Insider has announced it raised another $105 million this week in the latest funding round that, gives it a valuation of almost $2 billion, as Türkiye's first software unicorn looks to evaluate strategic company acquisitions.
The artificial intelligence-backed marketing platform said the round was led by Qatar Investment Authority (QIA) and Istanbul-based buyout firm Esas Private Equity, bringing its total funding to $274 million.
Ali Can Kamiloğlu, a partner and director of sales and growth at Insider, said the investment would be utilized to acquire companies in Türkiye and other countries.
"Given that Türkiye is one of our most strategic markets, this move will completely transform the game's dynamics," Kamiloğlu said.
In addition to unlocking numerous opportunities for strategic acquisitions, Kamiloğlu said the investment would enable Insider to expand its team, create more job opportunities, and actively recruit the finest talents nurtured by the industry within the country.
"Thanks to this substantial financial support, we will acquire companies with differentiating solutions, driving product innovation while assisting marketing and e-commerce executives in achieving greater value and growth in their customer experience initiatives," Kamiloğlu added.
Insider has announced remarkable growth in over 26 countries since its inception seven years ago, primarily focusing on organic expansion. In addition, Insider solidified its position as a trusted growth partner when collaborating with major brands such as Arçelik/Beko, DeFacto, L'Oreal and Teknosa.
Commitment to acquisitions
Hande Çilingir, CEO and co-founder of Insider, shared insights on the company's expansion strategy, stating that it had successfully achieved "hyper-growth" through organic means thus far.
"Now, we aim to reach unparalleled levels of growth through a merger and acquisition-focused strategy. This funding will be utilized to acquire exceptional product companies worldwide, primarily in Türkiye, to enhance our technology further and create product synergies," Çilingir noted.
Unlike the previous $121 million Series D investment in 2022, which strengthened the company's capital reserves for operational expenses, she said this recent funding round would specifically support inorganic growth through mergers and acquisitions.
Reflecting on the recent acquisition of MindBehind, a Turkish startup, at the beginning of this year, Çilingir emphasized the motivation to explore opportunities to acquire leading-edge companies with industry-leading technologies.
"The positive response from the market and our customers following the acquisition of MindBehind, another Turkish startup like Insider, has heightened our desire to acquire rare companies that offer innovative solutions to address the most challenging aspects marketers face. We are committed to providing superior services, delivering increased value, and pioneering innovative solutions in those areas," she noted.
"With the responsibility of our role in the development of Türkiye and the future of our young people, we will evaluate this investment correctly for our country."