Technolera to expand in the UK and US
Technolera, a Turkey-based co-foundry and startup building company, is planning to further expand its footprint in the UK and the US, its Co-founder and Managing Partner Omur Filiz told Dunya Executive.
Technolera has invested in 12 startups in 18 months, particularly in fintech, big data analytics and artificial intelligence, and mobile technologies. It also recruits talents and leads them to their startups, as well as providing scale-up services to its portfolio companies.
The company, which has three founding partners: Omur Filiz, Altan Atabarut and Bugra Sergun, invested around $1 million in start- ups in 2016. Filiz said five new ones were in the pipeline for 2017. Technolera has a monthly burn rate of $30,000 to $60,000 and expects to almost double it after fully launching a London operation, which will become the new headquarters for the global operation.
The company has three main verticals, fintech, big-data and artificial intelligence, and mobile technologies. Established as a limited liability company, Technolera plans to become a private limited company as soon as it receives sufficient investment.
“We not only invest in startups but provide and bring together the required talent and executive team that would take the startup to the market, acquire solution partners and plan the strategy,” Filiz said.
Technolera also plans to establish an equity crowd funding initiative in London for Turkish and other emerging market startups and provide corporate finance services later this year.
Its major startups are: Altdata, a big-data analytics company; KiraPlus, a payment services company that scores tenants and provides payment infrastructure with PayU; MetaTR, a UK based company that conducts psychometric tests that spots disruptive talents for startups.
The company is in the process of raising up to £1 million equity with a £5 million pre-money valuation and has so far secured £300,000 from an unidentified backer. The Series A funding round process will end in July 2017. The proceedings in this round will be used to strengthen its London operation and moving its portfolio startups from Istanbul to London.
The Series B funding round in London will end in late 2018 and the company will have a pre-money valuation of £15 million-£20 million at the time, Filiz said. Technolera plans to use the proceedings to invest in new startups and cover the increasing burn rate requirements of its portfolio companies.