commenting, “We intend to leverage the new funding to expedite our international expansion. While this round of investment significantly excites us, it also serves as a reminder that we are just at the beginning of our journey, with much work ahead.“
