{"id":19050,"date":"2021-11-15T12:08:00","date_gmt":"2021-11-15T12:08:00","guid":{"rendered":"http:\/\/v3.aysegulzengin.av.tr\/?p=19050"},"modified":"2023-11-03T06:53:15","modified_gmt":"2023-11-03T06:53:15","slug":"girisim-sermayesi-yatirim-fonlari","status":"publish","type":"post","link":"https:\/\/aysegulzengin.av.tr\/tr\/girisim-sermayesi-yatirim-fonlari\/","title":{"rendered":"Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonlar\u0131"},"content":{"rendered":"\t\t
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2021<\/span><\/p>\n

y\u0131l\u0131n\u0131n T\u00fcrkiye startup ekosistemi i\u00e7in alt\u0131n y\u0131l\u0131 oldu\u011funu s\u00f6ylemek yanl\u0131\u015f olmaz. Startupblink 2021 raporuna<\/a>\u00a0 g\u00f6re T\u00fcrkiye, global startup ekosisteminde 44. S\u0131ray\u0131 alarak 2020 y\u0131l\u0131nda ald\u0131\u011f\u0131 toplam yat\u0131r\u0131m oran\u0131n\u0131 \u00fc\u00e7e katlad\u0131. T\u00fcrkiye startup ekosistemi 2021 y\u0131l\u0131nda unicorn ve hatta decacorn kavramlar\u0131n\u0131 t\u00fcm \u00fclkeye \u00f6\u011freterek g\u00f6\u011fs\u00fcm\u00fcz\u00fc geren global yat\u0131r\u0131mlara sahne oldu. \u0130stanbul, startup yat\u0131r\u0131mlar\u0131nda globalde 69. S\u0131raya y\u00fckselirken onu Ankara ve \u0130zmir izledi.<\/p>\n

Startup Market taraf\u0131ndan yay\u0131nlanan T\u00fcrkiye\u2019nin 3. \u00c7eyrek Yat\u0131r\u0131m Raporu<\/a>\u2019nda\u00a0 ise 2020 y\u0131l\u0131n\u0131n ilk 9 ay\u0131nda 123 startup yat\u0131r\u0131m al\u0131rken 2021 y\u0131l\u0131n\u0131n ilk 9 ay\u0131nda 203 giri\u015fimin yat\u0131r\u0131m ald\u0131\u011f\u0131 belirtiliyor. Raporda, t\u00fcm bu yat\u0131r\u0131mlardan en y\u00fcksek pay\u0131 oyun sekt\u00f6r\u00fcn\u00fcn ald\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Ancak ula\u015f\u0131m teknolojisi, e-ticaret, e\u011fitim teknolojisi ve fintech alanlar\u0131 da en \u00e7ok yat\u0131r\u0131m yap\u0131lan sekt\u00f6rler olarak g\u00f6ze \u00e7arp\u0131yor. Peak Games, Rollic Games, Trendyol, Getir, Insider ve Yemeksepeti bu istatistiklerin olu\u015fmas\u0131nda en b\u00fcy\u00fck paya sahip olan gurur tablolar\u0131m\u0131z\u0131 olu\u015fturuyor.<\/p>\n

KPMG T\u00fcrkiye taraf\u0131ndan haz\u0131rlanan rapora<\/a>\u00a0 g\u00f6re ise T\u00fcrk startup \u015firketleri 2021 y\u0131l\u0131n\u0131n ikinci yar\u0131s\u0131nda t\u00fcm zamanlar\u0131n rekorunu k\u0131rarak toplam 727 milyon dolar yat\u0131r\u0131m ald\u0131. 2021 y\u0131l\u0131n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde ise bu rakam\u0131n 2 milyar dolar civar\u0131nda oldu\u011funu biliyoruz.<\/p>\n

