Major meetup proves pivotal for Turkish startups seeking global investments
Türkiye booth is seen at the GITEX GLOBAL, in Dubai, United Arab Emirates, Oct. 16, 2023.

GITEX GLOBAL, one of the world's premier technology and entrepreneurship events, witnessed a significant Turkish presence this year as tens of startups from Türkiye engaged in meetings with investors managing over a trillion dollars



The world's largest event for startups and investors, the Expand North Star 2023 this year reached unprecedented dimensions. Hosted by the Dubai Chamber of Digital Economy, it brought together 1,800 ventures from around the globe, seeking to foster innovation and inspire and set the stage for expanded collaborations.

Simultaneously, over a thousand investors overseeing a trillion dollars from 70 countries converged at the new Dubai Port for GITEX GLOBAL, the world's premier technology event, engaging with entrepreneurs.

Supported by the Trade Ministry, some 62 Turkish startups participated, some in GITEX GLOBAL and others in the Expand North Star entrepreneurs' meetup.

At GITEX GLOBAL, established and mature startups took the stage, presenting their innovations to potential clients and investors.

Meanwhile, in the marina hosting the Expand North Star event, startups seized the opportunity to make presentations and engage in discussions with investors. Notably, Sonos Software from Türkiye made it to the final in an international competition.

Tech giants

In a testament to the GITEX GLOBAL's significance, technology giants like Dell Technologies, Google, Huawei, HP, IBM and Microsoft led the exploration of the latest trends, risks, challenges and opportunities reshaping various industries.

Salesforce, Broadcom, Beyon and Deloitte joined as first-time participants, adding momentum to the event's claim of being the world's largest tech gathering.

And Turkish tech ventures, partnering with industry leaders, further amplified their presence on the global stage, showcasing their capabilities.

Corporate memory software

One standout Turkish startup, Sono Software, which specializes in corporate memory software, made waves with its expertise in corporate governance.

CEO Kırçiçeği Korkmaz highlighted their integrated solutions, spanning risk management, process management and internal audits across sectors and public institutions.

"We produce solutions for risk management, process management and internal audit issues. The most important part of this software is that it works fully integrated. We work with many industry leaders in Türkiye," said Korkmaz.

Kırçiçeği Korkmaz, the CEO of Sono Software.

"Our software is used in many sectors, including energy and construction and by public institutions. We are a company that has received international awards. Our team consists entirely of computer engineers specializing in artificial intelligence and Internet of Things technologies and effectively integrating these technologies. Additionally, we are experts in cloud computing, allowing all our services to be accessible via the cloud," she noted.

"As we enter the globalization stage, we need investors to support us. We participated in the event in Dubai to meet potential investors and customers for Series A funding."

Customer experience

Cloud4feed, another Turkish startup, highlighted the growing importance of customer experience. Utilizing artificial intelligence technology, Cloud4feed collects feedback from various touchpoints, enhancing customer loyalty.

CEO Cef Tovil emphasized the need for businesses to comprehend the significance of big data and gain actionable insights. Cloud4feed operates in 19 countries and has secured significant investments, including $300,000 in a funding round joined by Türk Telekom's venture capital arm, TT Ventures.

"We see that customer experience has become the fundamental battleground for competition. One-third of consumers can abandon a brand after just one bad experience. However, we observe that businesses are only aware of 4% of dissatisfied customers. Despite this, companies attempt to measure and find customer experience through traditional methods like mystery shopping. We recognize the need to interpret big data and gain insights. This is where Cloud4feed comes in," said Tovil.

"We measure real experiences at customer touchpoints in real-time, obtain insights using artificial intelligence technology and take action based on the feedback received. In this way, we aim to increase customer loyalty," he noted.

"Currently, we work with over 60 corporate firms in 19 different countries. At the end of last year, we closed a funding round of $300,000 that was also joined by Türk Telekom TT Ventures. We are currently preparing for a new investment, aiming to continue growing in Europe and North America."

