Elixir Capital injects $4m into Annelutfen

Elixir invested via its ECM Straits Fund. The fund invests in small technology-focused businesses that have a connection to southern Asia. Investors in the fund include sovereign wealth funds, family offices and high-net-worth individuals.

The VC says this latest investment will form the cornerstone of its pan-Asia e-commerce investment programme.

According to Annelutfen, seven million babies are born in Turkey and the Middle East each year. It aims to capitalise on this underserved market and tap into the rapid growth of the e-commerce sector, which is currently at only 1% penetration in Turkey, compared to 10% in China, the US and western Europe.

Company
Founded in 2011 by Roys Gureli, Annelutfen sells 18,000 products via its e-commerce store. The company is based in Istanbul, with an additional office in San Francisco. Annelutfen also hosts activities, including classes in entrepreneurship for women and work/life balance coaching throughout the region.

People
Roys Gureli is the founder and CEO of Annelutfen. Arshad Ahmed is managing director at Elixir Capital.

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• Topics
• CEE
• Expansion
• Consumer
• Turkey