Startup Istanbul launches a US$10 million fund to support startups

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Startup Istanbul organizes an annual global startup event that brings together founders, investors and executives. This event provides a gateway to global market for many startups in Middle East and Asia. The firm has launched a VC fund to invest in pre-seed startups in emerging markets. According to Burak Buyukdemir, the founder and managing partner of Startup Istanbul Fund, the fund targets US$10 million and it is projected to close within the next couple of weeks.

The fund has already attracted investors like Tim Draper, the American investor, who’s the founder of Draper University and Draper Venture Network. The fund admits it has also attracted other investors but it is unwilling to share their details just yet.

Only startups that have participate in Startup Istanbul will be able to pitch for the Startup Istanbul Fund. They aim to invest $50,000 in 100 startups and then follow-on in the best portoflio companies with up to $200,000 investment.

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