T\u00fcrkiye startup ekosisteminin bu denli h\u0131zl\u0131 bir b\u00fcy\u00fcme trendine girmesi \u00fclkemizde yat\u0131r\u0131m k\u00fclt\u00fcr\u00fcn\u00fcn de geli\u015fmesini sa\u011fl\u0131yor. Startuplar i\u00e7in do\u011fan b\u00fcy\u00fck umudun yan\u0131nda giri\u015fim sermayesi yat\u0131r\u0131m fonlar\u0131n\u0131n ve cesur yat\u0131r\u0131mc\u0131lar\u0131n artmas\u0131n\u0131 sa\u011fl\u0131yor. T\u00fcm bu g\u00fczel geli\u015fmeler i\u00e7inde giri\u015fim sermayesi yat\u0131r\u0131m fonlar\u0131 nelerdir ve nas\u0131l \u00e7al\u0131\u015f\u0131r sorular\u0131n\u0131n cevaplar\u0131n\u0131 vermek bize d\u00fc\u015f\u00fcyor.<\/p>\n

Bireysel Yat\u0131r\u0131mc\u0131(Private Equity- PE)<\/h5>\n

T\u00fcrk\u00e7eye giri\u015fim sermayesi olarak \u00e7evrilen ancak \u015fahsen \u00d6zel Sermaye<\/i> kavram\u0131n\u0131n daha do\u011fru oldu\u011funu d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcm Private Equity modelinde, \u00a0yat\u0131r\u0131m ihtiyac\u0131 duyan startup \u015firketinden\u00a0 pay alarak yat\u0131r\u0131m yapan ve ileri a\u015famada bu paylar\u0131 satarak kar elde etmeyi ama\u00e7layan yat\u0131r\u0131mc\u0131lardan s\u00f6z ediyoruz.<\/p>\n

Private Equity modelinde, yat\u0131r\u0131m\u0131n da temel amac\u0131 olan kar sa\u011flaman\u0131n birincil ama\u00e7 oldu\u011funu belirtmek yanl\u0131\u015f olmaz. Bu modelde yat\u0131r\u0131mc\u0131lar\u0131n, ki bu bir \u015fah\u0131s olabilece\u011fi gibi bir \u015firket de olabilir, daha \u00e7ok bireysel hedef ve stratejileri ile kar beklentileri\u00a0 do\u011frultusunda hareket etti\u011fi g\u00f6r\u00fcl\u00fcr. Startup \u015firketinden pay alma s\u00f6z konusu oldu\u011fu gibi \u015firketin tamam\u0131 ile sat\u0131n al\u0131nmas\u0131 da m\u00fcmk\u00fcnd\u00fcr. Daha \u00e7ok ba\u015flang\u0131\u00e7 a\u015famas\u0131n\u0131n bir t\u0131k ilerisinde olan scale up a\u015famas\u0131ndaki startup \u015firketleri de\u011ferlendirilirken \u00a0ileri a\u015fama startuplar i\u00e7in de farkl\u0131 modellemeler ile private equity yat\u0131r\u0131mlar\u0131n\u0131n g\u00f6r\u00fclmesi m\u00fcmk\u00fcnd\u00fcr. T\u00fcrkiye\u2019de bir\u00e7ok bireysel yat\u0131r\u0131mc\u0131n\u0131n yan\u0131nda startup ekosisteminin geli\u015fmesi ile birlikte startup yat\u0131r\u0131mlar\u0131 yapan bir\u00e7ok kurumsal \u015firket bulunmaktad\u0131r.<\/p>\n

Giri\u015fim Sermayesi(Venture Capital-VC)<\/h5>\n

Venture Capital fonlar\u0131n\u0131 k\u0131saca, bireysel veya kurumsal bir\u00e7ok yat\u0131r\u0131mc\u0131n\u0131n bir araya gelmesi ile olu\u015fan bir yat\u0131r\u0131m fonu olarak \u00f6zetleyebiliriz. Son zamanlarda ad\u0131n\u0131 s\u0131k\u00e7a duydu\u011fumuz VC fonlar\u0131, genel olarak erken a\u015fama(tohum ya da\u00a0 tohum \u00f6ncesi d\u00f6nem) giri\u015fimlere yat\u0131r\u0131m yapmas\u0131 sebebi ile giri\u015fimciler i\u00e7in b\u00fcy\u00fck \u00f6nem ta\u015f\u0131yor. VC fonlar\u0131n\u0131n ald\u0131\u011f\u0131 risk \u00f6zel sermaye yat\u0131r\u0131mc\u0131s\u0131na g\u00f6re \u00e7ok daha b\u00fcy\u00fck olmakla birlikte bu fonlar\u0131n \u00f6zel sermaye fonlar\u0131ndan farkl\u0131 olarak belirli sekt\u00f6rel alanlara odakland\u0131\u011f\u0131n\u0131, yat\u0131r\u0131mlar\u0131n\u0131 daha \u00e7ok teknoloji odakl\u0131 ve katma de\u011feri y\u00fcksek giri\u015fimler \u00fczerinde yo\u011funla\u015ft\u0131rd\u0131\u011f\u0131n\u0131, elbette ki\u00a0 uzun vadede y\u00fcksek kar elde ederek \u00e7\u0131k\u0131\u015f yapmay\u0131 hedeflediklerini s\u00f6ylememiz gerekiyor.<\/p>\n

