Turkish Startups Attract $754 Million of Investment: A Promising Indication

According to 2024 data, the startups operating in Turkey attracted $754 million of investments with a concentration in health care and artificial intelligence. Stay up to date with the latest startups and emerging trends and look at new ideas that are being/diving out into the market.

The Turkish startup environment rose sharply in investments to $754 million only up to the first nine months of 2024. StartupCentrum reports that it is somewhat an addition compared with the previous years when it was $418.6 mln in 2023, while previously was $1.75 bln in 2022 and $1.66 bln in 2021.

The analysis of investments by rounds revealed that there were 323 rounds of investment between January and September, and the ecosystem looked active, especially in the third quarter. The IT, health care, and biotechnology industries emerged as the most attractive for investments, followed by the AI and machine learning industries.

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Foreign investors have once more shown much interest in Turkish startups, proving that they have much confidence in the market now. It shows that investments for companies at a fundamental stage have reached an optimum throughout 2024 with a slight decline in the third quarter. Investments in early-stage deals declined to $50.7 million in the third quarter from $194.4 million in the second quarter. On the other hand, its seed-stage investments increased from $29.9 million to $39.9 million proving that there is a broader range of funding.

Credit collection has also started, and the ventures have collected $6.5 million in the first nine months of the year. Also noticeable is the relative rise in the number of investments, with a figure of less than $1 million, suggesting new attentiveness to small-scale businesses.

Remarkably, female co-founders’ share has increased to 14.29 percent; the number of startups has also risen. It does so not only from the point of diversification of the ecosystem but also from the perspective of the increasing representation of women in the startup sphere.

Turkey’s business environment has recently evolved, attracting renewed interest from international investors and focusing on sectors like health care and AI. It shows many bright perspectives of Turkish startups and paves the way for further development in the following years.

Image Credit: Hürriyet Daily News