October 5 (SeeNews) - Dutch-registered venture capital firm Revo Capital, which is focused on Turkey, Eastern Europe and the Baltics, said it has raised 90 million euro ($104.3 million) for its second fund that attracted strong support from institutional and global investors and was oversubscribed by 50%.
Fund II, which surpassed the initially targeted 60 million euro, has become Turkey's largest venture capital fund to date, according to a press release published by the investment firm on Monday.
The fundraising saw participation from returning cornerstone investors International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) and welcomed institutional investors Turkish Growth and Innovation Fund (TGIF) as advised by European Investment Fund (EIF), German Investment Corporation (DEG), Turkey Development Fund, as well as several local corporate investors, family offices and entrepreneurs. Revo's second fund also attracted support from Koray Bahar and Ahmet Bilgen, founders of Foriba, a Revo Fund I portfolio company exited to Sovos Inc.
Fund II’s first closing was in March 2020 with over 40 million euro in capital commitments. Revo has already made five investments from Fund II, including CY Vision, Massive Bio, Getir, Akinon and Vivoo.
Founded in 2013, Revo invests in Series A and B rounds of start-ups in Turkey, Eastern Europe and the Baltics. Its earlier fund, Revo Capital Fund I, reached capitalisation of $66 million.
($1 =0.8624 euro)