EQUITY
CROWDFUNDING
REPORT
2021 - 2022
TÜRKİYE
POWERED BY

CONTENTS
Preface
Introduction
Equity Crowdfunding Platforms
First Campaigns of the Platforms
Overview
Overview
Campaign Distributions
10 Largest Successful Campaigns
Highlights
Funding Amounts
Successful and Failed Campaigns
Campaigns by Categories
Valuations
Funding Periods
Percentage Equity Offered
Number of Investors
Investment Amounts
2nd Round of Campaings
Investment Activities
Authorts & Sponsor
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2

Macellan, in my opinion, has been one of the important milestones in the development journey of crowdfunding in
Türkiye. The first equity-based crowdfunding campaign was successfully completed in May 2021, the amount raised
was 250,000 TRY and the number of investors was 291. My personal first investment experience was in November 2021.
In this report, you can find the details of the investments made through 6 crowdfunding platforms with at least one
successful campaign.
What I would like to draw attention to is the problems that equity-based crowdfunding solves and for whom. The first
one is the problems of myself and other angel investors as someone who has been an angel investor for many years.
These problems are finding startups to invest in, evaluating them, making the investment safely and monitoring them
after the investment.
What is not on this list, but perhaps the most important problem, is the ability to sell the shares acquired in return for
investment when needed. Platforms regulated and supervised by the Capital Markets Board (CMB), Takasbank and
Central Registry Agency (CRA), which are Türkiye's capital markets regulatory and operating institutions, have not only
solved the problems of angel investors, but also "publicized" investing, so to speak. With crowdfunding, it has become
possible to invest in startups where you can buy a share even with 1 TRY, and it continues to be developed by adapting
it to the conditions of the day. For example, startups that could raise a maximum of 11 million TRY in 2021 and 20 million
in 2022 and now can raise 45 million.
Another group whose problems have been solved is the new generation of startups and entrepreneurs. For example, it
has become easier for companies that have reached a certain size, such as Alternatif SuperApp, to make their own
employees and customers shareholders with this system. Entrepreneurs who have not yet established a company can
collect investments by explaining their solutions at the project stage, and then they can establish their companies and
access their capital waiting at Takasbank.
As the Yeni Nesil Kafası community, we support equity crowdfunding with our live broadcasts, social media content and
community resources. This system is an important tool that accelerates the development of the next generation
entrepreneurship ecosystem in Türkiye and I recommend you to experience it by making at least a few investments
here, even with a very small amount.
As one of the most important companies to validate the venture studio business model in Türkiye, Macellan has
experienced all the needs of a startup, from capital to labor, from product validation to investment, through its four
ongoing ventures. While realizing these four initiatives, we have undoubtedly had unsuccessful attempts. When we
constantly transferred our earnings to establishing new ventures by adopting that every step we took was an
experience, we believed that entrepreneurship and our ventures were one of the most important issues that would take
our country to the next level. However, our perspective changed when we realized that it is faster and more efficient to
start off by receiving investment in entrepreneurship.
Today, we believe that the entrepreneurship ecosystem will develop more robustly with the formalization and
widespread use of venture capital investment funds and crowdfunding instruments in our country. Especially in the
equity-based crowdfunding system, we have an opportunity where the startup and entrepreneur can both validate their
product and find investment. We have observed that this process, which we have experienced by launching Türkiye's
largest crowdfunding campaign at one time with Alternatif SuperApp, both contributed to our capital and made our user
base more loyal. In this context, I wish that the "Equity Crowdfunding Report", which we support in order to better
understand crowdfunding in the entire entrepreneurship ecosystem with its benefits that we cannot list here, will be
beneficial to the ecosystem.
ÖMER ERKMEN
Yeni Nesil Kafası
Founder
Yeni Nesil Kafası
GÖKTÜRK YETİM
Macellan
CEO
Macellan
3

