VIRAL KNOWLEDGE: The “genioux facts” knowledge news
- Earlybird Digital East Fund — a fund associated with Germany’s Earlybird VC, but operating separately — has launched a €200m ($242m) successor fund.
- The fund’s focus will remain the same as before: a Seed and Series-A fund focusing on what’s known as ‘Emerging Europe’, in other words, countries stretching from the Baltics to Central and Eastern Europe, and Turkey.
- The firm has also promoted Mehmet Atici, who’s been with the firm for eight years, to Partner. The new fund has made four investments so far: FintechOS, Payhawk, Picus, and Binalyze.
- The back-story to DEF is a fascinating tale of what happened to Europe in the last 15 years, as tech took off and Europeans returned from Silicon Valley.
- Between 2014 and 2019, the fund invested in UiPath, Hazelcast, and Obilet.
- UiPath has become a global leader in the area known as ‘Robotic Process Automation (RPA).
- Hazelcast is a low latency data processing platform startup with Turkish roots.
- Obilet is a marketplace focused for the massive Turkish intercity bus travel market.
- DEF has also exited Vivense, Dolap, and EMbonds and in more recent times the fund has exited Vivense, the “Wayfair of Turkey” to Actera, the top local PE fund.
- The team had spectacular early success. Peak Games, Trendyol, YemekSepeti and GittiGidiyor are the four largest Turkish tech exits to date.
- Digital East Fund was an investor in all of them. Peak games exited for $1.8 billion in cash to Zynga only last year.
Category 2: The Big Picture of the Digital Age
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