Originally published in: Fintech Dünyası magazine, 2026 June issue (Turkish edition) — adapted and translated for Fintech in Türkiye
Quick Answer
Boğaziçi Ventures CEO Barış Özistek says the firm’s defining focus is Asia, where more than half of the global digital economy already takes place and where two-thirds of the world’s middle class is projected to live by 2030. The firm invests across stages — from early-stage to public companies — in “disruptive innovation” with fast global scaling potential, and is currently deploying three funds: BV Growth II, focused on applied AI; Greenwise, a climate-tech impact fund closing its first round in Q4 2026; and a new fund providing project financing to PC and console game developers. Özistek also points to a TÜSİAD-backed study ranking Turkey among the EMEA region’s top 10 startup ecosystems, and argues Turkey needs far more venture capital funds — citing South Korea’s more than 250 VC firms managing over 2,400 funds as a benchmark.
Interview
Fintech Dünyası: How would you describe Boğaziçi Ventures’ investment vision and its position in the venture capital ecosystem?
Barış Özistek: Our core focus is investing in innovative companies working with real passion — from early-stage startups to publicly listed companies, entirely technology-focused — that can drive major change in the verticals they operate in, particularly over the next three to five years, and potentially redefine those verticals from the ground up. That’s why we say we invest in “disruptive innovation.”
We’re one of the most active investment firms in Turkey. We don’t just operate as a next-generation financial institution — we put significant effort into growing the ecosystem itself. From the AI conferences we organize, to the events we participate in, to promoting Turkey’s ecosystem globally, we put in a lot of effort in areas where we have no direct revenue expectation.
Fintech Dünyası: Venture capital investment trusts are playing an increasingly strategic role in Turkey. In your view, what’s their most critical contribution to the growth of fintech and technology startups?
Barış Özistek: Beyond providing the capital startups need, domestic funds play a major role in bringing discipline to startups and preparing them for the global investment and business world. Local investors need to be especially active at the early and growth stages, which is exactly why GSYFs matter so much in this context.
[Editor’s note: GSYF (Girişim Sermayesi Yatırım Fonu, or Venture Capital Investment Trust) is a regulated Turkish investment vehicle structure used by domestic venture capital funds, overseen by Turkey’s Capital Markets Board (SPK).]
I’d advise founders to choose the funds they raise from based on what additional value they’re looking for. Some investors offer network access and business connections, some provide hands-on managerial support and act almost like a co-founder, and others are quiet investors who don’t get involved at all. Each has different benefits, upsides, and downsides. On the fintech side, discipline, bringing company operations into line with regulatory frameworks, financial resources, and network access stand out as the most critical forms of support.
Fintech Dünyası: What criteria does Boğaziçi Ventures prioritize when investing? Which signals matter most for early-stage startups specifically?
Barış Özistek: Naturally, the founders’ passion, their belief in what they’re building, and their command of their subject matter — both in Turkey and globally, in the relevant vertical — are decisive for us. On the business side, how scalable it is, the size it could reach if successful, how fast it could scale globally, and the founders’ ability to both build the product and scale into global markets are highly influential in our decisions.
Fintech Dünyası: Looking at your portfolio, which sectors and business models excite you most?
Barış Özistek: Our core philosophy is investing in businesses that develop innovative business models and can expand globally quickly, using their home market as a base. So whether it’s consumer-facing or B2B, businesses that can grow through digital marketing are the ones that excite me most.
Fintech Dünyası: Fintech entrepreneurship in Turkey has picked up significant momentum in recent years. Which fintech verticals do you think will grow fastest going forward?
Barış Özistek: I think technology solutions that don’t require regulatory licensing and put AI at their core — what’s often called TechFin — will grow faster.
Fintech Dünyası: Looking at the global investment ecosystem, how do you assess the standing of Turkish startups among international investors?
Barış Özistek: Certain sectors are quite strong and prestigious. Global investors show strong interest in Turkish companies in gaming, fintech, and retail technology that have demonstrated solid growth data. But I still think the ecosystem isn’t recognized accurately enough. Investors, founders, individuals, and the state all need to put in much more effort. Our priority should be to surface the areas where we’re genuinely strong.
