Revo Capital has announced the first close of its third fund, Revo Capital Fund III, with $86M secured towards a targeted $100M.
The fund aims to empower Turkish engineer-founded startups by combining hands-on operational support with growth capital for high-potential Series A and B technology startups.
Since its inception in 2013, Revo Capital has played a pivotal role in the growth of Turkey's startup ecosystem. Revo Capital Fund III will maintain the firm’s longstanding emphasis on fintech - where Revo is already the most active investor in Turkey - while deepening its focus on B2B SaaS, cybersecurity, and health technology.
Fund III also introduces energy and gaming as dedicated verticals. Artificial intelligence will be treated as a horizontal catalyst, and the team will prioritize founders who are using AI to reinvent products, processes, and entire industries across every sector in the portfolio.
The raise was backed by IFC with $20M, KfW DEG with $20M and the EBRD with $15M. In addition to these cornerstone LPs, the remaining commitments were evenly split between new limited partners and returning investors. Notable participants include Turkey’s development finance institution, Türkiye Development Fund and corporate venture capital arms such as Finberg, Eksim Ventures, Inveo Ventures, and Yıldız Ventures. The investor base is further diversified by regional banks, leading corporations, family offices, and a growing number of exited founders from Turkey’s startup ecosystem.
The new fund will make initial investments of up to $5M, typically by leading or co-leading Series A rounds. Including follow-on capital, total exposure per company can reach up to $10M, providing the runway needed for international expansion, enterprise-grade product development, and marquee customer acquisition.
To capture breakout early-stage companies even earlier, Revo has carved out a dedicated “Seed Pocket” to target pre-seed and seed-stage opportunities with a $250,000 to $500,000 initial investment size to allow exposure to promising ventures at inception and secure the right to increase its stake in Series A and further rounds.
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