Revo Capital closes Fund II on EUR 90m

Erdinc Ergenc
28 September 2021

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Revo Capital, a Netherlands-based venture capital firm focusing on CEE, has held a final close for its second fund on EUR 90m, managing director Cenk Bayrakdar told Unquote.

Revo Capital Fund II held a first close on EUR 40m towards a target of EUR 60m in March 2020, as reported.

Domiciled in the Netherlands and structured as a BV, the fund has a 2% management fee with a carry rate of 20% and a hurdle in accordance with market standards. It has a lifespan of 10 years.

Over the past three months, Revo has finalised three exits and made three new investments in parallel with the closing of its second fund.

Investors
The European Bank for Reconstruction & Development and International Finance Corporation are the most prominent investors in the fund. They were also the inaugural LPs in Revo Capital Fund I, which closed on USD 66m in 2016.

The Turkish Development and Innovation Fund (itself backed by the European Investment Fund), German Investment Corporation (DEG), the Turkey Development Fund, and several Turkish corporate investors such as EnerjiSA Enerji, Finberg, QNB Finansbank, Yildiz Ventures and Unlu Yatirim also committed to the "oversubscribed" second fund, according to Bayrakdar.

Individual investors Koray Bahar and Ahmet Bilgen, founders of Foriba (a Revo Fund I portfolio company later sold to Sovos) contributed to Revo's second fund.

Investments
Revo has so far made a total of five investments from its second fund: CY Vision, Massive Bio, Getir, Akinon and Vivoo.

It aims to see a total of 25 investments from Fund II by the end of 2024, as previously reported.

Revo invests in Series A and B rounds of startups from Turkey, eastern Europe and the Baltic region. Revo's target verticals include financial technology, software-as-a-service, marketplaces, B2B cloud infrastructure, and AI, among others, with Fund II targeting a new vertical in the form of health-related IT.

"As the first fund investing in Getir, we have experienced first-hand how its success strengthened the Turkish startup ecosystem, motivating entrepreneurs as a role model to build global category- defining products and services," Bayrakdar said.

Typical equity cheques from the fund will be EUR 1m-4m and Revo expects to hold companies for around seven years.

People
Revo Capital – Cenk Bayrakdar (managing director).