Turkey-based venture capital firm Revo Capital has raised €41m ($45.5m) from limited partners including energy utility Enerjisa and conglomerate Yildiz Holding for a fund with a €52m close, Daily Sabah has reported.
The LPs also include European Investment Fund, European Bank for Reconstruction and Development and financial services firms QNB Finansbank and Fibabanka, the latter investing through corporate venturing unit Finberg.
Revo Capital targets business-to-business and business-to-consumer technology developers in Turkey, Eastern Europe and the Baltics region. The latest fund is its second, following a $66m first fund launched in 2013.
Cenk Bayraktar, founding partner of Revo Capital, told Daily Sabah: “A significant portion of our private investors in the first fund will be investing in the second fund.
“In April, we continue our negotiations for new investors to join the fund. Thus, we expect the fund to come to around €52m.”
