“Small Business Savior: Turkish Startup ikas Raises $20M for Revolutionary E-Commerce Solution”

It’s easy to assume the e-commerce ship has sailed when you consider we have giant platforms like Shopify, Woocommerce, and Wix dominating the sector. E-commerce platform, ikas, has raised $20 million in a Series A funding round as it seeks to expand its operations into new markets in Europe. The company currently operates in Turkey and Germany, and says its platform simplifies store management for companies that want to have a digital presence. Also investing in ikas is Re-Pie Asset Management, which has grocery delivery startup Getir in its portfolio as well. The round saw participation from ikas’ existing investor Revo Capital, best known as the first institutional investor in Getir, Param, Midas and Roamless.

With the rise of giant e-commerce platforms like Shopify, Woocommerce, and Wix dominating the industry, it may seem like the ship has sailed for small businesses trying to enter the digital space. However, the field of e-commerce remains vast and fertile, especially in light of the pandemic pushing more businesses to go online.

“Most of Europe is predominantly neglected or underserved by those U.S.-based giants,” said Mustafa Namoğlu, co-founder and CEO of e-commerce platform ikas.

In a surprising and encouraging turn of events, ikas, a startup in Turkey, has raised a whopping $20 million in a Series A funding round. This marks one of the largest fundraises for a startup in the country, with average Series A amounts typically falling below $15M.

The investment was led by the International Finance Corporation (IFC) fund, a venture arm of the World Bank Group.

Ikas already operates in Turkey and Germany, but with the new funding, it plans to expand its operations into new markets in Europe. Namoğlu explains that their platform simplifies store management for companies looking to establish a digital presence.

  • The first reason our merchants pick us over others is storefront speed, which gives them higher conversion rates.
  • The second reason is customer service.
  • The third reason is that we bundle payments and shipping labels into our core product, making it easier for businesses to get started without having to negotiate with multiple providers.

Namoğlu, who previously founded fashion distribution and retail company MUGO, launched ikas in 2017 with co-founders Tugay Karaçay, Ömercan Çelikler, and Umut Ozan Yıldırım. He notes that ikas stands out from other platforms because it allows businesses to “fire and forget,” meaning they can set up their store and focus on their products without constantly needing to add plugins or hire agencies to manage their online presence.

The IFC invests directly in companies, as well as through private equity and venture capital funds. Re-Pie Asset Management, an investor in popular grocery delivery startup Getir, also participated in ikas’ funding round. Revo Capital, known for being the first institutional investor in companies like Getir, Param, Midas, and Roamless, is also an existing investor in ikas.

As the pandemic continues to push businesses towards the digital world, the e-commerce field remains full of opportunities for smaller companies, particularly in underserved markets. With ikas’ successful fundraising, it’s clear that there is still plenty of room for growth and success in the e-commerce sector.

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Dylan Williams

Dylan Williams is a multimedia storyteller with a background in video production and graphic design. He has a knack for finding and sharing unique and visually striking stories from around the world.

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