Daha stratejik, daha kurumsal ve daha uzun d\u00f6nem hedeflerin benimsendi\u011fi Venture Capital fonlar\u0131n\u0131n say\u0131s\u0131 \u00fclkemizde de giderek art\u0131yor. En bilinen \u00f6rneklerini yurtd\u0131\u015f\u0131 merkezli 212 ve\u00a0 Revo Capital olu\u015fturuyor.<\/p>\n

Kurumsal Giri\u015fim Sermayesi(Corporate Venture Capital- CVC)<\/h5>\n

Kurumsal \u015firketler taraf\u0131ndan kurulan CVC\u2019 leri, kurumsal \u015firketlerin kendi stratejileri ve b\u00fcy\u00fcme hedefleri do\u011frultusunda yapt\u0131klar\u0131 yat\u0131r\u0131m ve sat\u0131n almalar\u0131 finanse eden giri\u015fim sermayesi fonlar\u0131 olarak \u00f6zetleyebiliriz.<\/p>\n

Kurumsal k\u00fclt\u00fcr\u00fcn startup k\u00fclt\u00fcr\u00fcne yak\u0131nla\u015fmas\u0131n\u0131 sa\u011flayan, startup k\u00fclt\u00fcr\u00fcn\u00fc kurumsal\u0131n i\u00e7ine almadan kendi ekosisteminde b\u00fcy\u00fctmeyi hedefleyen bir anlay\u0131\u015f\u0131n sonucu olarak ortaya \u00e7\u0131kan CVC\u2019 lerin d\u00fcnyada \u00f6nemli bir yeri bulundu\u011funu s\u00f6ylememiz gerekiyor. D\u00fcnyada en \u00f6nemli \u00f6rne\u011fini Google Ventures olu\u015ftururken \u00fclkemizde de hem kurumi\u00e7i giri\u015fimcili\u011fin daha \u00e7ok desteklenmesi hem de bankalar ba\u015fta olmak \u00fczere kurumsal \u015firketlerin startup yat\u0131r\u0131mc\u0131l\u0131\u011f\u0131n\u0131n h\u0131zl\u0131 ve b\u00fcy\u00fck geri d\u00f6n\u00fc\u015flerini ke\u015ffetmesi ile CVC say\u0131lar\u0131n\u0131n yak\u0131n gelecekte artmas\u0131n\u0131 bekliyoruz.<\/p>\n