Last year, as part of TÜSİAD’s Startup Ecosystem Development working group, we prepared and published a report. By consolidating 400 independent data points, we showed with hard data that Turkey ranks among the top 10 ecosystems in the EMEA region. More studies like this need to be done, and beyond that, we need to allocate significant budgets to get this message out in global media. Communicating the ecosystem properly and telling its story accurately will pay off in the medium term.
[Editor’s note: TÜSİAD (Turkish Industrial and Business Association) is one of Turkey’s leading business associations, representing major Turkish companies and playing an active role in economic policy advocacy.]
Fintech Dünyası: Areas like AI, gaming technologies, and fintech have been in investor focus recently. Which technologies stand out in Boğaziçi Ventures’ future investment strategy?
Barış Özistek: Our BV Growth II fund builds on the successful investment strategy of Growth I, but has shifted its focus entirely to applied-layer AI investments. Sector-agnostic — from industrial technologies to healthcare — we invest in companies that put AI at their core and can lead unique growth and drive change across different sectors. The fund’s first investment, Lucida AI, is growing very fast, particularly in South America and Asia, fully in line with our investment thesis.
Our climate-tech impact fund, Greenwise, will close its first round in the fourth quarter and begin making investments. I believe we’re addressing a major need in Turkey. Gaming, of course, remains one of our core verticals — our new gaming fund will provide project financing exclusively to PC and console game developers.
Through equity investment processes that provide fast financing without wasting time, the fund benefits founders, while also being quite advantageous for investors, since it shares in game revenue and offers a fast return on investment.
Fintech Dünyası: What role do you think venture capital funds play in developing Turkey’s entrepreneurial culture? Where does the ecosystem need more support to grow?
Barış Özistek: There’s a need for far more funds across different sectors, investment stages, and focus areas. We should compare ourselves to South Korea. More than 250 venture capital firms manage over 2,400 funds there. From accelerator programs to late-stage funds to thematic funds, there’s a highly sophisticated structure, led by the government. Compared to that, we’re still at the very beginning of the road.
Fintech Dünyası: We see that investment isn’t just about financial support. How does Boğaziçi Ventures contribute to portfolio startups’ strategic growth, network, and globalization?
Barış Özistek: Many investors support their portfolio companies in these areas. What sets Boğaziçi Ventures apart is our core focus on Asia. More than half of the global digital economy already takes place in Asia. By 2030, two-thirds of the world’s middle-class population is projected to live in Asia. The middle class in Southeast Asia alone is set to match Europe’s entire middle-class population.
[Editor’s note: Boğaziçi Ventures’ Asia focus includes active partnerships in South Korea and Japan, positioning the firm as a bridge between the Turkish startup ecosystem and Asian markets.]
Helping the companies we’ve invested in expand into such a fast-growing ecosystem is one of our top priorities. We aim to strengthen the bridges between Turkey and Asia, and to bring the startup ecosystem and Asia even closer together. We’re part of that ecosystem particularly through the business partnerships we’ve built in South Korea and Japan.
Frequently Asked Questions
What is Boğaziçi Ventures’ primary geographic focus? Boğaziçi Ventures is distinctly focused on Asia, where more than half of the global digital economy takes place and where two-thirds of the world’s middle-class population is projected to live by 2030.
What funds does Boğaziçi Ventures currently manage? As of 2026, Boğaziçi Ventures runs BV Growth II (focused on applied-layer AI investments), Greenwise (a climate-tech impact fund closing its first round in Q4 2026), and a new fund providing project financing to PC and console game developers.
How does Turkey’s venture capital ecosystem compare to South Korea’s, according to Özistek? Özistek notes that South Korea has more than 250 venture capital firms managing over 2,400 funds, with a sophisticated, government-led structure spanning accelerators to late-stage and thematic funds — a scale Turkey has not yet reached.
Which fintech verticals does Özistek expect to grow fastest in Turkey? Özistek expects “TechFin” — AI-driven technology solutions that don’t require regulatory licensing — to grow faster than licensed, regulation-heavy fintech verticals.
How did Turkey rank in the TÜSİAD startup ecosystem study Özistek references? The TÜSİAD Startup Ecosystem Development working group’s report, based on 400 independent data points, ranked Turkey among the top 10 startup ecosystems in the EMEA region.
This article is based on an interview originally conducted by Fintech Dünyası in Turkish. It has been translated and adapted for an international audience by Fintech in Türkiye.
