ikas raises $20M Series A for e-commerce expansion

New generation e-commerce infrastructure ikas announced it has received $20 million Series A investment. ikas has developed an e-commerce platform that enables SMEs and entrepreneurs to open e-commerce sites without technical knowledge, making it possible to sell to the whole world by offering the opportunity to manage e-export processes.

ikas reached $10M ARR in just 16 months, and its next goal is to reach $100M as soon as possible.

According to ikas founding partner and CEO Mustafa Namoğlu:

"In just two years, we have become one of the most important players in the e-commerce infrastructure market in Türkiye.

With this investment, we aim to make Turkish SMEs more competitive abroad and to make them sector leaders in Europe and other developing markets."

World Bank institutions IFC and Re-Pie Portföy, and the investment is the highest single investment amount made by the World Bank in startups in Türkiye.

Stating that Türkiye is one of IFC's biggest markets, IFC Türkiye and Central Asia Regional Director Wiebke Schloemer of IFC shared:  

"At IFC, we aim to support both the manufacturing sector, trade and exports, especially through export-oriented production companies and projects. ikas offers Türkiye's SMEs and enterprises that are most suitable for opening up to the global market all the features, modules and tools they need on a single and modern platform.

The vision of ikas, which introduces Türkiye's promising small and medium-sized enterprises to the digital economy, exactly matches the goals of IFC."

Re-Pie Portföy, Chairman of the Board of Directors Dr. Emre Çamlıbel said: 

"As Re-Pie Portföy, we invest in startups with high growth potential and a technology and innovation-oriented business model, and we continue to grow our portfolio.

 With this investment made by the GSYF (venture capital investment fund) to which we issued, ikas, which opened an office in Germany at the end of 2022, is rapidly moving towards its goal of becoming one of the leading brands in Europe in its sector by 2030."

The company will use the funding to accelerate overseas growth. Namoğlu shared:

 "At  ikas, one of our biggest goals is to show everyone what this young Turkish company, whose team's average age is only 28, can do abroad. 

We are grateful to our team, investors and all our supporters, especially ikas users, who trusted us on this path."