ikas Nets $20M Series A Investment, Led by IFC and Re-Pie

ikas, a leading e-commerce platform, has netted an impressive $20 million in a Series A investment round. The round, led by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, stands as the IFC’s most substantial investment in a Turkish startup, signifying ikas’s swift expansion and its essential role in empowering smaller enterprises.

In a pivotal development for Turkey’s startup environment, ikas has netted a $20 million Series A investment, with the IFC and Re-Pie Asset Management leading the initiative. This financial injection highlights ikas’s exceptional achievements in Turkey’s e-commerce infrastructure over the past two years. With this capital, the company is set to fortify its position in Europe and other key markets.

ikas’s rapid growth trajectory has been formally acknowledged, earning it a place in the Deloitte Technology Fast 50 programme in 2023 as one of the fastest-growing technology firms in Turkey. The company has also hit a significant SaaS milestone, increasing its Annual Recurring Revenue (ARR) from $1M to $10M within just 16 months, with an ambitious goal of reaching $100M in the near future.

The success of ikas stems from its commitment to offering SMEs and entrepreneurs an accessible e-commerce platform, enabling the straightforward management of online stores without the prerequisite of technical skills. The energetic ikas team, averaging 28 years in age, signifies the company’s commitment to innovation and quality. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his appreciation to customers, the team, investors, and all stakeholders for their unwavering support.

Dr. Emre Çamlıbel, Chairman of Re-Pie Asset Management’s Board, outlined the investment strategy, stating, “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, Director for Türkiye and Central Asia at IFC, spoke about ikas’s impactful innovation, noting, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she stated. “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 revealed the strategic plans post-funding, commenting, “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.“