Turkish startup ikas attracts $20M for its e-commerce platform designed for small companies

It’s simple to imagine the e-commerce ship has sailed when you think about we now have big outfits like Shopify, WooCommerce and Wix dominating the sector. However the alternative for e-commerce platforms that cater to manufacturers stay huge and fertile, since so many smaller companies proceed foraying into the web within the wake of the pandemic.

Additional proof of this has surfaced within the type of one of many largest fundraises by a startup in Turkey, provided that the average Series A normally is available in at beneath $15 million. E-commerce platform ikas has raised $20 million in a Sequence A funding spherical because it seeks to broaden its operations into new markets in Europe. The corporate presently operates in Turkey and Germany, and says its platform simplifies retailer administration for corporations that need to have a digital presence.

The funding was led by the International Finance Corporation (IFC) fund, a enterprise arm of the World Financial institution Group.

ikas’ co-founder and CEO Mustafa Namoğlu informed TechCrunch that the corporate can be utilizing the brand new funding for worldwide enlargement in Japanese Europe and the DaCH area.

“Most of Europe is predominantly neglected or underserved by those U.S.-based giants,” he stated. “The global platforms lack customer service in local languages. It looks easy to start with, for example, a Shopify. But once you start, you need to add other plugins, and you may even need an agency to run it.”

Namoğlu stated ikas can win prospects in opposition to different platforms as a result of it’s extra of a “fire and forget” platform. “The first reason our merchants pick us over others is storefront speed, which gives them higher conversion rates. You get this out of the box, even if you pay us €30 per month. The second reason is customer service. Thirdly, we bundle the payments and the shipping labels into our core product, which means you don’t need to go and negotiate with payment providers or shipping labels. You’re immediately ready to go,” he stated.

Namoğlu beforehand based MUGO, a vogue distribution and retail firm, and launched ikas in 2017 with co-founders Tugay Karaçay, Ömercan Çelikler and Umut Ozan Yildirim.

The IFC invests immediately in corporations in addition to by way of PE and VC funds.

Additionally investing in ikas is Re-Pie Asset Administration, which has grocery supply startup Getir in its portfolio. The spherical noticed participation from ikas’ current investor Revo Capital, greatest often known as the primary institutional investor in Getir, Param, Midas and Roamless.