TÜBİTAK Tech-InvesTR-2018 Girişim Sermayesi Destekleme Programı Çağrı Sonuçları Açıklandı

Ar-Ge yoğun başlangıç firmalarını destekleyen girişim sermayesi fonlarının etkinleştirilmesi amacıyla TÜBİTAK TEYDEB bünyesinde “Girişim Sermayesi Destekleme Programı” oluşturulmuştur. Programın ülkemiz girişim sermayesi eko-sisteminde sürdürülebilir bir şekilde işleyebilmesi amacıyla TÜBİTAK ile Hazine ve Maliye Bakanlığı arasında İşbirliği Anlaşması İmzalanmış ve TÜBİTAK tarafından 14.06.2018 tarihinde Tech-InvesTR Girişim Sermayesi Destekleme Programı Çağrısına çıkılmıştır.

Son başvuru tarihi 30.09.2018 olan çağrıya; 13 Teknoloji Geliştirme Bölgesi, 9 Teknoloji Transfer Ofisi, 1 Araştırma Altyapısı olmak üzere toplam 23 kuruluştan 34 talep alınmıştır. Söz konusu kuruluşlar 10 farklı fona katılabilmek üzere proje önerilerinde bulunmuştur.

Tech-InvesTR Girişim Sermayesi Destekleme Programı çağrısına yapılan proje başvurularının değerlendirme süreçleri 13 Kasım 2018 tarihinde tamamlanmış olup şartlı destek kararı verilen proje önerilerinden biri idacapital’in alttaki 11 kuruluş ile birlikte oluşturduğu konsorsiyum olmuştur.


Link: http://www.tubitak.gov.tr/tr/duyuru/tech-investr-2018-girisim-sermayesi-destekleme-programi-cagri-sonuclari-aciklandi

idacapital Invests in IoT-based Energy Data Analytics Startup, Reengen

8 November 2017, Istanbul: Reengen, an Istanbul-based Internet of Things (IoT)- based energy data analytics startup, has raised an undisclosed sum in a pre-Series A round from idacapital and Cem Tüfekçi. Reengen will utilise this funding to expand the company’s market reach in Turkey, drive mass adoption via aggressive sales and further build services and features onto their energy IoT platform. In the last 3 years, Reengen received a grant of €1M in total from European Union FP7 Research Projects. Reengen’s target is to serve 1 million buildings as digital energy manager in 5 years.

Reengen’s Energy IoT Platform provides a cloud-based energy management suite that helps CFOs, building operators, and facility & maintenance managers save more than 10 percent on energy costs and provide 600 man-hour operational efficiency/year in average using real-time sensor data. The company is mainly focused on collecting enormous amounts of data coming from disparate sensors, devices and systems and turning it into actionable intelligence. With their motto ‘’Energy is the new Internet’’, the Reengen team believes they are establishing the foundations of future energy internet.

With existing enterprise clients in the Turkish market as well as multiple new clients and partners in emerging markets such as UAE, India, Brazil & Mexico in the pipeline, Reengen has set itself up for an exciting year ahead for the smart grid data analytics and intelligent energy efficiency market, especially due to ongoing incentives and regulations for the adoption of cloud-based energy management platforms.

“We are growing at a very fast rate and need to scale  quickly to continue to be a leader in energy data analytics in MEA region and expand to new markets. Our investors provide us a new set of extensive experience, network, and assets in technology and financial ecosystems as well as partners who can assist us in  further international expansion” said Sahin Caglayan, Co-founder and CEO of Reengen.

Burak Sefer, Co-founder and COO of Reengen said ‘’The company operates on a software-as-a-service energy management model where the customer does not pay the upfront costs for software licenses. Typically, the customer’s payback starts by a significant amount from the third month onwards.” ‘’In the coming period, we will further strengthen our software and data analytics team” added Co-founder and VP of Product & Services Utku Simitli.


Cem Baytok, Managing Partner of idacapital, said, “Reengen has a solid value offering with a scalable growth path in Turkey and emerging markets. The founders showed persistence in their venture, created a good product and achieved customer satisfaction. We have been following them since their foundation – they are building not only a high growth, profitable business, but also have a strong impact on energy efficiency. We expect that Reengen will be a leading energy efficiency technology company in our target region. “

‘’We are pleased to support idacapital’s first investment in the Reengen team, who impressed us with their in-depth energy & software industry expertise, passion and determination to realize their ambitious long-term plan of being the largest virtual energy utility of the region. We are confident that with idacapital’s support they will secure their leading position in the energy data analytics space. This is an important investment for our partner fund in Turkey and through this investment, idacapital can play a strategic role in the imminent digital transformation of the Energy sector,” said Dan Kranzler, Venture Partner at Capria Ventures.

