Istanbul-based venture capital firm 212 has announced a second fund to invest in startups across Turkey, Central and Eastern Europe, and the MENA region. The fund has €49 million committed and seven portfolio companies so far.

The firm says its strategy is to invest in companies with primarily B2B tech solutions, with a mindset to test local and go global. Companies should have demonstrated traction, a clear product-market fit, and be poised for international expansion. Fund II’s portfolio already includes: SmartMessage, OMMA, Marti, MallIQ, Meddy, Chooch and AppSamurai.

Founded by Ali Karabey and Numan Numan, the Turkish VC launched in 2012 with its first fund of $30 million. That fund was fully invested in 12 startups, including the portfolio’s big winners Iyzico, which exited last year (PayU bought it for $165 million), and Insider, a Sequoia-backed company that just raised a $32 million Series C round to enter the US market.

Photo: 212 team

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