2024 Year in Review and Future Outlook
The year 2024 brought many innovations and achievements to the entrepreneurship and investment ecosystem. Despite fluctuations in global and local markets, we successfully navigated the year thanks to our strategic investments and sustainable growth-oriented approach. The growth demonstrated by our portfolio companies, the new investments we made, and the contributions we provided to the ecosystem positioned Boğaziçi Ventures among the most influential investors of 2024.
The year 2024 brought many innovations and achievements to the entrepreneurship and investment ecosystem. Despite fluctuations in global and local markets, we successfully navigated the year thanks to our strategic investments and sustainable growth-oriented approach. The growth demonstrated by our portfolio companies, the new investments we made, and the contributions we provided to the ecosystem positioned Boğaziçi Ventures among the most influential investors of 2024.
Throughout the year, we continuously refined our investment strategies, built closer relationships with entrepreneurs, and supported them in strengthening their competitiveness in global markets. At the same time, we steadily increased our fund performance, staying focused on delivering strong returns for our investors. With our contributions to the entrepreneurship ecosystem and the impactful events we organized, we added significant value to the industry.
In this week’s content, we share the successes we achieved throughout the year, while also outlining our priorities and strategic plans for the coming period. As we look ahead, we continue our journey with a focus on creating new opportunities, contributing to the ecosystem, and driving growth.
Message from the CEO: Reflections on 2024 and Looking Ahead to 2025
The year 2024 was a challenging period for the global entrepreneurship ecosystem. While non-AI investments declined significantly, one-third of the $300 billion in global venture capital funding was directed toward artificial intelligence. A similar trend was observed in Turkey, with 50% of AI investments concentrated in the U.S., primarily in infrastructure projects.
At Boğaziçi Ventures, we played a pioneering role in Turkey’s AI transformation—not only through financial investments but also through large-scale events, collaborations, and volunteer projects. Our AI Summit Istanbul events in 2024 brought together more than 2,000 senior executives, investors, entrepreneurs, and academics, making them some of the most influential gatherings in the ecosystem.
During this period, portfolio companies such as Liquidity Trading, Artiwise, ONO, Cerebrum, Lokum Games, Enhencer, Joygame, and Retter leveraged AI technologies to stand out in their respective industries and achieve rapid growth. By adding sustainable value to the entrepreneurial ecosystem, we enter 2025 with a stronger team and new funds.
We foresee AI investments accelerating even further in 2025, with the technology advancing at a pace beyond expectations, potentially reaching human-level intelligence within the next five years. Accordingly, Boğaziçi Ventures will further strengthen its AI-focused investment strategy.
To address the significant funding needs of early-stage AI startups, we are launching new funds that will provide investments of $2 million or more. In addition, we are creating sector-specific funds in 2025 to bridge the investment gap in Turkey’s industrial technologies and mobility sectors.
We will also expand into high-value sectors such as hospitality and entertainment, which have strong brand potential, wide consumer reach, and high growth prospects. By investing in innovative business models in these areas, we aim to bring further value to the ecosystem.
In short, with a clear focus on medium- and long-term returns, we will continue investing at full speed in 2025. As Boğaziçi Ventures, we remain committed to strengthening the ecosystem with our technology- and innovation-centered investment strategy and to writing new success stories.
2024 Review of the Turkish Entrepreneurship and Investment Ecosystem
The easing of economic uncertainties in the second half of the year brought signs of recovery in the markets. Falling inflation rates and greater economic stability boosted confidence in the entrepreneurship ecosystem and reignited investor interest.
In 2024, Turkey experienced a year of growth and transformation in entrepreneurship and investment, despite fluctuations. A total of $1.1 billion was invested across 469 deals—a 33% increase compared to the previous year.
- The top funded sectors were artificial intelligence, fintech, and health technologies, with growing interest in sustainability and digitalization.
- Fourteen mega-investment rounds exceeding $10 million highlighted fintech, gaming, and cybersecurity startups.
