Turkish Startup Kavaken Receives $1.1 Million Seed Funding

Kavaken Aims to Revolutionize Renewable Energy Management with Data-Driven Technology

Kavaken, a local startup spun off from Tarentum, has successfully completed a $1.1 million seed funding round. Specializing in simplifying the operations, financing, and insurance of renewable energy investments through its data-driven technology, Kavaken is set to make a significant impact on the global renewable energy sector.

Unlike industry norms, Kavaken integrates asset-specific operational data into these processes, providing global benefits to stakeholders. This funding round saw participation from Vestel Ventures, Rockstart, Norrsken Accelerator, Founder One, and 2040VC, as well as existing investors Boğaziçi Ventures and Re-pie, and industry experts Yetik Kadri Mert, Olcayto Yiğit, and Samuel Jaudel.

Kavaken, headquartered in Newcastle, UK, offers a Software-as-a-Service (SaaS) platform that streamlines renewable energy investments. Co-founder and CEO Bora Tokyay highlighted the importance of this funding:

“The financial support we have received underscores the investors’ confidence in our technology, which provides scalable, asset-specific analysis for renewable energy investments. This crucial backing will advance our product development and fuel our growth in the UK and Europe.”

Co-founder and COO Murat Yılmaz emphasized Kavaken’s potential:

“We aim to enhance the efficiency and sustainability of the renewable energy sector. This investment will accelerate our product development efforts, diversify our customer base, and ultimately facilitate the transition to a cleaner, more sustainable energy future.”

Originally part of the AI project company Tarentum, Kavaken was established as a spin-off and relocated its headquarters to the UK. It continues to serve clients from Newcastle and Istanbul. With the support of this investment, Kavaken is poised to expand its operations and contribute to the global energy transition.

The seed funding will primarily support Kavaken’s expansion in the UK and European markets and further improve its value propositions for customers through ongoing product development.

Source: Egirisim / Prepared by Irem Yildiz

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