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Türkiye Equity Crowdfunding Report (2021 - 2022)

  2. CONTENTS Preface Introduction Equity Crowdfunding Platforms First Campaigns of the Platforms Overview Overview Campaign Distributions 10 Largest Successful Campaigns Highlights Funding Amounts Successful and Failed Campaigns Campaigns by Categories Valuations Funding Periods Percentage Equity Offered Number of Investors Investment Amounts 2nd Round of Campaings Investment Activities Authorts & Sponsor 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2
  3. Macellan, in my opinion, has been one of the important milestones in the development journey of crowdfunding in Türkiye. The first equity-based crowdfunding campaign was successfully completed in May 2021, the amount raised was 250,000 TRY and the number of investors was 291. My personal first investment experience was in November 2021. In this report, you can find the details of the investments made through 6 crowdfunding platforms with at least one successful campaign. What I would like to draw attention to is the problems that equity-based crowdfunding solves and for whom. The first one is the problems of myself and other angel investors as someone who has been an angel investor for many years. These problems are finding startups to invest in, evaluating them, making the investment safely and monitoring them after the investment. What is not on this list, but perhaps the most important problem, is the ability to sell the shares acquired in return for investment when needed. Platforms regulated and supervised by the Capital Markets Board (CMB), Takasbank and Central Registry Agency (CRA), which are Türkiye's capital markets regulatory and operating institutions, have not only solved the problems of angel investors, but also "publicized" investing, so to speak. With crowdfunding, it has become possible to invest in startups where you can buy a share even with 1 TRY, and it continues to be developed by adapting it to the conditions of the day. For example, startups that could raise a maximum of 11 million TRY in 2021 and 20 million in 2022 and now can raise 45 million. Another group whose problems have been solved is the new generation of startups and entrepreneurs. For example, it has become easier for companies that have reached a certain size, such as Alternatif SuperApp, to make their own employees and customers shareholders with this system. Entrepreneurs who have not yet established a company can collect investments by explaining their solutions at the project stage, and then they can establish their companies and access their capital waiting at Takasbank. As the Yeni Nesil Kafası community, we support equity crowdfunding with our live broadcasts, social media content and community resources. This system is an important tool that accelerates the development of the next generation entrepreneurship ecosystem in Türkiye and I recommend you to experience it by making at least a few investments here, even with a very small amount. As one of the most important companies to validate the venture studio business model in Türkiye, Macellan has experienced all the needs of a startup, from capital to labor, from product validation to investment, through its four ongoing ventures. While realizing these four initiatives, we have undoubtedly had unsuccessful attempts. When we constantly transferred our earnings to establishing new ventures by adopting that every step we took was an experience, we believed that entrepreneurship and our ventures were one of the most important issues that would take our country to the next level. However, our perspective changed when we realized that it is faster and more efficient to start off by receiving investment in entrepreneurship. Today, we believe that the entrepreneurship ecosystem will develop more robustly with the formalization and widespread use of venture capital investment funds and crowdfunding instruments in our country. Especially in the equity-based crowdfunding system, we have an opportunity where the startup and entrepreneur can both validate their product and find investment. We have observed that this process, which we have experienced by launching Türkiye's largest crowdfunding campaign at one time with Alternatif SuperApp, both contributed to our capital and made our user base more loyal. In this context, I wish that the "Equity Crowdfunding Report", which we support in order to better understand crowdfunding in the entire entrepreneurship ecosystem with its benefits that we cannot list here, will be beneficial to the ecosystem. ÖMER ERKMEN Yeni Nesil Kafası Founder Yeni Nesil Kafası GÖKTÜRK YETİM Macellan CEO Macellan 3
