Bloomberg HT - Venture capital fund, Hummingbird Ventures, will invest EUR 20 million in Turkish internet start-ups doing business in digital media, e-commerce and other IT-related fields.
The company, with offices in London, Antwerp and Istanbul, focuses largely on newly established companies and has been monitoring Turkey’s internet and IT sector for the last two years, according to company officials, who are currently in Turkey for talks with entrepreneurs.
Announcing a EUR 20 million fund for Turkish start-ups, one of the partners of the company Pamir Gelenbe said that Hummindbird has already invested in three Turkish internet companies and will increase that number in 2011. “Turkish start-ups have the potential to go global,” said Gelenbe, commenting on the country’s growing IT and internet sector.
“Our investments in Turkey have also attracted the attention of other European venture capital companies. We expect the venture capital inflow to Turkey to reach EUR 500 million over the next five years,” said Gelenbe.