49261 - Revo Fund III

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Summary of Investment Information

Project Number

49261

Company Name

Revo Capital Fund III C.V

Date SPI Disclosed

Oct 10, 2024

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Nov 30, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 14, 2025

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Feb 12, 2025
Signed : Mar 3, 2025
Invested : Jun 12, 2025

Sector

Venture Capital Fund

Project Description

IFC is considering an equity investment of up to US$20 million in Revo Capital Fund III C.V (the “Fund”, “Revo III”) a venture capital fund that will invest in early to growth-stage technology companies in Türkiye and Central-Eastern European Regions.

Associated Advisory Engagement

There are no advisory engagements with the Fund.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	35.0

Development Impact

The Fund is expected to increase access to early-stage venture capital financing and value creation services for technology startups in Türkiye and Central Eastern Europe region, resulting in business growth. A share of investees is expected to have a woman co-founder, thereby addressing gender divides. The project is also expected to strengthen the competitiveness of the traditional real and financial sectors in Türkiye, through the expansion of investees with disruptive business models, via demonstration and replication and/or competition and innovation channels.

IFC additionality is both financial and non-financial. Financial additionality involves the provision of IFC’s own account equity, as IFC’s participation, along with other DFIs, will enable the fund manager to achieve its first close target in a challenging fundraising context. Non-financial additionality includes non-commercial risk mitigation, as IFC's participation as one of the main anchors of the Fund and its support in standard setting and definition of Limited Partnership Agreements (LPAs) up to institutional standards will help signal confidence in the Fund Manager, thereby potentially crowding in new investors for final close. Furthermore, IFC will increase the Fund’s professionalization by providing environmental and social (E&S) standard setting and strengthen the Fund’s gender policies.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of new tech-enabled investees operating in underdeveloped sectors	Number		Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

The proposed Project entails an IFC equity investment in REVO Fund III. The fund will be mainly focused on technology companies, with no manufacturing activities in Turkiye and Central and Eastern Europe. Pipeline to be supported through this Project is expected to have limited adverse environmental and/or social risks or impacts that are few in number, generally site specific, largely reversible, and can be readily addressed through mitigation measures thus this project has been categorized as FI-2 in accordance with IFC Sustainability Policy. The Fund Manager will be required to conduct an E&S due diligence and monitor the target investments against the applicable IFC’s E&S requirements including IFC Exclusion List, and host country E&S laws and regulations and the IFC Performance Standards. The fund will not support activities on IFC Exclusion List, coal related activities, and projects exposed to higher risk business activities including a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or d) significant occupational health and safety risks.
The key E&S risks and impacts of this project derive from the Fund Manager’s capacity to identify and manage potential environmental and social risks associated with its investment activities. These risks are mainly associated with labor and working conditions and health and safety issues in the GIG economy.

Revo is an existing Fund Manager which currently manages Revo I (Fund I) and Revo II (Fund II). As per IFC requirements under the previous investments, the fund has in place an ESMS which allow the Fund to screen potential transactions against IFC Exclusion List and assess project’s compliance with relevant host country E&S laws and regulations. The ESMS includes policy, step by step procedures, staff responsibilities and tools for undertaking E&S risk management. The IFC exclusion list and E&S risk assessment questionnaires are part of the ESMS. The fund has appointed an E&S officer responsible for the implementation of the E&S procedures. As part of the Project, the Fund will be required to enhance the ESMS to include the IFC Performance Standards and develop an external communication mechanism in line with IFC Performance Standard 1. In addition, the Fund will be required to report on its E&S performance to IFC on an annual basis, inform IFC in the event of any material change in nature or scope of its portfolio activities, and disclose investments on a yearly basis, including their names, sectors, and locations (if needed).

S.no	Title	Anticipated Completion Date	Status
1	Enhance ESMS	01/31/2025	Completed
2	Develop an External Communication Mechanism	01/31/2025	Completed

Contacts

For Inquiries About the Project, Contact

Revo Capital Management B.V
Cenk Bayrakdar
Founding Partner
+31 20 299 6200
info@revo.vc
Prof. J.H. Bavincklaan 7, 1183AT Amstelveen, the Netherlands
https://revo.vc/

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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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