INTRODUCTION
Equity crowdfunding was enacted in Türkiye for the first time with the Communiqué published on October 3, 2019.
Following the Communiqué, the Capital Markets Board (CMB) started to authorize platforms to intermediate equity
crowdfunding activities. To date, there are 8 equity crowdfunding platforms authorized by the CMB. Seven of these
platforms have launched at least one campaign to date.
The first equity crowdfunding campaign in Türkiye was launched on fonbulucu on May 11, 2021. From the very first
campaign to the end of 2022, a total of 80 campaigns were finalized, 65 of which were successful by reaching their
target funding amount. Approximately 223 million TL were raised in the successful campaigns. The largest funding in
terms of the amount of funds raised was the Alternatif SuperApp campaign, which was launched on fonangels and
raised approximately 19 million TL. As a result of this campaign, Macellan İleri Teknoloji A.Ş., which raised 18.8 million
TL for 1.67% of its equity (including extra funding), reached 1.25 billion TL in value and became the most valuable
venture funded via crowdfunding. While the average number of investors in successfully completed campaigns was
998, 98 of them were classified as qualified investors. In the campaign with the highest number of investors, 2440
investors participated in the funding.
This report aims to provide a summary of the equity crowdfunding campaigns that took place from 2021, when
crowdfunding was first implemented in Türkiye, to the end of 2022. This report will provide a broad perspective for
platforms, investors and other decision-makers within the crowdfunding ecosystem, and a retrospective summary for
interested individuals and institutions outside the ecosystem.
Thanks to;
Macellan for their support in making this report accessible to a wider audience,
To Ömer Erkmen who was kind enough to write an introduction to the report,
And our friends who have contributed in many other ways.
DISCLAIMER
The data in this report is collected from public sources. The authors
aren't affiliated with the companies or platforms mentioned in this
report. Copyrights and/or trademarks of any character and/or
image used belong to their respective owners. This report doesn't
include the campaigns ended after December 31, 2022.
v.1.1 March 29,2023
KEMAL GÖKSU
Kitle Fonlama Bülteni

Crowdfunding has been enacted for the first time in Türkiye with the "Communiqué on Equity-Based Crowdfunding" on
October 3, 2019. The Capital Markets Board (CMB) has been authorizing the platforms for equity crowdfunding since then. With
the updated "Crowdfunding Communique" published on October 27, 2021, the rules regarding debt-based crowdfunding were
determined and the rules for both activities were consolidated in a single communique.
As of January 2023, there are 8 platforms that are authorized by the CMB to run crowdfunding campaigns. No debt-based
crowdfunding has yet been run. Authorization dates of crowdfunding platforms are as follows:
April 1, 2021 April 8, 2021 September 30, 2021 October 14, 2021 November 25, 2021 January 6, 2022 February 24, 2022 July 21, 2022
EQUITY CROWDFUNDING PLATFORMS
5
EQUITY CROWDFUNDING REPORT 2021-2022

The first equity crowdfunding campaign in Türkiye was launched on fonbulucu. After this
campaign which was launched on May 11, 2021, the other 6 platforms launched their first
campaigns in 2022.
The platform with the shortest period between the date of authorization and the date of the first
campaign is fonangels, which launched its first campaign 25 days after getting authorized. Vakıf
Yatırım, the first platform that was authorized by the CMS has not yet launched a campaign.
On average, the crowdfunding platforms launched their first campaigns 180 days after they got
authorized, excluding Vakıf Yatırım.
May 11, 2021
March 16, 2022
April 11, 2022
June 27, 2022
March 21, 2022
November 28, 2022
December 9, 2022
FIRST CAMPAIGNS OF THE PLATFORMS
6
EQUITY CROWDFUNDING REPORT 2021-2022

