ikas Lands $20M in Series A Funding, Headed by IFC and Re-Pie

The cutting-edge e-commerce platform ikas has successfully landed a whopping $20 million in Series A funding. Spearheaded by the International Finance Corporation (IFC) of the World Bank and Re-Pie Asset Management, this round marks the IFC’s most significant investment in a Turkish startup, demonstrating ikas’s rapid growth and its integral role in supporting small businesses.

In a monumental stride for Turkey’s startup ecosystem, ikas has landed $20 million in Series A funding, with the IFC and Re-Pie Asset Management taking the lead. This investment shines a light on ikas’s notable successes in the e-commerce infrastructure field within Turkey over a span of just two years. The company now plans to utilize this investment to strengthen its foothold in Europe and other crucial markets.

The rapid rise of ikas has been officially recognized, securing its spot in the Deloitte Technology Fast 50 program in 2023 as one of the fastest-growing tech firms in Turkey. Additionally, the company has reached an important SaaS milestone, increasing its Annual Recurring Revenue (ARR) from $1M to $10M in a mere 16 months, with the ambitious target of reaching $100M in the near future.

The foundation of ikas’s success is its commitment to providing SMEs and entrepreneurs with a user-friendly e-commerce platform, making it easy to manage online stores without requiring in-depth technical knowledge. The youthful and dynamic ikas team, with an average age of 28, showcases the company’s strong commitment to innovation and excellence. Mustafa Namoğlu, Co-Founder and CEO of ikas, expressed his gratitude for the consistent support from customers, the team, investors, and all stakeholders.

Dr. Emre Çamlıbel, Chairman of the Board at Re-Pie Asset Management, discussed the investment rationale, stating, “Re-Pie invests in ventures with high growth potential, technology and innovation-oriented business models and we continue to grow our portfolio. This investment was executed through a dedicated GSYF (Venture Capital Investment Fund) issued by Re-Pie. Having opened its office in Germany at the end of 2022, Ikas is well-positioned to hit its target of becoming one of the leading brands in Europe in its vertical by 2030.”

Wiebke Schloemer, IFC’s Director for Türkiye and Central Asia, commented on the significant impact of ikas, noting, “Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC,” she remarked. “ikas’ innovative software has the potential to transform e-commerce in Türkiye, enabling smaller businesses to access new markets, boost their online sales and productivity, and better adapt to the rapidly changing business landscape.”

Namoğlu discussed the strategic direction following the funding, saying, “We intend to leverage the new funding to expedite our international expansion. While this round of investment significantly excites us, it also serves as a reminder that we are just at the beginning of our journey, with much work ahead.“