Ethos ranked first among foreign investors according to the Turkiye Startup Investments report

In the first quarter of 2023, Ethos Asset Management was at the top of the list of foreign investors who invested most in the Turkish entrepreneurship ecosystem. US-based debt financing company Ethos became the second largest investor in the top 10 venture transactions in the first quarter of the year. Ethos’ investments in domestic companies in Turkiye in the first quarter of the year constituted 60.3% of the total of other investments from abroad to the country.

According to the first quarter 2023 results of the ‘Turkiye Startup Investments’ report, which was prepared with the cooperation of KPMG Turkiye M&A and 212 teams to reveal the main trends, opportunities and challenges faced by the start-up ecosystem in Turkiye, US-based Ethos Asset Management entered the list of top 10 venture transactions with an early stage investment of $12 million in REM People, which operates in the retail technology sector. Ethos ranked first on the list among foreign investors.

According to the report, the share of foreign investors in the total transaction volume was 25% with 6 transactions, while the transaction volume of domestic investors amounted to $59 million with 47 transactions. Ethos Asset Management’s investment of more than $4 million in 2021 and 2022 in the Turkish company Servilest, which provides artificial intelligence-based technology solutions in the automotive industry, also took its place in this table. In the first quarter of the year, Ethos’ investment in startups in Turkiye constituted 60.3% of the total of other investments coming to the country from abroad.

Founder and CEO of Ethos Asset Management, which aims to provide financial support of $250 million by 2024 and $516 million by the end of 2024 to large-scale projects in the industry, tourism, agriculture, construction, mining, telecommunication and service sectors in line with its strategic goals in the Turkish market, in his statement on the subject said the following;

“Ethos has become a global debt finance brand that stands out with its ability to provide debt financing on unique terms while investing in companies with impactful projects in 72 countries of the world. While bringing our global experience in the field of project finance to Turkiye; We continue our activities to grow local companies and thus contribute to the Turkish economy. Following the $12 Million investment support we provided to Rem People, which operates in the field of retail technology, in 2021, the company grew by more than 15% and had the opportunity to expand its global operations.

Together with Rem People, we have provided a total of 76 Million USD of project finance support to companies such as Servislet, Ugur Tekstil, Kozon Partners and HGI in Turkiye since 2021. We are happy to be able to contribute to the growth of successful startups in Turkiye. As Ethos, we believe in the power and potential of projects in every country of the world. The dynamic startup ecosystem in Turkiye offers significant opportunities to investors. “We will continue to transfer Ethos’ global experience and financing opportunities to companies in Turkiye and offer attractive opportunities for their future success.”

Source: Egirisim / Prepared by Irem Yildiz

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