In recent years, Türkiye‘s startup scene has witnessed a surge in homegrown ventures evolving into global success stories. Companies like “Peak Games,” “YemekSepeti” and “Getir” didn’t just succeed – they broke boundaries and reached valuations within the markets they operate.
While these companies represent the pinnacle of Turkish digital innovation, many of them have ultimately been acquired by large international companies. These unique Turkish companies’ bittersweet loss is now woven into the global marketplace. Here’s a look at the achievements proudly nurtured but had to part with.
Peak Games: Biggest exit
Peak Games, an Istanbul-based mobile gaming company, was founded by Sidar Sahin and Hakan Bas. It was acquired by Zynga in June 2020 for $1.8 billion. The company launched the games Toy Blast in 2015 and Toon Blast in 2017, which, together, reached over 12 million average daily users on mobile as of June 2020.
Toy Blast by the end of 2016 had become one of the top 10 highest-grossing and most popular games in the American multinational toy manufacturing and entertainment company Hasbro.
The company also launched My Little Pony: Puzzle Party, which had similarities to Toy Blast, leading Peak Games to file a copyright lawsuit in U.S. courts. In 2017, the parties announced that they had reached a mutual agreement, and Hasbro subsequently removed its game from the market.
The $1.8 billion agreement consisted of $900 million in cash, with the remainder in Zynga shares. Peak Games is Türkiye’s first unicorn company – which means that it is a privately held startup company worth more than $1 billion and not traded on the stock market.
Trendyol to Ali Baba
Trendyol is an online e-commerce platform founded by Demet Mutlu in 2010. Sidar Sahin, the founder of Peak Games, was an angel investor in the company. Trendyol became Türkiye’s first decacorn— a term for companies valued at over $10 billion.
In April 2018, the Chinese company Alibaba Group became a key investor in Trendyol with a $728 million investment. Ali Baba later invested an additional $350 million in 2018 and 2020, raising its ownership in Trendyol to 86.5%. Other investors include Demet Mutlu with 6.96%, Evren Ucok with 5.55%, Begum Tekin holding 0.78% and Zeki Guclu Kaya with 0.21%.
With additional investments, Trendyol’s valuation climbed to $16.5 billion, solidifying its place as the nation’s first decacorn. After Ali Baba investment, investors such as General Atlantic from the United States, Japan-based SoftBank, Berlin-based Princeville Capital, Abu Dhabi’s ADQ and the Qatar Investment Authority (QIA) joined as Trendyol’s backers. With their investments, Trendyol’s valuation climbed to $16.5 billion in 2021.
Getir: Bringing convenience worldwide
Getir, which means “bring” in Turkish, is a Turkish company founded in 2015 by Nazim Salur. It started as a startup offering fast, on-demand delivery for groceries and a courier service for restaurant food, all through its mobile application.
Getir experienced rapid growth, doubling its order numbers in late 2019 to almost 1.5 million by December. That year, the company generated $120 million in sales.
In July 2021, Getir expanded into Southern Europe by acquiring BLOK, a Spanish online grocery startup. Then, in November, it strengthened its U.K. presence by purchasing the fast-delivery startup Weezy.
In March 2022, Getir completed a Series E funding round, led by Mubadala Investment Company, raising $768 million and valuing the company at $12 billion. Later that year, in December, Getir acquired its competitor, Gorillas, for $1.25 billion.
Although Getir doesn’t publicly disclose its revenue or profit, reports indicated it earned $1 billion in 2021. In May 2023, CEO Nazim Salur noted that while the company was profitable in some Turkish regions, it was not yet profitable at large due to heightened expansion.
By 2023, Getir began pulling back from international markets to focus on Türkiye. Getir announced its withdrawal from Portugal, Spain and France on July 27, 2023 with the statement, “The complex legal environment and regulations imposed by local authorities have made the company’s operations extremely difficult”. In September 2023, it sought $500 million in funding, with its valuation falling to $2.5 billion – a significant drop due to reduced demand for delivery services after the pandemic surge.
In November 2023, Getir acquired FreshDirect, a U.S. online grocery company. Finally, in September 2024, Mubadala Investment Company fully acquired Getir.
YemekSepeti: Two decade long story
Yemeksepeti, which means “food basket” in Turkish, is a Turkish online food delivery company founded in 2001 by Nevzat Aydin, Melih Odemis, Cem Nufusi, and Gokhan Akan, Yemeksepeti achieved a significant milestone in 2004 by reaching 1,000 daily orders. This number increased to 10,000 orders by 2008. That same year, Yemeksepeti secured its first investment round, establishing a partnership with the European Founders Fund.
In 2010, Yemeksepeti made its first step outside of Turkey by launching Foodonclick.com in the United Arab Emirates, beginning in Dubai and later expanding to Abu Dhabi and Sharjah. That same year, it entered Russia with a new site, izrestorana.co. By 2013, Foodonclick.com was also available in Qatar, Saudi Arabia, Oman, and Lebanon, while Yemeksepeti moved into Greece.
Before Delivery Hero bought the company in 2015, Yemeksepeti was operating in ten countries, including the UAE, Saudi Arabia, Lebanon, Oman, Qatar, Jordan, Greece, Bulgaria, and Romania.
In 2015, YemekSepeti updated its design, and that same year, Delivery Hero, which had expressed interest in entering the Turkish market, bought YemekSepeti for $589 million. With this sale, YemekSepeti became the first internet startup in Turkey to reach a billion Turkish Lira valuation upon exit. It is the biggest internet acquisition of the region.
By 2020, Yemeksepeti had added 5 million new users, bringing its total membership to over 20 million. On November 1, 2021, Nevzat Aydin, one of the company’s founders, stepped down as CEO and passed the role to Mert Baki.
YemekSepeti currently provides services all over Türkiye.
Dream Games: Türkiye’s 4th unicorn
Dream Games, a mobile gaming company from Türkiye, became the country’s fourth unicorn with a valuation of $1 billion. A milestone reached in the course of only two years with Peak Games, Trendyol, Getir and Dream Games.
The company was founded by former Peak Game employees. Dreams Games was evaluated at $2.75 billion and sold in 2022 to a consortium of Tura Makers Fund, BlackRock, IVP, Kore and Balderton Capital for $468 million.
Future of the Turkish startup industry
Türkiye’s growing startup ecosystem, supported by a young, tech-savvy population and a skilled developer pool, is expected to produce more unicorns in the coming years.
Companies like Peak Games, Yemeksepeti, Getir and Trendyol have taken Turkish innovation to the global stage, reaching record breaking valuations and proving that Turkish entrepreneurship can compete with the best.
Yet it remains a bittersweet reality, while these acquirements have attracted billions in foreign investment, that they were eventually sold to international companies.