  4. INTRODUCTION Equity crowdfunding was enacted in Türkiye for the first time with the Communiqué published on October 3, 2019. Following the Communiqué, the Capital Markets Board (CMB) started to authorize platforms to intermediate equity crowdfunding activities. To date, there are 8 equity crowdfunding platforms authorized by the CMB. Seven of these platforms have launched at least one campaign to date. The first equity crowdfunding campaign in Türkiye was launched on fonbulucu on May 11, 2021. From the very first campaign to the end of 2022, a total of 80 campaigns were finalized, 65 of which were successful by reaching their target funding amount. Approximately 223 million TL were raised in the successful campaigns. The largest funding in terms of the amount of funds raised was the Alternatif SuperApp campaign, which was launched on fonangels and raised approximately 19 million TL. As a result of this campaign, Macellan İleri Teknoloji A.Ş., which raised 18.8 million TL for 1.67% of its equity (including extra funding), reached 1.25 billion TL in value and became the most valuable venture funded via crowdfunding. While the average number of investors in successfully completed campaigns was 998, 98 of them were classified as qualified investors. In the campaign with the highest number of investors, 2440 investors participated in the funding. This report aims to provide a summary of the equity crowdfunding campaigns that took place from 2021, when crowdfunding was first implemented in Türkiye, to the end of 2022. This report will provide a broad perspective for platforms, investors and other decision-makers within the crowdfunding ecosystem, and a retrospective summary for interested individuals and institutions outside the ecosystem. Thanks to; Macellan for their support in making this report accessible to a wider audience, To Ömer Erkmen who was kind enough to write an introduction to the report, And our friends who have contributed in many other ways. DISCLAIMER The data in this report is collected from public sources. The authors aren't affiliated with the companies or platforms mentioned in this report. Copyrights and/or trademarks of any character and/or image used belong to their respective owners. This report doesn't include the campaigns ended after December 31, 2022. v.1.1 March 29,2023 KEMAL GÖKSU Kitle Fonlama Bülteni
  5. Crowdfunding has been enacted for the first time in Türkiye with the "Communiqué on Equity-Based Crowdfunding" on October 3, 2019. The Capital Markets Board (CMB) has been authorizing the platforms for equity crowdfunding since then. With the updated "Crowdfunding Communique" published on October 27, 2021, the rules regarding debt-based crowdfunding were determined and the rules for both activities were consolidated in a single communique. As of January 2023, there are 8 platforms that are authorized by the CMB to run crowdfunding campaigns. No debt-based crowdfunding has yet been run. Authorization dates of crowdfunding platforms are as follows: April 1, 2021 April 8, 2021 September 30, 2021 October 14, 2021 November 25, 2021 January 6, 2022 February 24, 2022 July 21, 2022 EQUITY CROWDFUNDING PLATFORMS 5 EQUITY CROWDFUNDING REPORT 2021-2022
  6. The first equity crowdfunding campaign in Türkiye was launched on fonbulucu. After this campaign which was launched on May 11, 2021, the other 6 platforms launched their first campaigns in 2022. The platform with the shortest period between the date of authorization and the date of the first campaign is fonangels, which launched its first campaign 25 days after getting authorized. Vakıf Yatırım, the first platform that was authorized by the CMS has not yet launched a campaign. On average, the crowdfunding platforms launched their first campaigns 180 days after they got authorized, excluding Vakıf Yatırım. May 11, 2021 March 16, 2022 April 11, 2022 June 27, 2022 March 21, 2022 November 28, 2022 December 9, 2022 FIRST CAMPAIGNS OF THE PLATFORMS 6 EQUITY CROWDFUNDING REPORT 2021-2022