Smart solutions for food waste

Additionally, Cognitiwe, led by CEO Atilla Algan, addressed the pressing issue of food waste. Their AI-powered system optimizes the management of perishable goods in retail, maritime and culinary sectors, leading to substantial cost savings.

"When fresh goods stay on shelves for a long time, sales losses increase and, more importantly, food is wasted. We eliminate two significant errors in the retail sector. Using artificial intelligence and cameras, we enable retailers to better manage fresh food products on shelves through AI technology. We have started working with major food chains in Türkiye, Dubai and South America," said Algan.

He says their solution is not limited to supermarkets.

"It also manages kitchens and food storage on ocean-going ships. One of our clients provides catering services for 2,000 ships. They do not know how much of each product is left on the ship or what to load when they reach port. Consequently, they maintain a food stock worth $12 million in real time. By using our solution, they manage these cold storage facilities more efficiently, receiving real-time reports about products while the ship is at sea and saving $12 million," Algan noted.

Additionally, he said they had conducted significant pilot projects with cafe chains and bakeries.

"In short, we continue to develop solutions to manage food losses. Accessing investment worldwide has become challenging. We are meeting with investors from all over the world. Flex6tabs, an investment platform, offers an acceleration program in seven countries. With their support, we continue to grow."

Constantly on the move

At the event, Ali Karabey, co-founder of 212 VC, an early-stage venture capital fund, highlighted the need for continuous investor support for early-stage Turkish startups.

Karabey emphasized the importance of global outreach and the Middle East's unique entrepreneurial landscape, underscoring the fund's commitment to nurturing talent and fostering worldwide opportunities for emerging Turkish ventures.

"We established our first fund in 2012 and the second fund in 2018. This year, we are establishing our third major fund. Our goal is to support early-stage ventures from this region to enter international markets, especially those emerging from Türkiye," he noted.

Karabey said in Dubai, they sought investors for their new fund.

"We have brought our entrepreneurs here. Particularly during the global slowdown, it is essential for us to be everywhere, constantly on the move, just like our entrepreneurs, to boost the capabilities of the fund and increase its size," he added.

Karabey says the Middle East region is fascinating, with a wealth of talented individuals.

"We focus on Türkiye, Eastern Europe and the Middle East. However, capital is still scarce. That's why we seek investment for ourselves while explaining that ventures emerging from this region can make a global impact," he noted.

"Of course, the world is going through a slowdown, but talented individuals continue to pursue global opportunities bravely. We will continue to support them."

Driving manufacturing through digital innovation

Mert Software is making important strides in the manufacturing sector with its integrated hardware and software solutions.

According to Ilhan Özdemir, board chair, the company is dedicated to developing software tailored for the production industry, focusing on resolving sector-specific challenges. Their solutions span across 13 key sectors, including beverages, automotive, home appliances, cables and plastic injections.

"We develop software for the manufacturing sector, focusing on solving the industry's problems. We create integrated solutions for electronics and software. We address the needs of 13 different major sectors, including beverages, the automotive industry, home appliances, cables and plastic injections. In the manufacturing sector, paperwork is still prevalent. We want to eliminate these papers with the concept of Industry 4.0. We are making efforts to digitize the area," Özdemir said.

Ilhan Özdemir, the CEO of Mert Software.

He suggested that businesses can gain a lot of added value and increase production efficiency, reduce costs and stand out from their competitors.

"There is a story where ERP (enterprise resource planning) systems couldn't solve the problems in manufacturing fields. Our systems are operational in Coca-Cola's nearly 300 filling facilities worldwide. Our systems are used in the facilities of Stellantis, one of the world's largest automotive dealers. Our systems are also used in major German automotive companies," Özdemir noted.

Established in 1997, Mert Software earned official recognition as a research and development (R&D) center in 2016 and in 2021, it entered the technology development zone.

Now boasting a workforce of more than 115 professionals, the company comprises software developers, project consultants and experts from various disciplines.

Özdemir said it marked its debut participation at GITEX as part of the national participation facilitated by the Service Exporters Association (HİB) under the Turkish Exporters Assembly (TIM) umbrella.