Classest
Robotic.mobi
Byqee Walkers EVbee CareMed Atronmac Genoride
Miniyol
Ortak
Saksı Kampüs Arkerobox (2)
Tamamlıyo
Tıkla Takın
Alpgen Robotics
BukyTalk
CroMagnon Art
2021 April August
February June October
January May September
March July November December
Shopalm Scoper Kolayyıka Sparga 1 Rawsome Sparga 1 (2) Contentrain
Triwi EPTS
Sitrett MX
egirişim
Securify SeyirDefteri
Pastacıdan LojiPark Promoseed (2) Kafetek ConvoPLUS Vetbiotech
Kratos
Tootech Naturiga
STETO
Arı Kids and Parents Neobebek
Arkerobox
MediboothVR
BeWell Size&Me Sugar Technology Alternatif SuperApp KiviERP Non Nocere
Bilişim School Jetconnect
Terapi Koltuğu Mr. Fish Cake
321Media
egaranti
Karma Türkiye
CranioCatch Taze Yöre Acadebi NutzenTech MedicaUroSIM Tech2Bio
DüğünBuketi.com Clicksy
SeraCell
Amazoi Shiftplanner Yapısoft Mikrosub DogGO
Focused Pupa
Tourist
Co Print
Promoseed
Sensiball VR
Fernvaille
Hamurla
AIHear
Bilge Tunga
AuthTake
Successful Campaign
Failed Campaign
by launch date
OVERVIEW

Yapısoft Triwi
Sensiball VR Fernvaille
Promoseed
Promoseed (2)
AIHear
Hamurla Bilge Tunga AuthTake Classest Tıkla Takın Alpgen Robotics BukyTalk
CroMagnon Art Arkerobox MediboothVR y
Arı Kids and Parents Robotic.mobi SeyirDefteri Neobebek egirişim STETO SeraCell Scoper Size&Me Taze Yöre Shiftplanner EVbee Tootech Saksı Kampüs Bilişim School DüğünBuketi.com 321Media Tourist
EPTS
Sitrett MX
Arkerobox (2)
Naturiga Jetconnect Clicksy
Byqee
Shopalm Pastacıdan BeWell CranioCatch Amazoi Co Print
CareMed
Sparga 1 Sparga 1 (2)
Kafetek Mr. Fish Cake
NutzenTech Mikrosub Rawsome Atronmac Genoride Tech2Bio Miniyol Ortak
Contentrain Kratos
54
10
Tamamlıyo LojiPark Kolayyıka Terapi Koltuğu
Acadebi MedicaUroSIM
2
4
Sugar Technology
Karma Türkiye Focused Pupa ConvoPLUS
Alternatif SuperApp KiviERP
6
0
Walkers
0
1
egaranti DogGO
2
0
Non Nocere
1
0
by platform
OVERVIEW
Successful Campaign
Failed Campaign
8

9
CAMPAIGN DISTIRIBUTIONS
by result
EQUITY CROWDFUNDING REPORT 2021-2022

16,000,000 TRY
13,202,503 TRY
10,200,000 TRY
9,000,000 TRY
8,100,000 TRY
7,900,510 TRY
7,800,000 TRY
7,200,00 TRY
Funding
Extra Funding
18,820,955 TRY
Alternatif SuperApp
Sparga 1 (2)
Sitrett MX
Miniyol
Non Nocere
Rawsome
EVbee
Atronmac
Promoseed (2)
Securify 6,240,000 TRY
The average amount funded in successful campaigns is 3,434,020 TRY.
According to the regulation, campaigns can be funded up to a maximum of 120% (20% extra) of
the targeted fund amount, provided that it is disclosed beforehand in the information form. 57 of
the successful campaigns raised extra funds.
10 LARGEST SUCCESSFUL CAMPAIGNS
10
EQUITY CROWDFUNDING REPORT 2021-2022

The first campaign launched Promoseed | |
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May 11, 2021 fonbulucu
The platform that launched the most campaigns fonbulucu 64
Successful campaign that raised the most funds
Successful campaign with the highest valuation
Successful campaign with the lowest valuation
Successful campaign with the highest equity offered
Successful campaign with the lowest equity offered
Successful campaign with the most investors
Successful campaign with the fewest investors
The largest single investment transaction |
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Alternatif SuperApp September 15, 2022 fonangels
fonangels
fonangels
Successful campaign that raised the least funds Bilge Tunga 280,000 TRY
18,820,955 TRY
August 2, 2021 fonbulucu
fonbulucu
fonbulucu
Fastest completed successful campaign Byqee 2.5 hours
Alternatif SuperApp
BukyTalk
Sparga1
Alternatif SuperApp
EVbee
Sugar Technology
January 17, 2022 Securify
3,000,000 TRY
2,440 investors
200 investors
December 6, 2021 fonbulucu
1,125,000,000 TRY
4,000,000 TRY
70%
1,48%
HIGHLIGHTS
11
EQUITY CROWDFUNDING REPORT 2021-2022

total target funding
maximum funding funding amount
65 campaigns
80 campaigns
80 campaigns
229,067,333 TRY
267,676,800 TRY
223,211,310 TRY
Funding target funding amount including extra funding amount
Funding target amount excluding extra funding amount
Funding amount including extra funding amount

65
15 65 of the total 80 campaigns launched successfully completed the funding.

