According to the special bulletin shared with us by BiSu, the startup strengthened its steps towards becoming a unicorn by receiving an investment of $100 million. Completing 2022 with a sales volume of ₺650 million and a 15-fold turnover growth, BiSU, the online discount market, meets with qualified investors in line with its goal of being one of the top 10 unicorns of Turkiye.
BiSU, one of the most talked about companies in the Turkish entrepreneurship world, continues its strong growth on the one hand, and on the other hand, offers a new instrument to investors who want to make venture capital investments with the BiSU Venture Capital Investment Fund.
With these developments, BiSU receives an investment of $100 million from qualified investors through the fund, according to the information we have directly obtained. You can also be a BiSU investor.
Now, let us give you accurate information as E-girisim
BiSU has not yet received an investment over a $100 million valuation. Since this process is carried out over the fund, it will be phase by phase. In other words, a total investment of $5 million is targeted, with the first phase $2.5 million and the second phase $2.5 million. So here you can be a qualified investor in BiSU. The second phase is expected in April. In short, there is no investment completed over a $100 million valuation yet. However, $1.25 million of 5 first phases have been completed. In total, $3.75 million remains.
BISU Venture Capital Investment Fund, which was published in the Capital Markets Board Bulletin on January 19, 2023, was established by Integral Venture Capital Portfolio Management. The fund, which was established to bring together qualified investors and BiSU, will be able to invest in BiSU shares. Within the scope of the first phase, half of the determined investment commitment target was reached in just 10 days.
Completing 2022 with a sales volume of ₺650 million and a 15-fold turnover growth, BiSU, the online discount market, meets with qualified investors in line with its goal of being one of the top 10 unicorns of Turkiye.
The fund will continue to invest in BiSU in the future and will be able to invest up to 5% of BiSU. The fund, which is designed as a seven-year investment process, will provide exit rights to investors participating in the fund in case of a possible large investment or public offering.
BiSU Co-Founder and CEO Ergin Uner, who made evaluations on the subject, stated that BISU Venture Capital Investment Fund has a model designed to provide an environment of complete trust. He said that the aim of the fund is to bring BiSU together with qualified investors who want to invest in BiSU.
“Due to the earthquake, we suspended our fund activities.”
Underlining that the CMB approval for the fund was given on January 19, Ergin Uner said, “We received an investment commitment of $1.25 million from our investors in the first 10 days. Then, as we all know, we experienced an earthquake disaster that stifled our country. In this process, of course, we naturally channeled all our work to the earthquake zone. No matter how important the fund and investment issue is for us, we have seen it as our top priority to heal the wounds of the earthquake. Therefore, in the post-earthquake period, we suspended our fundraising efforts and, as Integral and BiSU, focused our entire focus on the needs in the earthquake zones. In general, we are very pleased with the interest shown in BiSU and we are restarting our work to complete the first phase by April at the latest. We will set sail for much bigger goals with our new investors who believe in BiSU and share our vision. We aim to increase our company valuation, which has reached $100 million today, to $250 million by the end of the year, with our new growth steps.”
Contribution in TL, investment valuation in dollars
Underlining that BiSU Venture Capital Investment Fund appeals to investors who want to invest their savings in long-term, transparent and reliable capital market instruments audited by the CMB, Ergin Uner gave the following information: For this reason, investors who invest in the fund actually make a USD-based investment. BiSU GDP fund participation shares, which only qualified investors can participate in, cannot be returned to the fund unless the fund is liquidated. However, qualified investors may have the right to transfer their fund participation shares among themselves. In the transfer of fund participation shares, the share price can be determined freely among qualified investors.
15 times turnover in a year
Ergin Uner underlined that BiSU started out as a carboy water market, but went through a significant transformation in its business model about 1.5 years ago, and continued: “With our new business model, which we started as a pilot in some parts of Istanbul in September 2021, we deliver the basic needs products we need in our homes to our customers with our own fast delivery service in multiple packages and in economic sizes. Today, with our more than 100 warehouses, we have come to cover more than 90% of Istanbul. As of the end of last year, we reached 400 thousand active users, while we delivered 5 million orders to homes in 2022 alone. While we increased our turnover 15 times in the last year, we created employment for 1,000 people in the same period. We will continue our rapid growth in 2023. We want to increase our annual turnover, which has reached the level of $36 million by the end of 2022, to approximately $180 million by the end of next year, with a 5-fold increase. On the other hand, after covering the whole of Istanbul, we will carry our fast delivery application to different cities, primarily Ankara, Izmir, Antalya, Bursa and Eskisehir. Together with all these cities, our goal is to reach 420 warehouses by the end of next year. In the 3-year period, we aim to transform into an organization that operates in Turkiye with 1,000 warehouses and employs 10,000 people. After 2024, we will also launch this business model in suitable foreign locations.”
Source: Egirisim / Prepared by Irem Yildiz