Twozero Ventures’s portfolio expands to 19 startups in 2023

TWOZERO Ventures, Türkiye’s first sports, media and entertainment venture capital fund, has shared data on its activities in 2023, during which it invested in a total of seven new startups, while also following up on its earlier investments in three ventures.

The engagements lifted the number of startups in the fund’s portfolio to 19, and it plans to continue its investments in 2024.

While the startups invested in by twozero Ventures provide employment for more than 1,500 individuals, 94% of their total revenues come from the global market. The startups in the portfolio have received over $260 million in investments to date, with the fund investing over $10 million in these ventures.

The fund’s first exit agreement marked the initial public offering (IPO) of Maçkolik, a pioneering online platform offering worldwide sports news, scores, predictions, and analytics, last year.

It recently sealed its second successful exit deal with the transfer of the streaming service BluTV to Warner Bros Discovery.

In 2021, Warner Bros Discovery, which had a 35% stake in BluTV through a capital increase, acquired all of the platform’s shares with the approval of Türkiye’s Competition Authority (RK).

Achieving significant success with the BluTV exit, twozero Ventures realized the returns on its investment in less than four years.

Yiğit Arslan, managing partner of twozero Ventures, said 2023 was a highly successful year for the company in terms of investments and exits.

“Exits are as much a part of our work as investments. With the successful BluTV exit in 2023, we achieved a total of two exits. Additionally, our investments in various startups in the sports, media, and entertainment sectors have contributed to creating a portfolio that can adapt to sectoral changes and focus on innovation,” said Arslan.

“Trends such as the digitization of media, the increasing value placed on content production, and the productivity and technology-focused transformation of sports investments are among the key trends we follow at twozero Ventures. Our fund strategy is to invest in pre-seed, seed, and early-stage startups and then support them to create the highest possible impact,” he added.