"We are hopeful about this region and that we can find our place, especially in Saudi Arabia, the United Arab Emirates and North African countries."

Gateway to global expansion

To elevate Türkiye's tech prowess on the international stage, Yıldız Teknopark, a hub of innovation and entrepreneurship, has inaugurated the StarCamp initiative.

The venture, aimed at fostering global connections and business growth, was officially launched during the GITEX Global event, where prominent investors and tech enthusiasts from the region converged.

Orhan Tanışman, the general manager of Yıldız Teknopark, shared insights about StarCamp and indicated its role in amplifying Türkiye's technological footprint worldwide.

"Yıldız Teknopark hosts more than 700 companies and our goal was to extend this influence beyond Türkiye's borders. In collaboration with our partners, we decided to venture abroad. With five stakeholders, we established an entrepreneurship acceleration program in Silicon Valley. The success of this venture prompted us to expand to other locations. The center in Dubai, previously established by TIM, aimed at boosting Turkish IT exports. We decided to continue under the StarCamp brand. This has been opened as Türkiye's first technology marketing office," said Tanışman.

"We are now in Dubai using the StarCamp brand. We are also working to establish a presence in London, Amsterdam and Berlin to promote the Turkish IT sector. Additionally, we aim to replicate the Silicon Valley structure in Chicago and Detroit in the United States. Moreover, we operate an incubator company in Uzbekistan. We are using StarCamp as a global brand," he noted.

Behind these efforts, Tanışman said they are harnessing the extensive power of Yıldız Technopark and bringing together each technology company under the StarCamp umbrella.

"Entrepreneurs aim to access financing. It's not just about finding customers; the benefit lies in connecting products with the market. As Yıldız Tekno Venture Trust, we have involved Halkbank, Türk Telekom and Kalyon Group. Choosing Dubai, London and Amsterdam was not a coincidence. We aim to facilitate the meeting of Turkish IT companies with the market and financing," he noted.

He stressed efforts at GITEX to facilitate meetings with financing circles and funds.

"We are actively involved in investment ourselves. If you're not investing in your own companies, it's not entirely right to expect funds to invest. We also work hard to help entrepreneurs expand their network of relationships," added Tanışman.

Revolutionizing Dubai's connectivity

IPera has been pioneering the integration of intelligent WiFi solutions in key public spaces across Dubai.

Umut Kavurmacı, the co-founder, shared the company's journey from being a prominent player in phone traffic reporting and analysis systems between 2004 and 2014 to its current position as a trailblazer in the intelligent technology arena.

"We initially focused on selling phone traffic reporting and analysis systems to various companies in Türkiye and neighboring countries. Many leading groups and banks in Türkiye, including those in the top 500, became our clients. In 2014, we expanded our horizons and opened our office in Dubai Internet City to explore new markets," Kavurmacı noted.

"We began by selling the product we had developed over a decade. Soon, we identified a gap in the market in WiFi and the Internet of Things (IoT). Shopping malls, theme parks and airports providing WiFi services generated vast amounts of data. We started processing this data to create value for organizations," he said.

Umut Kavurmacı, the co-founder of IPera.

IPera uses sophisticated software and hardware from renowned partners like Cisco to process the data.

Kavurmacı emphasized the importance of users' consent and how their movements, with their permission, can be leveraged to offer personalized recommendations and promotions.

"During the WiFi connection process, we obtain users' consent. We can pinpoint their location within a range of 3 to 5 meters. For example, when someone is near a restaurant, we can send them notifications and messages with relevant information. We also send WhatsApp messages. Moreover, using heat maps created from this data, similar to those used in football matches, we provide organizations with valuable insights," he explained.

This enables businesses to offer promotions in less crowded areas to attract customer interest, according to Kavurmacı.

"Being locally rooted is crucial. It took us a year to secure our first reference. Many young engineers are working in technopark in Istanbul. We have also garnered the attention of the Ministry of Tourism, and we are collaborating on a smart city project. We have started using artificial intelligence technology to process real-time data and generate analytics. Our product operates on the cloud," he added.