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Turkish flash-sale e-retailer raises $26 million in new funding
Silicon Valley venture capital firm invests in Turkish flash-sale site Trendyol.com.
Senior Editor, Research
Translated from Turkish to English “trend yol” means “trend road,” and the road to raising capital lead TrendYol.com to Silicon Valley. Istanbul, Turkey-based flash-sale siteTrendyol.com announced that it has received $26 million in new funding from venture capital firm Kleiner, Perkins, Caufield & Byers, a major player in high-tech investing.
Trendyol.com, No. 192 on the Internet Retailer Europe 300 Guide read more about the Europe 300, launched in March 2010 and has attracted four million members since then, the retailer says. The funding will be used to help grow its customer base and distribution, according to Trendyol.com.
"Trendyol.com's mission has been to revolutionize fashion in Turkey and make it accessible to all: for those who don't have the time to shop; the brands or stores in their cities; for those who cannot afford high retail prices,” says Demet Mutlu, founder and CEO, Trendyol.com. “The new financing will be used for key growth initiatives including enhancing our customer service, investment in operations, increasing member acquisition and further accelerating our growth within Turkey as well as other markets--all to deliver the best customer experience."
Turkey has the third-largest online engagement in Europe, according to comScore. It also has the fifth-highest number of Facebook users and is eighth- highest in users on Twitter.
The investment represents Kleiner, Perkins’ first investment in Turkey.
Trendyol.com has received $50 million in funding to date, including previous investment from Tiger Global Management based in New York City.