Melek Yat\u0131r\u0131mc\u0131(Angel Investor)<\/h5>\n

Erken a\u015fama giri\u015fimlerin finansman ihtiyac\u0131n\u0131 kar\u015f\u0131lamak amac\u0131 ile girdi\u011fi b\u00fcy\u00fck riskler kar\u015f\u0131l\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131lara vergisel anlamda belirli avantajlar sa\u011flayan ve bu yolla erken a\u015fama giri\u015fimleri destekleyen melek yat\u0131r\u0131mc\u0131l\u0131k kavram\u0131 \u00fclkemizde en \u00e7ok bilinen giri\u015fim sermayesi fonlar\u0131ndan biri. 2013 y\u0131l\u0131nda y\u00fcr\u00fcrl\u00fc\u011fe giren Bireysel Kat\u0131l\u0131m Sermayesi Hakk\u0131nda Y\u00f6netmelik\u2019te bireysel kat\u0131l\u0131m yat\u0131r\u0131mc\u0131s\u0131(BKY) olarak isim bulan melek yat\u0131r\u0131mc\u0131lar, bireysel yat\u0131r\u0131mlar yapabildi\u011fi gibi VC\u2019 lere benzer nitelikte olan melek yat\u0131r\u0131m a\u011flar\u0131na(y\u00f6netmelikte BKY a\u011f\u0131) kat\u0131larak da yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrebiliyor. Devlet taraf\u0131ndan sa\u011flanan vergi te\u015fviklerinden faydalanabilmesi i\u00e7in lisans almas\u0131 gereken ve y\u00f6netmelikte say\u0131lan baz\u0131 \u015fartlar\u0131 yerine getirmesi gereken melek yat\u0131r\u0131mc\u0131lar, \u00f6zellikle i\u00e7inde bulundu\u011fu melek yat\u0131r\u0131m a\u011f\u0131n\u0131n stratejisi ve b\u00fcy\u00fcme hedefleri do\u011frultusunda yat\u0131r\u0131mlar\u0131n\u0131 belirli sekt\u00f6rlere yo\u011funla\u015ft\u0131rabiliyor. \u00dclkemizde mevcut melek yat\u0131r\u0131m a\u011flar\u0131n\u0131n en bilinen \u00f6rneklerini ise Galata Business Angels, Kereitsu Forum, Endeavor ve EG\u0130AD melek yat\u0131r\u0131m a\u011flar\u0131 olu\u015fturuyor.<\/p>\n

Kitlesel Fonlama(Crowdfunding)<\/h5>\n

Yurtd\u0131\u015f\u0131nda yayg\u0131n bir fonlama sistemi olan crowdfunding, \u00fclkemizde kitlesel fonlama ismi ile yer buluyor. Startup \u015firketinin ihtiyac\u0131 olan fonun internet ortam\u0131nda toplanan k\u00fc\u00e7\u00fck yat\u0131r\u0131mlar ile toplanmas\u0131 olarak \u00f6zetleyebilece\u011fimiz kitlesel fonlama, \u00fclkemizde 2019 y\u0131l\u0131nda y\u00fcr\u00fcrl\u00fc\u011fe giren Paya Dayal\u0131 Kitle Fonlamas\u0131 Tebli\u011fi ile yasal zemine kavu\u015ftu. Tebli\u011f ile kitle fonlamas\u0131na arac\u0131l\u0131k eden \u015firketler i\u00e7in baz\u0131 y\u00fck\u00fcml\u00fcl\u00fckler getirilirdi. Teknoloji veya \u00fcretim alan\u0131nda \u00e7al\u0131\u015fan giri\u015fimler i\u00e7in ise kitlesel fonlama kampanya ba\u015flang\u0131c\u0131ndan itibaren\u00a0 \u00fc\u00e7 y\u0131l boyunca pay devir yasa\u011f\u0131 bulunuyor. \u00dclkemizde fonbulucu \u00a0ve fongogo en \u00e7ok bilinen kitlesel fonlama platformlar\u0131n\u0131 olu\u015fturuyor.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

2021 y\u0131l\u0131n\u0131n T\u00fcrkiye startup ekosistemi i\u00e7in alt\u0131n y\u0131l\u0131 oldu\u011funu s\u00f6ylemek yanl\u0131\u015f olmaz. Startupblink 2021 raporuna\u00a0 g\u00f6re T\u00fcrkiye, global startup ekosisteminde 44. S\u0131ray\u0131 alarak 2020 y\u0131l\u0131nda ald\u0131\u011f\u0131 toplam yat\u0131r\u0131m oran\u0131n\u0131 \u00fc\u00e7e…<\/p>\n","protected":false},"author":1,"featured_media":19133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[189],"tags":[],"class_list":["post-19050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-makaleler"],"_links":{"self":[{"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/posts\/19050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/comments?post=19050"}],"version-history":[{"count":5,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/posts\/19050\/revisions"}],"predecessor-version":[{"id":19135,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/posts\/19050\/revisions\/19135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/media\/19133"}],"wp:attachment":[{"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/media?parent=19050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/categories?post=19050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aysegulzengin.av.tr\/tr\/wp-json\/wp\/v2\/tags?post=19050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}