Venture capital

Getir, a major online delivery service in Turkey, has started operating in London, its co-founder announced on Jan. 27. 

"Getir is now in London. We will endear this two-syllable Turkish word there, too," Nazım Salur, the co-founder and CEO of the fast-delivery startup Getir, said in a Twitter post.

Almost four out of five loan applications (78%) submitted by companies in the second phase of the Guarantee Fund, an initiative that started on November 17, have been approved by the credit sector.

In just over six weeks, Greek banks have approved the issue of loans to 7,470 enterprises, of which 7,360 are small and medium-sized firms and the remaining 110 are large ones.

The coronavirus has affected the ecosystem of Greek startups too, as a number of domestic venture capital funds chose to stay in and reinvest in the companies in their own portfolios instead of going out and financing new ones.

Greek startups have collected less in funds this year than 2019, amounting to a total 150 million euros. The leaders among those startups are Omilia and Skroutz, which, both mature, are attracting investors' attention.

At today's regular meeting, the government approved changes to the budget of the Ministry of Finance for 2020 to increase the capital of the Fund of Funds with a cash contribution of BGN 375,000. The increase of the capital of the company will be carried out by issuing new registered shares with a nominal value of BGN 1 each.

Startups in Greece are faced with a harsh reality as the coronavirus contraction will not only bring their turnover down to zero for some time but also threaten their very sustainability.

The World Congress of Angel Investors 2020 (WBAF 2020) will start in Istanbul next week on Feb. 17 with hundreds of participants from 92 countries.

WBAF 2020 will host 132 international speakers on 24 panels, including angel investors, venture capitalists, policymakers, entrepreneurs, and business leaders from around the globe, Anadolu Agency reported.

Seeking to promote venture capital investment in the country, Turkey has established two funds, said the nation's industry and technology minister on Dec. 24.

"We have taken action to boost venture capital investments, to ensure that the private sector focuses on this field, and to spread these investments throughout the country," Mustafa Varank said.

Just a tiny fraction of Greek startups have managed to attract the interest of domestic investors and secure funds and breathing space. According to estimates by the venture capital funds involved in the Equifund initiative, only 1-2 percent of proposals assessed this year have secured any funding.

Greek startup Augmenta has received a cash boost of 2.5 million euros from San Francisco-based Hardware Club and Marathon Venture Capital, thanks to its smart, robotic Field Analyzer system, seen here on top of a tractor, which offers farmers significant cost savings.