CAMPAIGNS BY CATEGORY
Software
B2B
E-commerce/Marketplace
B2B & B2C
Edtech
B2C
Nutrition and Agriculture
Electronic
B2B2C
Healthtech
Media
Fintech
Mobility
Gaming
17
23
10
18
9
15
6
10
7
7
2
3
2
2
4
3
5
5
2
2 3
2
1
1
1
PRE-FUNDING STATUS
INDUSTRY
BUSINESS MODEL
Successful Campaign
Failed Campaign
While 41 of the fund seekers were incorporated
companies, 23 were individuals.
Software is the most common industry among the
companies launched campaigns, followed by e-
commerce/marketplace.
While 25 of the funding applicants operate in a B2B
business model, 23 operate in both B2B and B2C
business models.
33 8
21 2
9 5
Incorporation
Real Person
Limited Company
14
EQUITY CROWDFUNDING REPORT 2021-2022

The average valuation of the startups that launched a campaign was 41.6 million
TRY, while the average valuation excluding failed campaigns is 45.6 million TRY.
The successful campaigns with the highest and lowest valuations are as follows:
41,649,696 TRY
Average Valuation
Alternatif SuperApp
Non Nocere
Sitrett MX
Miniyol
DüğünBuketi.com
Bilge Tunga
Sparga 1 (1)
AIHear
Promoseed (1)
BukyTalk
1,125,000,000 TRY
200,000,000 TRY
120,000,000 TRY
85,000,000 TRY
83,333,333 TRY
4,000,000 TRY
5,000,000 TRY
5,600,000 TRY
5,714,286 TRY
5,750,000 TRY
VALUATIONS
15
EQUITY CROWDFUNDING REPORT 2021-2022

According to the Crowdfunding Communiqué, the campaign period starts on the date declared in
the information form approved by the investment committee and this period cannot exceed 60
days. There were 24 campaigns completed in the 60th day of funding. The average funding
period is 34 days.
1 2 3 4 7 9 10 11 13 14 15 18 21 25 29 30 35 37 44 46 52 53 54 55 57 58 59 60
25
20
15
10
5
0
34 days
Average Funding Period
day
24
5
1
2
2
2
2
2
2
3
10
5
3
4
1
1
1
1
1
1
1
1
1
1
1
1
1
1
FUNDING PERIOD

PERCENTAGE OF EQUITY OFFERED
70%
21.86%
18%
17.17%
3.09%
17.59%
4.50%
1.67%
12.48%
Sparga 1 (1) - (2)
Caremed
Promoseed (2)
Robotic.mobi
DüğünBuketi.com
Seyir Defteri
Non Nocere
Alternatif SuperApp
Average Equity Offered
Startups that requested funding through crowdfunding offered an average of 10.49% of their
equity. When extra funding is included, the rate is 12.48%.
Equity Offered with the Campaign
Equity Offered with the Extra Funding
17
EQUITY CROWDFUNDING REPORT 2021-2022