  7. Classest Byqee Walkers EVbee CareMed Atronmac Genoride Miniyol Ortak Saksı Kampüs Arkerobox (2) Tamamlıyo Tıkla Takın Alpgen Robotics BukyTalk CroMagnon Art 2021 April August February June October January May September March July November December Shopalm Scoper Kolayyıka Sparga 1 Rawsome Sparga 1 (2) Contentrain Triwi EPTS Sitrett MX egirişim Securify SeyirDefteri Pastacıdan LojiPark Promoseed (2) Kafetek ConvoPLUS Vetbiotech Kratos Tootech Naturiga STETO Arı Kids and Parents Neobebek Arkerobox MediboothVR BeWell Size&Me Sugar Technology Alternatif SuperApp KiviERP Non Nocere Bilişim School Jetconnect Terapi Koltuğu Mr. Fish Cake 321Media egaranti Karma Türkiye CranioCatch Taze Yöre Acadebi NutzenTech MedicaUroSIM Tech2Bio Düğü Clicksy SeraCell Amazoi Shiftplanner Yapısoft Mikrosub DogGO Focused Pupa Tourist Co Print Promoseed Sensiball VR Fernvaille Hamurla AIHear Bilge Tunga AuthTake Successful Campaign Failed Campaign by launch date OVERVIEW
  8. Yapısoft Triwi Sensiball VR Fernvaille Promoseed Promoseed (2) AIHear Hamurla Bilge Tunga AuthTake Classest Tıkla Takın Alpgen Robotics BukyTalk CroMagnon Art Arkerobox MediboothVR y Arı Kids and Parents SeyirDefteri Neobebek egirişim STETO SeraCell Scoper Size&Me Taze Yöre Shiftplanner EVbee Tootech Saksı Kampüs Bilişim School Düğü 321Media Tourist EPTS Sitrett MX Arkerobox (2) Naturiga Jetconnect Clicksy Byqee Shopalm Pastacıdan BeWell CranioCatch Amazoi Co Print CareMed Sparga 1 Sparga 1 (2) Kafetek Mr. Fish Cake NutzenTech Mikrosub Rawsome Atronmac Genoride Tech2Bio Miniyol Ortak Contentrain Kratos 54 10 Tamamlıyo LojiPark Kolayyıka Terapi Koltuğu Acadebi MedicaUroSIM 2 4 Sugar Technology Karma Türkiye Focused Pupa ConvoPLUS Alternatif SuperApp KiviERP 6 0 Walkers 0 1 egaranti DogGO 2 0 Non Nocere 1 0 by platform OVERVIEW Successful Campaign Failed Campaign 8
  10. 16,000,000 TRY 13,202,503 TRY 10,200,000 TRY 9,000,000 TRY 8,100,000 TRY 7,900,510 TRY 7,800,000 TRY 7,200,00 TRY Funding Extra Funding 18,820,955 TRY Alternatif SuperApp Sparga 1 (2) Sitrett MX Miniyol Non Nocere Rawsome EVbee Atronmac Promoseed (2) Securify 6,240,000 TRY The average amount funded in successful campaigns is 3,434,020 TRY. According to the regulation, campaigns can be funded up to a maximum of 120% (20% extra) of the targeted fund amount, provided that it is disclosed beforehand in the information form. 57 of the successful campaigns raised extra funds. 10 LARGEST SUCCESSFUL CAMPAIGNS 10 EQUITY CROWDFUNDING REPORT 2021-2022
  11. The first campaign launched Promoseed | | | | | | | | | | | | | | | | | | | | | | | | May 11, 2021 fonbulucu The platform that launched the most campaigns fonbulucu 64 Successful campaign that raised the most funds Successful campaign with the highest valuation Successful campaign with the lowest valuation Successful campaign with the highest equity offered Successful campaign with the lowest equity offered Successful campaign with the most investors Successful campaign with the fewest investors The largest single investment transaction | | | | | | | | | | | | Alternatif SuperApp September 15, 2022 fonangels fonangels fonangels Successful campaign that raised the least funds Bilge Tunga 280,000 TRY 18,820,955 TRY August 2, 2021 fonbulucu fonbulucu fonbulucu Fastest completed successful campaign Byqee 2.5 hours Alternatif SuperApp BukyTalk Sparga1 Alternatif SuperApp EVbee Sugar Technology January 17, 2022 Securify 3,000,000 TRY 2,440 investors 200 investors December 6, 2021 fonbulucu 1,125,000,000 TRY 4,000,000 TRY 70% 1,48% HIGHLIGHTS 11 EQUITY CROWDFUNDING REPORT 2021-2022
  12. total target funding maximum funding funding amount 65 campaigns 80 campaigns 80 campaigns 229,067,333 TRY 267,676,800 TRY 223,211,310 TRY Funding target funding amount including extra funding amount Funding target amount excluding extra funding amount Funding amount including extra funding amount
  13. 65 15 65 of the total 80 campaigns launched successfully completed the funding.
