Turkey's First Software Unicorn Insider Raises an Additional $500 Million Investment

Minister of Industry and Technology Mehmet Fatih Kacır announced a significant development that has stirred the software arena in Turkey. In his speech at the opening of the 2024-2025 Academic Year at Yıldız Technical University, Minister Kacır revealed that Turkey's first software unicorn, Insider, has managed to secure an additional $500 million investment from global investors.

According to a statement from the ministry, a total of seven Turkish technology ventures have now reached a valuation exceeding a billion dollars.

In his speech, Minister Kacır also highlighted Turkey's goals for technology startups and emphasized the concept of “Turcorn,” which is the Turkish version of the unicorn term. Turcorn refers to Turkish technology ventures valued at over a billion dollars. Insider has made a significant success story as the first example of this concept.

Insider's global success and Turkey's technology objectives Insider became Turkey's first software Turcorn by surpassing a $1 billion valuation with a $121 million investment received in 2022. The company has garnered global attention in the content and software domains, establishing a significant presence in dozens of countries where it operates. This success reinforces the power of the Turkish technology sector on the global stage and inspires other entrepreneurs.

Minister Kacır asserted that Turkey's technological success should not be confined to Insider alone. Announcing the targets set for 2030, Kacır stated that they aim for the emergence of 100,000 technology startups from Turkey, with at least 100 of them crossing the billion-dollar valuation. Turkey’s initiatives in software and technology are expected to generate more international attention.