Getir’s early-stage backer Re-Pie seeks new financial investors

The company is planning to increase its war chest for new investments and would entertain investment offers from strategic investors, he noted. It is seeking minority stake investors that would both invest in the firm and conduct co-investments in new targets, Ergin added.

Potential new equity investors could also benefit its existing portfolio, Ergin said. Re-Pie has several portfolio companies that are expected to become unicorn in the near term, and Re-Pie aims to continue to back them in larger rounds with its own equity to exploit higher returns, he said.

In addition to new rounds, Re-Pie plans to exit at least three of its portfolio companies through IPOs in 2023, he added.

Re-Pie is one of the early investors in Getir, the ultra-fast grocery delivery company. It has also invested in Colendi, UK-based fintech company; Modanisa, the online modest fashion retailer; Carbon Health, the US based health-tech company; and mobile gaming company Ace Games, among others.

Re-Pie has so far established and manages 18 real estate and 26 venture capital investment funds, as per its website. It focuses on fintech, deep-tech and health-tech investments.

Its funds’ AUM grew by 142% in 2022, deploying USD 63.2m across 43 venture transactions last year, including Modanisa (USD 15m) and Ace Games (USD 8m), Ergin said.

Its AUM stood at USD 900m by the end of 2022, which it aims to increase to USD 1.6bn in 2023, Ergin said. It is listed as the 16th largest asset management company in Turkey and is aiming to solidify its place in the top 10 among these, he said. Turkey’s largest asset managers are owned by banks, Ergin noted, with Re-Pie standing as the largest independent asset manager that is not linked to any financial group.

Besides the management of mutual funds and discretionary portfolio management (DPM) accounts, Re-Pie also manages alternative funds, PE/VC and real estate funds. It manages 43 funds and expects to see this increase to 60 by the end of this year, according to Ergin.

Pre-IPO-like single asset single funds for sponsors, VC-focused funds-of-funds, corporate VCs and specialised and closed funds are among its PE/VC investment strategies, Ergin said.

The firm was founded in 2015 by co-founders Ergin, Emre Camlibel and Caner Bingol, he noted. Anil Altun became a partner in 2022 after the minority stake sale to Altun Capital.

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