About Reengen

Reengen’s Energy IoT Platform is a cloud based PaaS data analytics solution for commercial buildings, industrial facilities and renewable energy plants. Already collecting data from thousands of buildings in 5 different countries, the data science-centric IoT Platform employs machine learning algorithms and big data analytics in order to provide energy saving, operational efficiency, energy procurement optimization and predictive maintenance for its customers. The IoT stack includes connectivity, device cloud, business logic, big data analytics and remote service applications. Through universal connectivity, the Energy IoT Platform strengthens critical power infrastructure, provides demand side management and prevent abnormal energy system operations while helping businesses become more productive and energy efficient.  Advanced rule engine, intuitive web dashboards and mobile app makes it more practical to transform facility and plant operations data into performance improvements that save money, enhance sustainability, and drive employee productivity. Energy IoT Platform certified partners such as ESCOs, energy utilities, system integrators and hardware manufacturers can utilize the solution for bringing value added digital services to their existing and potential customers.

About idacapital

idacapital is managing a new innovation fund, investing in innovative startups and bridging them into growth, impact and industry-leading returns.  idacapital investing across technology-enabled business verticals focusing on social and environmental impact areas that include financial inclusion; agriculture; healthcare; education services and energy efficiency in Turkey.

idacapital is a partner of Capria Ventures, a global impact investment firm advancing the next generation of impact fund managers, and a member of Global Capria Fund Managers Network.

Turkey is a Bright Spot for Impact Investing

There are 3 million refugees and 80 million young people here. A cross road of trade between east and west Europe, Turkey is a powerhouse in the region – it is the 17th largest economy in the world and would be the 6th largest if it were in the EU (in 2016).

Annual Average Real GDP Growth (%) 2003-2016

Although last year, the unstable political climate contributed to Turkey’s slow economic growth (from 6.1% in 2015 to ~2.1% in 2016), it quickly sprung back. Between April and June, there were a slew of positive changes:

  • A new presidential system was accepted after the long-awaited referendum
  • Syrian war near the southern borders slowed down
  • Russia lifted all trade sanctions against Turkey

All this has resulted in bumping the economic growth forecast to 4.2% for 2017.

But, what does all this mean for impact investing? What’s next? idacapital, focusing on impact through technology, innovation and growth investments in and out of Turkey, has some answers that highlight the potential of the region: “Turkey is undoubtedly a bright spot for impact investing”.

In the interview below with Cem Baytok, Managing Partner of idacapital, he highlights how the current political climate in Turkey isn’t affecting the local investment landscape. Along the way, he also talks about idacapital’s impact thesis and strong momentum on the fundraising front and how Capria is helping accelerate their business; which put together strengthen further, the on-field action in impact investing space.

1. Despite the current unstable political climate and economic slowdown, you strongly believe it is the right time for impact investing in Turkey. What makes you say this?

idacapital team has been investing in Turkey since early 2000s across different sectors and PE/VC deals. Despite the many macro-challenges, we have successfully attained 3.1x TVPI (Total Value to Paid In) over the 16 investments made.

Yes, Turkey is at the crossroads of struggle today. But, regardless of all the existing challenges, the venture capital industry continues to remain active. Last year, foreign investors contributed $6.2 billion towards M&A investments; three times as much as in 2015. With $40 million invested in 57 deals in 2016 and $36 million invested in 63 deals in 1st half 2017, the venture capital industry continued to rise. And the most successful investments were in impact businesses.

2. Turkey is a middle-income country. Is there really a need for impact investing in the region?

A young population of 80 million creates a sizeable market for investments in financial inclusion, healthcare, and education services.

Further, there are ~3 million registered Syrian refugees residing in Turkey. These refugees are rebuilding their lives and they can build and grow businesses, find jobs from investment from firms such as idacapital. According to data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the number of companies set up in Turkey with at least one Syrian partner reached nearly 6,000 at the end of 2016.

