37661 - Revo Capital Fund I B.V.

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Summary of Investment Information

Project Number

37661

Company Name

REVO CAPITAL FUND I B.V.

Date SPI Disclosed

Mar 1, 2016

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Mar 30, 2016

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 12, 2024

Department

CDFVC - Disruptive Technologies and Funds/VC Funds and ISC Funds

Industry

Funds

Previous Events

Approved : Mar 30, 2016
Signed : Mar 31, 2016
Invested : May 6, 2016

Sector

Venture Capital Fund

Project Description

The proposed project is an investment in Revo Capital Fund I B.V., a Netherlands incorporated entity, (“Revo I” or the “Fund”), which will invest in equity and equity-linked instruments of fast-growing early stage technology companies in Turkey.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	8.0

Development Impact

1. Supporting innovation and technology: Revo invests in early stage technology firms, supporting and empowering entrepreneurs and innovation. 2. Job creation and economic growth: According to IFC's experience, venture capital funds such as Revo play an important role in job creation and economic growth. 3. Financial inclusion and access to capital: Access to long term equity capital is difficult for asset light businesses such as technology firms, and IFC commitment would provide necessary risk capital for such businesses in Turkey, where startup fund raising is not as mature as in other emerging markets 4. Governance, operational and E&S improvements: IFC will continue guiding the fund manager and ensuring that local businesses implement best practices in various fields.

IFC is expected to provide unique resources and experience by way of IFC's sector experience and extensive portfolio in financial services, healthcare, retail and technology across several regions, globally, which would be relevant for portfolio companies of the Fund. IFC's Funds' investment experience and reputation and role as a long term partner for the fund would be particularly important for the fund manager. IFC's presence will ensure that the Fund terms are structured in line with best practice terms as much as possible, allowing the fund manager to maintain international standards, hence seeding global best practices deeper. IFC's focus on environment and social sustainability will ensure that best practices continue to get passed on to investee companies. Furthermore, IFC's local presence in the region, as well as, capability as a potential co-investment partner/ follow-on investor through IFC's Venture Capital team will benefit the fund manager and its portfolio companies which need access to additional growth capital. IFC's commitment will also play a role in institutionalizing the investment platform.

E&S Category Rationale / Risks and Mitigation

The proposed Project is an equity investment of up to US$ 8 million in Revo Capital Fund I, a venture capital fund focusing on investments in early and growth-stage technology companies operating in Turkey in such sectors as Internet of Things, B2B cloud platform and e-commerce enablement solutions. The existing portfolio and proposed pipeline to be supported by the Fund entail no or low E&S risks. The project has therefore been categorized as FI-3 in accordance with the IFC Sustainability Policy. The Project will be required to comply with the IFC Exclusion List and where the E&S risk exists with relevant host country E&S laws and regulations, which will be managed through a simple environmental and social procedure to be developed and implemented by the Fund.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Vcount	Turkiye	M-BB - Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
Getir	Turkiye	X-XY- Other
TransferGo	United Kingdom	X-XY- Other
Yazara	Turkiye	X-XY- Other

Contacts

For Inquiries About the Project, Contact

Mr. Cenk Bayrakdar
mailto:cenk@revoistanbul.com
Revo Capital Liaison Office
Halk Cad Kardelen Sok 2 Palladium Tower 36
Atasehir Istanbul Turkey

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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