  14. CAMPAIGNS BY CATEGORY Software B2B E-commerce/Marketplace B2B & B2C Edtech B2C Nutrition and Agriculture Electronic B2B2C Healthtech Media Fintech Mobility Gaming 17 23 10 18 9 15 6 10 7 7 2 3 2 2 4 3 5 5 2 2 3 2 1 1 1 PRE-FUNDING STATUS INDUSTRY BUSINESS MODEL Successful Campaign Failed Campaign While 41 of the fund seekers were incorporated companies, 23 were individuals. Software is the most common industry among the companies launched campaigns, followed by e- commerce/marketplace. While 25 of the funding applicants operate in a B2B business model, 23 operate in both B2B and B2C business models. 33 8 21 2 9 5 Incorporation Real Person Limited Company 14 EQUITY CROWDFUNDING REPORT 2021-2022
  15. The average valuation of the startups that launched a campaign was 41.6 million TRY, while the average valuation excluding failed campaigns is 45.6 million TRY. The successful campaigns with the highest and lowest valuations are as follows: 41,649,696 TRY Average Valuation Alternatif SuperApp Non Nocere Sitrett MX Miniyol Düğü Bilge Tunga Sparga 1 (1) AIHear Promoseed (1) BukyTalk 1,125,000,000 TRY 200,000,000 TRY 120,000,000 TRY 85,000,000 TRY 83,333,333 TRY 4,000,000 TRY 5,000,000 TRY 5,600,000 TRY 5,714,286 TRY 5,750,000 TRY VALUATIONS 15 EQUITY CROWDFUNDING REPORT 2021-2022
  16. According to the Crowdfunding Communiqué, the campaign period starts on the date declared in the information form approved by the investment committee and this period cannot exceed 60 days. There were 24 campaigns completed in the 60th day of funding. The average funding period is 34 days. 1 2 3 4 7 9 10 11 13 14 15 18 21 25 29 30 35 37 44 46 52 53 54 55 57 58 59 60 25 20 15 10 5 0 34 days Average Funding Period day 24 5 1 2 2 2 2 2 2 3 10 5 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FUNDING PERIOD
  17. PERCENTAGE OF EQUITY OFFERED 70% 21.86% 18% 17.17% 3.09% 17.59% 4.50% 1.67% 12.48% Sparga 1 (1) - (2) Caremed Promoseed (2) Düğü Seyir Defteri Non Nocere Alternatif SuperApp Average Equity Offered Startups that requested funding through crowdfunding offered an average of 10.49% of their equity. When extra funding is included, the rate is 12.48%. Equity Offered with the Campaign Equity Offered with the Extra Funding 17 EQUITY CROWDFUNDING REPORT 2021-2022
  18. 998 92 NUMBER OF INVESTORS AVERAGE NUMBER OF INVESTORS INVESTMENT AMOUNT 2,440 219 2,227 208 2,191 200 998 EVbee Karma Türkiye Promoseed Focused Pupa Genoride Sugar Technology Average The qualified investment amount constitutes approximately 40% of the total investment amount. An average of 998 investors participated in the campaigns. 92 of them were qualified. 223,211,310 TRY 89,452,706 TRY NUMBER OF QUALIFIED INVESTORS 267 8 259 6 251 1 92 Miniyol Bilge Tunga Atronmac Sensiball VR Genoride Karma Türkiye Average QUALIFIED INVESTMENT AMOUNT 8,230,400 TRY 9,044 TRY 7,047,786 TRY 50,904 TRY 6,716,700 TRY 41,280 TRY 1,490,878 TRY Sparga 1 (2) Bilge Tunga Alternatif SuperApp Hamurla Miniyol BukyTalk Average Based on 60 campaigns for which qualified investor data is available. Qualified Investors Qualified Investors Total Investors Total Investors NUMBER OF INVESTORS QUALIFIED INVESTMENT RATE 64.43% 2.95% 62.63% 5.27% 56.05% 55.53% 4.88% 33% Rawsome Bilge Tunga Tech2Bio Sensiball VR Seyir Defteri Miniyol Karma Türkiye Average 18