- Early-stage investment volume declined, but the number of deals rose significantly, signaling investor caution with smaller check sizes.
Sector-specific insights:
- SaaS investments surged from $44.3M in 2023 to $288.4M in 2024, driven by scalable software solutions for global markets.
- AI startups also saw rapid growth, spanning industries like manufacturing, healthcare, and finance.
- KPMG Türkiye reported a 40% increase in early-stage investments, while PwC projected 25% ecosystem growth in 2025.
- According to Startupswatch, 469 deals were recorded in 2024, surpassing the 352 of 2023 and the 355 of 2022.
Overall, 2024 was a year where SaaS, AI, and fintech stood out as top-performing sectors, while blockchain and cybersecurity also gained traction. Globally, fintech investments reached $42 billion, with Turkey steadily increasing its share.
BV Snapshot: What We Achieved in 2024
Portfolio Highlights in 2024
Artiwise won two awards at the AI World Series Awards 2024 in Dubai and received the “Best Insurtech Technology” award in Turkey.
Hiwell achieved 30% of revenue from international sales, expanding in Europe and the U.S.
Lokum Games secured publishing deals with VTC Game (Vietnam), MBC Group (MENA), and Joygame (Turkey & South Africa).
Eyedius continued its branch analysis services across nearly 400 PTT branches.
Kavaken showcased renewable energy solutions at Wind Energy Hamburg with 0% churn throughout the year.
Lucid11 partnered with the Turkish Language Association for its “Kelime Köşesi” educational game and saw early success with Party Club, ranked 5th most-played demo at Steam Festival with 40,000+ wishlists.
Mükellef made it into the “2024 Deloitte Technology Fast 50” list.
Fund Performance
Our funds delivered not just financial returns but also strategic value creation, sustainable growth, and international recognition:
- BV Growth I GSYF: Backed 7 new startups and made follow-on investments in 13 portfolio companies, investing a total of TRY 192 million.
- Sinerji GSYF: Invested in Hiwell, Mafia Games, and other funds, focusing on secondary investment opportunities and liquidity solutions.
- Joygame Pre-IPO GSYF: Supporting Joygame’s journey toward becoming Turkey’s first listed gaming publisher, with a strong AI-driven growth model and expanding global reach.
- LT Pre-IPO GSYF: Backed Liquidity Trading, Turkey’s leader in HFT and Quantitative Trading, to accelerate its IPO journey and European expansion.
New Funds Shaping the Future
- BV Growth II – AI Ventures Fund: $2M+ early-stage funding for AI startups.
- ISO – Industrial Technologies Fund: Co-founded with the Istanbul Chamber of Industry to support industrial innovation.
- GREAT Pre-IPO Fund: Focused on hospitality and entertainment, preparing high-potential brands for IPO.
- Farklabs Electrification Pre-IPO Fund: Targeting electric vehicles and related technologies.
Contributions to the AI Ecosystem: BV AI Summit 2024
In 2024, we organized two major BV AI Summit events, gathering 2,000+ participants, industry leaders, and global partners. These summits provided a platform for knowledge sharing, networking, and collaboration—further strengthening Turkey’s role in the global AI ecosystem.
With high-profile sponsors, keynote speakers, and workshops, these events positioned Boğaziçi Ventures as a leading force in AI-driven ecosystem development.
Moving Forward
2024 was a year in which we strengthened our investments, supported portfolio success, and deepened our impact in the ecosystem. With stable fund performance, expanded collaborations, and a new dynamic office environment, we are better positioned than ever for the future.
As we move into 2025, we remain committed to:
- Driving sustainable value creation
- Supporting entrepreneurs
- Pursuing long-term growth strategies
- Writing new success stories
For over a decade, we have dedicated ourselves to supporting Turkey’s tech entrepreneurship ecosystem. With our deep expertise and strong network, we continue to back entrepreneurs, believing in the power of technology to deliver sustainable, smart solutions across verticals.
📩 We invite entrepreneurs to apply for investment meetings via [email protected] . Scale your technology venture and join our global business network today