998 92
NUMBER OF INVESTORS
AVERAGE NUMBER OF INVESTORS
INVESTMENT AMOUNT
2,440
219
2,227
208
2,191
200
998
EVbee
Karma Türkiye
Promoseed
Focused Pupa
Genoride
Sugar Technology
Average
The qualified investment amount constitutes
approximately 40% of the total investment amount.
An average of 998 investors participated in the
campaigns. 92 of them were qualified.
223,211,310 TRY
89,452,706 TRY
NUMBER OF QUALIFIED INVESTORS
267
8
259
6
251
1
92
Miniyol
Bilge Tunga
Atronmac
Sensiball VR
Genoride
Karma Türkiye
Average
QUALIFIED INVESTMENT AMOUNT
8,230,400 TRY
9,044 TRY
7,047,786 TRY
50,904 TRY
6,716,700 TRY
41,280 TRY
1,490,878 TRY
Sparga 1 (2)
Bilge Tunga
Alternatif SuperApp
Hamurla
Miniyol
BukyTalk
Average
Based on 60 campaigns for which qualified investor data is available.
Qualified Investors
Qualified Investors
Total Investors
Total Investors
NUMBER OF INVESTORS
QUALIFIED INVESTMENT RATE
64.43%
2.95%
62.63%
5.27%
56.05%
55.53%
4.88%
33%
Rawsome
Bilge Tunga
Tech2Bio
Sensiball VR
Seyir Defteri
Miniyol
Karma Türkiye
Average
18

Based on 60 campaigns for which the transaction details are available.
100 - 500 TRY 500 - 1,000 TRY
500 - 1,000 TRY
5,000 - 10,000 TRY 10 - 25 TRY
25 - 50 TRY
5 - 10 TRY
1 TRY
50,000 - 100,000 TRY 100,000 - 500,000 TRY
500,000 - 1,000,000 TRY
500,000 - 1,000,000 TRY
1,000.000 TRY +
1,000,000 TRY +
1 - 5 TRY
10,000 - 50,000 TRY
1,000 - 5,000 TRY
28.613
15.394
6.957
479
261
431
296 222
3.145
2.421
18
18
4
4
3.279 1.134
20.376
There were 261 transactions
in which 1 TRY was invested.
4 transactions of 1 million TRY and more.
INVESTMENT AMOUNTS

Promoseed
May 11, 2021
November 8, 2021 August 8, 2022
300,000 TRY
1,249,487 TRY
7,200,000 TRY
2,923,696 TRY
May 11, 2022
The 3 startups that launched a crowdfunding campaign preferred crowdfunding again for
their 2nd round of funding. While the 2nd round campaigns were realized with higher
valuations, the amount of funds raised also increased.
September 3, 2022
4,000,000 TRY 16,000,000 TRY
November 7, 2022
Sparga 1
Arkerobox
1 2 2
1
2
1
2ND ROUND OF CAMPAIGNS
20
EQUITY CROWDFUNDING REPORT 2021-2022

Promoseed
July 10, 2021
May 31, 2021
$ 49,055
?
ERBAN, Kültepe Yatırım
$ 419,048
May 11, 2022
February 16, 2021 April 29, 2022
$ 126.613
$ 18,077
Alesta Yatırım
Shiftplanner
April 7, 2021 November 22, 2021
$ 128,902
?
Sertaç Özinal,
İbrahim Özer
Shopalm
May 13, 2022
July 19, 2021
$ 116,597
Cihan Aktaş
Sensiball VR
$ 132,487
December 3, 2020 December 6, 2021
$ 139,400
$ 13,000
Kerem Ciritçi
Byqee
December 23, 2020 November 3, 2021
$ 49,704
$ 98,269
Alesta Yatırım
BukyTalk
Historical investment data from startups.watch.
The 6 startups that successfully raised funds through crowdfunding received investments
from investment companies or individual investors at different times. 5 startups received
investment before the crowdfunding campaign and 1 after.
INVESTMENT ACTIVITIES
21

22
SUPPORTED BY
WRITTEN BY
macellan.net
As a startup studio, Macellan is home to four startups in SaaS,
mobility and fintech. It offers vehicle tracking and management
system with Bulut Filo, digital archive software with Arşimet,
digital signature and verification platform with Lagina and super
financial application services to businesses and users with
Alternatif SuperApp. Founded in İstanbul in 2014 by four
entrepreneurs, Macellan operates in three countries with 170
employees.
fonbulteni.substack.com
A weekly newsletter that compiles campaigns published on
crowdfunding platforms and publishes them with informative
content.
Yakup Hasan Kucuk
Kemal Goksu
linkedin.com/in/yhkucuk yhkucuk@gmail.com
kemal@kemalgoksu.com
linkedin.com/in/kemalgoksu

EQUITY
CROWDFUNDING
2021 - 2022
TÜRKİYE
POWERED BY