52306 - e2vc Fund III C.V.

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Summary of Investment Information

Project Number

52306

Company Name

e2vc Fund III C.V.

Date SPI Disclosed

Apr 28, 2026

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Jun 1, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Apr 29, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Venture Capital Fund

Project Description

IFC is considering an equity investment of up to €15 million in e2vc Fund III C.V.(the “Fund”), a VC fund based in Istanbul that is focused on early-stage technology companies in Turkiye and Central and Eastern Europe.

Associated Advisory Engagement

There are no advisory engagements with the Fund.

Sponsor / Cost / Location

Development Impact

The Fund is expected to expand access to early-stage venture capital for technology startups in Turkiye and Central and Eastern Europe, addressing persistent gaps in pre-seed and seed financing despite overall growth in venture capital activity. Beyond the project, the Fund’s success is expected to help demonstrate the commercial viability of institutional-scale early-stage venture capital and encourage greater competition in the market.

IFC’s additionality will be provided through its own account venture capital investment, which is catalytic in supporting the Fund’s scale up and helping it reach target size. IFC’s participation as a core anchor investor is expected to strengthen the Fund’s institutional profile, mitigate fundraising and execution risks, and support the Fund Manager’s transition to a more institutionalized venture capital platform.

Indicator	Metrics	Comments
Percentage of investees with female founders/co-founders	%

E&S Category Rationale / Risks and Mitigation

The proposed Project involves an equity investment in e2VC III, a venture capital fund focused on financing a diversified portfolio of early-stage technology startups. The Fund’s primary aeras of investment include AI/ML, SaaS, fintech, digital services, and other technology-driven sectors across Turkiye and Central and Eastern Europe. In addition to initial investments, the Fund will provide follow-on financing to support portfolio companies’ growth and development.
The Environmental and Social (E&S) risks and impacts associated with the proposed Project are expected to be low to medium. This assessment reflects the Fund’s focus on early-stage technology companies, which generally have limited direct E&S impacts and no anticipated exposure to higher-risk activities. In accordance with the IFC Environmental and Social Sustainability Policy, the Project has been categorized as FI-2.
The Fund will not finance activities on the IFC Exclusion List, coal-related activities, or higher-risk activities that may include (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, or cultural heritage, (d) retrenchment risks, or (e) significant occupational health and safety risks. All transactions will be screened for compliance with applicable host country E&S laws and regulations as well as the IFC Performance Standards, where relevant.
For its own operations, the Fund Manager will comply with IFC Performance Standard 2 on Labor and Working Conditions as well as Life and Fire Safety requirements. As part of this Project, the Fund Manager will enhance its HR policies and procedures to strengthen the internal grievance mechanism, ensure accessibility to all worker categories, improve documentation of grievance handling and investigations, and reinforce provisions related to confidentiality, non-retaliation and anti-harassment. These enhancements will incorporate survivor-centered approaches and align with IFC Performance Standard 2, deepening the Fund Manager’s commitment to responsible workplace practices.

The Fund has integrated an Environmental and Social Management System (ESMS) into its investment process, encompassing screening, due diligence, decision-making, and ongoing monitoring of portfolio companies. All potential investments are screened against the IFC Exclusion List and applicable regulatory requirements prior to Investment Committee approval. The Fund employs a risk-based, proportionate due diligence approach, conducting high-level screening for lower-risk Category C investments and more detailed, sector-specific assessments for Category B investments. Ongoing monitoring is carried out through active portfolio engagement and periodic E&S reporting. Implementation is guided by a dedicated Environmental, Social and Governance (ESG) Lead, with E&S responsibilities embedded within the broader investment team.
The ESMS will be further enhanced to formalize the application of IFC Performance Standards to Category B projects, establish a structured annual E&S monitoring process, maintain systematic documentation of E&S screening, due diligence, and monitoring outcomes. In addition, the Fund will develop an External Communication Mechanism (ECM) to facilitate stakeholder engagement and promote transparency regarding E&S matters.

S.no	Title	Anticipated Completion Date
1	ESMS enhanced	06/30/2026
2	Training plan developed	06/30/2026
3	HR policies and procedures enhanced	06/30/2026
4	Training completed for all relevant staff	09/28/2026

Contacts

For Inquiries About the Project, Contact

e2vc III GP B.V.
Enis Hulli
Founding Partner
+90 5324764881
enis@e2.vc
Besiktas Istanbul, Turkiye
https://e2.vc/

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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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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