Impact investments touch the lives of less-wealthy while making money and providing better and affordable services. The growing economy brings opportunities for economic return and there is a regional need for impact services which will have positive effects. It is the right time and place in Turkey for an impact investing strategy that will beat a risk adjusted return, creating triple bottom line returns and making a sustained difference in our world.

3. How hard is access to capital in Turkey? What’s idacapital approach to addressing this?

Access to capital has been a key challenge for small and medium businesses (SMBs) in Turkey. The current economic programs have created abundant debt products being lent by banks which are driving Turkey’s GDP upwards. However, there is a visible scarcity in equity and quasi-equity financing for early-stage ventures. idacapital’s function is critical in this environment, because we believe, debt diminished the growth capacity of potentially successful enterprises. idacapital is the ‘missing piece’ in the current economic setup.

4. What is idacapital’s overall fund size?

We are targeting a total raise of $65 mn for our first fund. We have secured $13 million from local private and public investors. This means, we are about halfway to first close (which we are expecting to happen by December 2017).

5. Can you dive into idacapital’s investment strategy?

We know that, even in the hardest times there were exciting, sustainable and defensible businesses in areas of agriculture, healthcare, education, energy and financial services. Our investment strategy involves principles and focuses on specific verticals that have shown success in good and turbulent times in the past.

Agritech business investment Turkey

These verticals promise the highest turbulence-resistance growth potential for several reasons:

  • Turkey is world’s 7th biggest agriculture economy
  • The country has the highest proportion of NEETs among 15-29 year-olds across OECD countries: 35% compared to an OECD average of 16%
  • Healthcare spending per capita increased from $330 in 2002 to $1,064 in 2015
  • 43% of the population is unbanked
  • There is an evident need for energy efficiency (By the end of 2015, the installed power capacity of Turkey has almost reached 74.000 MW of which 28.7% consisted of natural gas and 21.3% coal. Turkey imports nearly 99% of the natural gas it consumes.).  

6. So, which are the sectors/verticals of focus for you?

We are focusing our investments on innovative impact businesses across agriculture, healthcare, education, financial inclusion and energy efficiency. Our primary focus areas remain agriculture (agritech) and financial inclusion.

Turkey being one of the biggest agriculture economies, 3 million smallholder farmers operate in the country which constitutes 99% of the entire farmland. New services providing yield increase, lowering production costs and eliminating non-producer intermediaries will have great social impact. Also, agriculture is the main area for refugees and migrants to be able to work without any work limit prohibitions.

In terms of financial inclusion, we are keen on investing in startups delivering affordable, risk and model aligned financing mechanisms to small business owners and mid to low income consumers. This will not only increase the wealth at the bottom of the pyramid but will also create scalable, high growth businesses. We have companies ready to channel our funding to achieve desired impact. Besides, the market opportunity is not limited with Turkey, these companies are ready to expand into Middle East, South East Europe and with our help to Sub Saharan Africa.

7. How do you see your next 5 years panning out?

Over the next five years, we are aiming to invest in 20-25 businesses. In our investment thesis, job creation is a secondary objective. In other words, a derivative. We first intent to create a measurable social and environmental impact along with competitive financial return.

Per our models and calculations, we are anticipating increasing the revenues of our investees from $54 mn to $162 mn, touch ~5,200,000 lives and reduce ~4,050,000 tons of CO2 emissions.

It’s evident that despite Turkey’s unstable political climate, the venture capital industry is active. Further as the economy continues to grow, so does the need for impact services. idacapital’s experience and outlook is a strong indicator that there are several startups building sustainable and defensible businesses, promising both; impact and profit – thereby indicating interesting investment opportunities.


idacapital Partners with Capria Accelerator

Capria Accelerator, which was launched in September 2015, partners with the best early-stage equity and debt fund managers, provides initial investment capital, and engages in significant hands-on support to help these managers launch and operate their new investment funds. Additionally, the fund managers benefit from the ever-increasing resources of the Capria Network, a fast-growing global network of exceptional local managers and global investors. 90 fund managers across 45 countries have applied to participate in the second cohort planned for Q3 2016. Capria has partnered with idacapital, investing across technology-enabled impact business verticals in finance, education, life sciences, cleantech and agriculture in Turkey.

idacapital invests in innovative startups in Turkey

We believe social and environmental impact can be created through indigenous technologies and innovations in emerging economies. We value our partnership with Capria not only for their direct and multiplying investments effect but also for enabling us to collaborate with a network of fund managers in markets which will have the highest growth of the world in next 15 years…