Turkey sets up two funds to boost venture capital investment - media

Turkey's government has set up two funds to mobilise venture capital investment in the country, state news agency Anadolu Agency reported on Tuesday (Dec 24).

The funds, managed by the Development Bank of Turkey and the ministry of industry and technology, will invest in technology, industry, and innovation, according to Anadolu. 

Local media agency Daily Sabah reported that the two funds--Technology and Innovation Fund and Regional Development Fund--are worth 750 million liras ($126.39 million). 

350 million liras will be allocated to the technology and innovation fund, which will give capital support to technology ventures and new-generation start-ups, especially those operating at the country's technoparks, said Daily Sabah.

The remaining 400 million liras will be distributed to small and medium-sized enterprises (SMEs) that have the potential to become regional or global players within the scope of the Regional Development Fund, added the newspaper.

In the Islamic economy, Turkey has produced some notable start-ups, including modest fashion e-commerce success Modanisa, that in January sold a minority stake to Goldman Sachs and Wamda Capital to fund its overseas expansion. 

($1 = 5.934 Turkish liras)

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