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Turkey’s commerce platform Akinon pulls in $20 mln in funding round

Turkey’s commerce platform Akinon pulls in $20 mln in funding round mtkang/

ANKARA (Turkey), October 13 (SeeNews) - Turkish commerce platform Akinon said it closed a $20 million (17.3 million euros) Series B funding round co-led by Turkey-focused private equity firm Actera Group and Dutch-registered venture capital firm Revo Capital.

The fund-raiser also saw participation from Belgian venture capital firm SmartFin Capital and US-based investment vehicle Endeavor Catalyst, according to a press release published Tuesday.

The Istanbul-based firm said it will use the fresh funds to enhance the global competitiveness of its services, boost its service quality and step up its global growth by expanding into MENA, Eastern Europe and Asia.

“Our goal is to double our revenue next year by expanding in new regions where we plan to establish and work with local partners,” Akinon’s co-founder and CEO Tolga Tatari noted in the statement.

Founded in 2016, Akinon is a software development company that provides omnichannel commerce solutions to retail brands across 17 countries, including Turkey, Russia, Ukraine, Poland, Hungary, Czech Republic and Greece. At its home market Turkey, its cloud-based platform serves around half of the top 100 retailers such as Lacoste, Marks & Spencer, Sephora and Gap. The firm managed $315 million in gross merchandise value (GMV) in 2020.

The software start-up's previous, Series A, financing round fetched $5 million from SmartFin in 2020.

($=0.8657 euro)