Turkey Wealth Fund and ADQ Form $300 Million Tech Fund
Posted on 03/23/2022
The Türkiye Wealth Fund, or Turkey Wealth Fund (TWF), and Abu Dhabi Developmental Holding Company PJSC (ADQ) have announced a US$ 300 million tech fund to invest in and grow Turkey’s technology ecosystem. This fund is the first move for the TWF to form a larger US$ 1 billion platform called the Türkiye Technology Fund (TTF). The TTF is designed to accelerate the growth of Türkiye’s technology ecosystem by deepening access to venture capital through dedicated funds, by investing in disruptive technologies to drive growth in the TWF’s traditional portfolio and advancing strategic technological investments in sectors critical to Türkiye’s development.
The Tech Fund established together with the ADQ will first establish a venture capital fund and a fund of funds. The fund of funds will aspire to augment capital available to the existing Turkish venture capital fund universe, while the former will increase funding for the Turkish startup ecosystem. The fund also aims to provide the opportunity for partnerships with other institutional investors while supporting seed, later stage, growth equity, and larger-sized venture capital investments.
ADQ has already invested in Turkish startups such as Getir and Trendyol.