Startups attract $754 million in investments in nine months

ISTANBUL

The investment volume in the Turkish startup ecosystem amounted to $754 million in the first nine months of 2024, according to a report by StartupCentrum.

In the whole of 2023, investments in local startups were $418.6 million, down from $1.75 billion in 2022 and $1.66 billion in 2021.

From January to September, a total of 323 investment rounds took place, said the report, adding that the recovery in the number of investments in the third quarter indicates a reactivation of the ecosystem.

Among the sectors, the health care and biotechnology sector maintained its leadership in attracting investments, while artificial intelligence and machine learning also show a strong performance, according to the report.

Another significant development in 2024 is the renewed interest of foreign investors in the ecosystem.

The report identifies a peak in investments made in early-stage ventures throughout 2024, although a slight decline was observed in the third quarter, the report said.

Investments in early-stage ventures fell from $194.4 million in the second quarter to $50.7 million in the third quarter.

Seed-stage investments rose from $29.9 million to $39.9 million, while advanced-state investments declined from $250 million to $46.9 million.

The amount of investment received by ventures through crowdfunding amounted to $6.5 million in the first nine months of 2024.

Additionally, there has been a notable increase in the number of investments under $1 million, according to the report.

The rise in the percentage of startups with female co-founders represents another positive development enhancing diversity within the ecosystem, it said, noting this percentage reaching 14.29 percent indicates the growing role of women entrepreneurs.