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Although technology companies around the world have felt the impact of economic developments, Turkey's entrepreneurial ecosystem remained resilient in 2022. While it was stated in the report of KPMG that the second quarter of 2022 broke records, this trend continued in the second half of the year.
*** This release is originally published in Turkish.
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TURKEY - While many of the world's largest technology companies stopped hiring or downsized their workforce, the Turkish entrepreneurship ecosystem remained resilient to global economic developments. Although it is seen in the report of the global consultancy company KPMG that global startup investments decreased by 27% in the second quarter of 2022 compared to the same period of the previous year, startups in Turkey broke a record with 82 deals in the second quarter of the year. The same trend continued in H2 as well. Local smart solutions company TeaTechs, which received an investment of 2.5 million dollars from the investment fund ISTCAPITAL, which was established at the beginning of the year and operates in the Netherlands and Turkey in September, received another investment from Mithat Özbek, and increased its valuation to $3.5 million in 1.5 months. TeaTechs Smart Solution CEO Tunç Emre Toptaş said, “We established TeaTechs in the Q1 of 2022 with my partners Ali Güven and Emrah Erşen. As we approached the end of the year, we took two large investments within 1.5 months time, increasing our valuation to $3.5 million. We are proud that Mithat Özbek, who is renowned in the SaaS industry, trusts TeaTechs.”
Pointing out that SaaS architecture plays an important role in realizing business intelligence with mobile and web-based smart digital transformation technologies, Tunç Emre Toptaş said: “Focusing on areas such as AI, IoT, IoB, geographic information systems and DevOps, TeaTechs produces web and mobile-based smart SaaS applications that realize the digital transformation of businesses of all sizes. We believe that the way to be a successful SaaS company is to add value to users, to create easy and usable solutions that make their work easier and increase their earnings. As TeaTechs Smart Solutions, we focus on analyzing the strengths and weaknesses of our users very well and empathizing while designing software. We believe that the right product can be designed, first of all, by putting yourself in the user's shoes. This approach brought TeaTechs to a valuation of $3.5 million in less than a year.”
Reminding that as TeaTechs, they received their first investments from ISTCAPITAL, which previously invested in companies such as 11sight in the USA, Wiseworks in the UK and Vispera in Turkey, TeaTechs Smart Solution CEO Tunç Emre Toptaş concluded: “We position the customer-oriented product vision as the most important part of our DNA. In investment processes, we care that our investors are names that will add value to TeaTechs, carry our vision to higher levels, and whose experiences in the SaaS sector we trust. We focus on establishing an intellectual connection with our investors, not just financially, and we do not see them as just a source of capital. In this sense, we are proud and happy that a name like Mithat Özbek, who has successfully carried out duties such as CEO and chairman of the board of directors in international companies, brought the world's largest SaaS brands to Turkey and continues to manage, trusts TeaTechs and is a part of our family. With the strength we derive from our investors and the AI, IoT, IoB, DevOps and geographic information technology applications we have developed, we are rapidly advancing towards our goal of being the first global brand to emerge from our country in the SaaS sector.”
Contact: Tülay Genç | [email protected] | +31 30 799 6022
