SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment - Bloomberg
Trendyol, a Turkish e-commerce company backed by Alibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that included SoftBank Group Corp. and two Gulf wealth funds.
The capital raise, co-led by SoftBank’s Vision Fund 2 and General Atlantic, vaulted the Istanbul-based firm to a $16.5 billion valuation, according to an emailed statement from the company. The announcement confirmed a Bloomberg News report in July on Trendyol’s plans.
Qatar Investment Authority, Abu Dhabi sovereign fund ADQ and Princeville Capital also joined the round. It marked SoftBank’s first investment in Turkey.
“The funding proceeds will support Trendyol’s growth both within Turkey and internationally,” said Demet Mutlu, the company’s founder and chief executive officer. “In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalization of Turkish SMEs.”
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