Ikas Secures $20 Million in Series A Funding Led by IFC and Re-Pie Asset Management

ikas, an emerging e-commerce platform, has successfully raised $20 million in Series A funding. The World Bank's International Finance Corporation (IFC) and Re-Pie Asset Management spearheaded this round, marking it as the IFC's most substantial investment in a Turkish startup to date. This funding is a nod to ikas's rapid expansion and its pivotal role in supporting small businesses.

This capital injection is notable within the Turkish startup landscape, showcasing ikas's exceptional growth since its inception. The company aims to utilize these funds to dominate the e-commerce sector in Europe and other strategic markets worldwide. Within just two years, ikas has cemented its position in Turkey's e-commerce infrastructure and looks to expand its influence further.

Recognized for its swift growth, ikas earned a place in the Deloitte Technology Fast 50 program in 2023, highlighting it as one of Turkey's fastest-growing technology firms. The platform has managed to increase its Annual Recurring Revenue (ARR) from $1M to $10M in 16 months, setting a goal of reaching $100M in ARR soon. This milestone underscores ikas's commitment to providing small and medium-sized enterprises (SMEs) with an accessible e-commerce solution.

The investment by Re-Pie Asset Management through a dedicated Venture Capital Investment Fund (GSYF) and IFC's focus on innovation and supporting smaller businesses, especially those led by women, reflect the strategic importance of ikas's market offerings. Both investors have expressed confidence in ikas's potential to become a leading brand in its sector in Europe by 2030.