Page 26 - TURKRptOct21

special trade system.
5.1.2 Current account dynamics
Turkey reported a $683mn current account deficit for July, following $1.12bn in June.
5.3 FDI
Turkey-based venture capital fund Revo Capital launched its €90mn worth of Fund II. World Bank’s International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), Turkish Growth and Innovation Fund (TGIF) as advised by the European Investment Fund (EIF), German Investment Corporation (DEG), Turkey Development Fund, EnerjiSA Enerji, Finberg, QNBEYOND Ventures, Yildiz Ventures and Unlu&Co have participated in the new fund.
Revo Capital invests in Series A and B rounds of startups. It has already made five investments from its second fund: CY Vision, Massive Bio, Getir, Akinon and Vivoo.
Revo Capital’s target verticals are fintech, SaaS, marketplaces, B2B cloud, Martech, Big Data and AI, and (as a new vertical for Fund II) Health IT.
Revo’s first fund saw six profitable exits, among them many stars of the Turkish digital ecosystem such as Foriba, Parasut and Getir.
Major M&As in Turkey
Date
Sold
Stake
Price
Buyer
Seller
Jun-22
Ulusoy Un (ULUUN)
2.62%
TRY35mn
Ulusoy Un (ULUUN)
buyback
Oct-21
Aynes Gida
full
-
TMSF
-
Sep-21
Turk Telekom (TTKOM)
55%
RUMOUR
Turkey Wealth Fund (TVF/TWF)
Garanti, Isbank, Akbank
Sep-21
Cement plants
full
$127mn
Cimko (Sanko)
Cimsa (CIMSA)/Sabanci (SAHOL)
Sep-21
Margun (MAREN)
24%
TRY830mn
IPO
capital increase
Sep-21
Kalamis Marina
40-year
on sale
Privatisation call
OIB
Sep-21
Sisecam (SISE)
4.90%
TRY1.2bn
Sisecam (SISE)
buyback
Sep-21
Gaziantep City Hospital
majority
RUMOUR
Ronesans
WeBuild (Italy), Kayi
Sep-21
Konya Kagit
SPK
application
IPO
Bera (BERA/ex-Kombassan)
Sep-21
Biotrend Cevre (BIOEN)
5.92%
$20mn
EBRD
-
Sep-21
Eyedius
-
TRY4mn
Bogazici Ventures, Ak Portfoy Bedri Guntay
Seed Round
Sep-21
Colendi (Switzerland)
25%
$30mn
Re-Pie ($12mn)
Series A
Sep-21
Getir
RUMOUR
$150mn
Existing shareholder
Series E
Sep-21
MNG Kargo
TALKS
$500mn
Aramex (UAE)
Turkven, Sancak
Sep-21
Europap Tezol (TEZOL)
24%
TRY333mn
IPO
owners
26 TURKEY Country Report October 2021 www.intellinews.com