500 Startups launches $15M Turkey fund

500 Startups has launched a $15 million investment fund focused on Turkey.

The goal is to issue seed checks ranging from $50,000 to $100,000 to more than 30 startups a year, with 15 percent to 20 percent for follow-on capital, according to venture partner Erhan Erdogan.

“It is a game changer for the region,” Erdogan told Wamda via email.

Turkish founders have proven successful regionally and on a global level. In the biggest tech exit yet for the region, Turkey’s food delivery company, Yemeksepeti, was acquired earlier this year by Berlin-based Delivery Hero for $589 million.

500 Startups is looking for startups with a functional product, early traction and a clear growth strategy, Erdogan said.

Original article by Antoine Abou-Diwan

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500 Startups launches $15M Turkey fund