ikas, the innovative e-commerce platform, has clinched a significant $20 million in its Series A funding round. The round, led by the World Bank’s International Finance Corporation (IFC) and Re-Pie Asset Management, marks a milestone as the largest investment by the IFC in a Turkish startup, underlining ikas’s fast-paced growth and its crucial role in enhancing the capabilities of small businesses.
In a landmark achievement for the Turkish startup ecosystem, ikas has secured a $20 million Series A funding, with the IFC and Re-Pie Asset Management at the forefront. This investment reflects ikas’s significant accomplishments in the e-commerce infrastructure sector within Turkey over a brief two-year period. The company is now strategically positioned to extend its reach to Europe and other important markets.
The rapid ascent of ikas has been officially recognized, earning it a place in the Deloitte Technology Fast 50 programme in 2023 as one of Turkey’s rapidly growing technology companies. Furthermore, the company has reached a remarkable SaaS milestone, scaling its Annual Recurring Revenue (ARR) from $1M to $10M in just 16 months, with a visionary target of advancing to $100M shortly.
At the core of ikas’s success is its unwavering commitment to providing small and medium-sized enterprises (SMEs) and entrepreneurs with a user-friendly e-commerce platform. This platform simplifies the management of online stores without the need for technical knowledge. The dynamic ikas team, with an average age of 28, embodies the company’s dedication to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his thanks to customers, the team, investors, and all stakeholders for their steadfast support.
Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, elaborated on the investment approach, remarking, “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, IFC’s Director for Türkiye and Central Asia, highlighted the transformative effect of ikas, saying, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she explained. “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 discussed the strategic objectives following the funding, stating, “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.“
