IFC is investing $20 million in Revo Capital Fund III (Fund III), a venture capital (VC) fund focused on supporting early-stage technology companies in Türkiye and the Central and Eastern Europe (CEE) region to boost innovation and unlock sustainable growth.
IFC’s investment in Fund III aims to address early-stage funding gaps by channeling much-needed capital into startups with high growth potential. At least 70 percent of IFC’s capital will be earmarked for Türkiye, up to 20 percent for the CEE region, and up to 10 percent for ventures founded by Turkish diaspora entrepreneurs. Fund III aims to invest in 25 early-stage startups by 2030, with a focus on AI-driven innovation in fintech, B2B software as a service (SaaS), cybersecurity, health tech, energy, and gaming.
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The collaboration marks IFC’s third capital investment with Revo Capital Management, following previous investments of $8 million in Revo Fund I and €15 million in Revo Fund II during the COVID-19 pandemic.
“We are grateful for IFC’s continued support as an anchor investor in Fund III, reaffirming their confidence in Revo Capital’s mission and Türkiye’s innovation potential,” said Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital. “Our strategy focuses on exporting technology from Türkiye while positioning the country as the R&D hub for these ventures. We see ourselves as more than just investors—we work closely with founders throughout their scaling journey, helping them grow into leading global businesses.”
In line with IFC’s commitment to empowering women economically, IFC also supported Revo Capital in developing a roadmap and adopting inclusive investing practices. This included participation in IFC’s ScaleX Program—a gender-lens investing program designed to increase access to early-stage risk capital for women-led startups in emerging markets.
“Our commitment to the region’s startup ecosystem is stronger than ever,” said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. “With progressively increasing investments, we are reaffirming our confidence in the growth potential of tech entrepreneurship in Türkiye and the CEE countries. Our goal is to empower entrepreneurs to be globally competitive, while fostering job creation and promoting technology exports.”
Revo Capital Fund I and Fund II have a proven track record, with investments in companies showcasing significant growth and innovation. Over the past five years, the total worth of startups in Türkiye has grown more than tenfold, reaching nearly $37 billion in 2023.
IFC’s investment in the fund aligns with its strategy to support entrepreneurship and innovation in Türkiye. The country represents IFC’s third-largest country exposure globally, with a committed portfolio of close to $5.4 billion as of February 2025.
About Revo Capital
Founded in 2013 as Türkiye’s pioneering and largest venture capital fund, Revo Capital has invested $180 million across two funds, supporting 40 technology startups and achieving 17 successful exits. As an early investor in leading Turkish startups—including two unicorns—Revo Capital has played a pivotal role in their global expansion, helping them become category leaders. In 2025, Revo Capital launched its $100 million third fund, aiming to invest in 25 early-stage startups by 2030, with a strong focus on AI-driven innovation in fintech, B2B SaaS, cybersecurity, healthtech, energy, and gaming. The fund also extends support to Turkish diaspora entrepreneurs in the U.S., EU, and UK, as well as innovative startups in Central and Eastern Europe. By combining seed-stage investments with Series A funding, Revo Capital helps startups scale globally and export their technologies.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
