BV Growth II Fund: Global Opportunities Born in Turkey in the Age of AI
Artificial Intelligence is the biggest investment theme of this century. BV Growth II is designed for investors who want to turn this transformation into opportunity. Sometimes it feels like we talk too much about AI. But the truth is, no matter how much we talk, it’s never enough. Because those investing in AI today are partnering with the market leaders of tomorrow. We don’t see AI as just another “technology.” We define it as the most economically transformative innovation in history.
Artificial Intelligence is the biggest investment theme of this century. BV Growth II is designed for investors who want to turn this transformation into opportunity.
Sometimes it feels like we talk too much about AI. But the truth is, no matter how much we talk, it’s never enough. Because those investing in AI today are partnering with the market leaders of tomorrow.
We don’t see AI as just another “technology.” We define it as the most economically transformative innovation in history.
- The impact of AI on global GDP is expected to surpass the combined effect of both the internet and the industrial revolutions.
- AI-driven business models, when backed at the right time and early stage, offer unicorn-scale return potential.
Why BV Growth II?
While the world rapidly adapts to this technology, Turkey remains an early yet high-potential market for global investors. This is precisely where the BV Growth II Fund provides investors not only financial returns but also strategic positioning in a frontier ecosystem.
What is BV Growth II (BVG II)?
Early-stage investment in technology champions emerging from Turkey
Turkey’s entrepreneurial ecosystem stands out with its young, dynamic, and talented teams. In recent years, many startups have made global waves with innovative business models. BV Growth II aims to elevate this potential further.
- Fund Size: Minimum USD 50 million
- Stage: From pre-seed to Series A
- Focus: Sector-agnostic, but with deep adoption of AI technologies
- Target Portfolio: 18–20 startups
The fund’s vision is to partner not with observers of change, but with local leaders who will redefine the direction of technology. We believe that in the next 8 years, at least 10 unicorns will emerge from Turkey, and we expect at least one of them to be part of our portfolio.
While the primary focus is on Turkey-based startups, BV Growth II also allocates up to 30% of capital to diaspora founders abroad and strategic opportunities in Asia. With a particular emphasis on Korea’s vibrant ecosystem, we actively foster cross-border collaborations, enabling portfolio companies to scale faster across multiple geographies.
Investment Committee
BV Growth II’s investment committee brings together distinguished leaders in investment and business:
- Agah Uğur
- Burak Balık
- Barış Özistek
- Münir Kundakçı
- Gizem Sezer
- Zeynep Özgür Çağlayan
Their diverse sectoral expertise ensures that every portfolio company is matched with the right partner, mentor, or venture advisor, receiving not just capital but also strategic and operational guidance.
The fund’s mission goes beyond generating financial returns: we aim to create value for the entrepreneurial ecosystem while giving investors early access to strategic technology opportunities.
Our Investment Thesis
AI startups are typically categorized into three main layers:
- Foundation Models
- Infrastructure Layer
- Application Layer
BV Growth II focuses primarily on the Application Layer—the fastest to commercialize and scale. Turkey’s strong technical talent and cost advantages provide a fertile ground for success in this segment.
- Core Verticals: Healthcare, finance, retail, manufacturing, agriculture, industry
- Priority Sectors: Gaming, retail tech, industrial tech, agri-tech, fintech
We also selectively back deep-tech founders building differentiated AI products with strong competitive moats.
Why Early-Stage?
- Investments from pre-seed to Series A
- Typical ticket size: USD 1.5 million per round, covering at least 2 years of operations
- Reserve allocation: USD 1.5–2 million per company for follow-ons
This approach allows founders to stay focused on building products and scaling, instead of constantly fundraising.
Turkey: An Early and Advantageous Entry Point for Global Returns
These dynamics allow BV Growth II to take meaningful equity positions early and exit at higher multiples.
Turkey offers a unique mix of advantages for AI innovation and investment:
- Entrepreneurial culture & top-tier engineering talent
- Up to 5x lower product development costs than the U.S.
- Direct access to Europe, MENA, and Central Asia
- A domestic market of 85 million people
- Customs Union with the EU
- Government incentives & 0% corporate tax programs
Compared to saturated markets like the U.S., Turkish startups can create high global impact at lower cost, especially in rapidly scalable areas like AI.
Track Record: From Early Success to New Horizons
The critical question when investing in a fund is: Can this team execute its strategy successfully?
BV Growth II builds on the proven track record of BV Growth I, which achieved:
- 39 investments in just 4 years
- 2 successful exits
- Leadership in early-stage deal flow in Turkey
This success is underpinned by our founder-friendly approach, direct ties with global funds, and deep market expertise.
We also back our conviction with action: the BV AI Summit Istanbul, which has hosted over 1,000 participants in just two years, with its third edition scheduled this year. These events highlight our commitment to scaling the ecosystem, knowledge sharing, and strengthening our AI investment focus.
The Next Chapter: BV Growth II
We are proud to announce that BV Growth II is now live and preparing to make its first investments. This fund was built to back Turkey’s future tech champions at the earliest stages and help them scale into global leaders.
If you want to be an early investor in the startups building the future, we invite you to connect with us through our investor form.
For more than a decade, we have contributed to Turkey’s entrepreneurial ecosystem with dedication, expertise, and a global network. At Boğaziçi Ventures, we believe in harnessing technology across multiple verticals to deliver sustainable and intelligent solutions.
Entrepreneurs can apply for investment discussions via [email protected]
Investors can learn more about our funds at [email protected]
