Turkish startups draw $1.8 billion

ISTANBUL

Turkish technology startups drew a total investment of $1.8 billion in 2022 despite a 35 percent decrease in global startup investments, increasing expectations for 2023.

According to a report by StartupCentrum, 322 Turkish startups received an investment of $1.8 billion in 2022, slightly up from $1.6 billion the previous year.

The gaming industry was the most popular choice for investors, as it was in the previous year, with 30 startups in the sector attracting a total of $437 million of investment. Artificial intelligence and machine learning followed the gaming industry with a total investment of $140 million and “Insider” became Türkiye’s latest unicorn drawing an investment over $1 billion.

The sector with the highest increase in investments in 2022 was the blockchain sector. While seven blockchain startups received investment in 2021, this number increased to 18 in 2022.

Of the 307 institutional investors who invested in startups last year, 157 were foreign investors. Sixty-three institutional investors from the United States and 43 from Europe invested in Turkish startups.

Foreign investors participated in one out of every five transactions and 64 of the 300 startups that received investment had female founders, according to the report.

Istanbul ranked sixth among European cities in attracting startup investment, while coming in the second place behind London in investments in the gaming sector.

In the fourth quarter of 2022, $93 million was invested in 74 startups.