Finberg seeks to add up to USD 10m to Fiba Opportunity Fund

Originally a corporate VC firm, the sponsor is looking to diversify its LP base and is welcoming investments starting at USD 250,000 for the fund, which has a target of USD 11m-USD 16m, Elgin said.

The vehicle already has USD 6.7m AUM and aims to generate a 2-3x return on money at the exit of current assets, he said. Its investment period will extend until the end of 2024, with the fund expected to be terminated in 2028.

Investments
Fiba Opportunity (Firsat) Fund’s strategy focuses on investing in startups with potential for an IPO or acquisition by a strategic player, Elgin said. The majority of its investments is being made on a cost-basis, meaning that the most investments in the companies have already been made, he added.

The vehicle will primarily target the fintech and retail tech spaces, with around 40% of its capital planned to be deployed in new investments, and the balanced earmarked for follow-on rounds for existing portfolio companies, Elgin. About 10% of the fund will be invested outside Turkey.

Among the 12 portfolio companies in the fund are ikas, a new generation e-commerce platform; Mobilet, an entertainment and ticketing platform is preparing for a strategic investment round; Kolektif House, a prop-tech startup and an IPO candidate; Modanisa, a fashion retailer and another IPO candidate; and Vispera, a retail-tech startup that could be a target for of strategic acquisition, Elgin noted.

Other funds
Established in 2018, Finberg began as a fintech-focused corporate VC investing the capital of Turkey's Fibabanka and its parent conglomerate Fiba Holding The firm has evolved over the years, expanding its focus to become a multi-VC management company with four funds and USD 200m AUM.

Its other vehicles are Fintech Fund, Finberg Star Fund and Innovative Fintech and Retail Tech Solutions (IFR), which is backed by Fiba Holding and Oyak Portfoy.

Previous investments by Finberg include ultra-fast grocery delivery group Getir, invoice financing platform Figopara, finance-as-a-service startup Birlesik Odeme, which it has partially exited, banking-as-a-service company Colendi and online automotive marketplace GarajSepeti, which the firm exited through a sale to Kavak in May 2022.

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