  19. Based on 60 campaigns for which the transaction details are available. 100 - 500 TRY 500 - 1,000 TRY 500 - 1,000 TRY 5,000 - 10,000 TRY 10 - 25 TRY 25 - 50 TRY 5 - 10 TRY 1 TRY 50,000 - 100,000 TRY 100,000 - 500,000 TRY 500,000 - 1,000,000 TRY 500,000 - 1,000,000 TRY 1,000.000 TRY + 1,000,000 TRY + 1 - 5 TRY 10,000 - 50,000 TRY 1,000 - 5,000 TRY 28.613 15.394 6.957 479 261 431 296 222 3.145 2.421 18 18 4 4 3.279 1.134 20.376 There were 261 transactions in which 1 TRY was invested. 4 transactions of 1 million TRY and more. INVESTMENT AMOUNTS
  20. Promoseed May 11, 2021 November 8, 2021 August 8, 2022 300,000 TRY 1,249,487 TRY 7,200,000 TRY 2,923,696 TRY May 11, 2022 The 3 startups that launched a crowdfunding campaign preferred crowdfunding again for their 2nd round of funding. While the 2nd round campaigns were realized with higher valuations, the amount of funds raised also increased. September 3, 2022 4,000,000 TRY 16,000,000 TRY November 7, 2022 Sparga 1 Arkerobox 1 2 2 1 2 1 2ND ROUND OF CAMPAIGNS 20 EQUITY CROWDFUNDING REPORT 2021-2022
  21. Promoseed July 10, 2021 May 31, 2021 $ 49,055 ? ERBAN, Kültepe Yatırım $ 419,048 May 11, 2022 February 16, 2021 April 29, 2022 $ 126.613 $ 18,077 Alesta Yatırım Shiftplanner April 7, 2021 November 22, 2021 $ 128,902 ? Sertaç Özinal, İbrahim Özer Shopalm May 13, 2022 July 19, 2021 $ 116,597 Cihan Aktaş Sensiball VR $ 132,487 December 3, 2020 December 6, 2021 $ 139,400 $ 13,000 Kerem Ciritçi Byqee December 23, 2020 November 3, 2021 $ 49,704 $ 98,269 Alesta Yatırım BukyTalk Historical investment data from The 6 startups that successfully raised funds through crowdfunding received investments from investment companies or individual investors at different times. 5 startups received investment before the crowdfunding campaign and 1 after. INVESTMENT ACTIVITIES 21
  22. 22 SUPPORTED BY WRITTEN BY As a startup studio, Macellan is home to four startups in SaaS, mobility and fintech. It offers vehicle tracking and management system with Bulut Filo, digital archive software with Arşimet, digital signature and verification platform with Lagina and super financial application services to businesses and users with Alternatif SuperApp. Founded in İstanbul in 2014 by four entrepreneurs, Macellan operates in three countries with 170 employees. A weekly newsletter that compiles campaigns published on crowdfunding platforms and publishes them with informative content. Yakup Hasan Kucuk Kemal Goksu