The venture capital firm Earlybird has announced that it has closed its new fund for startups in Turkey and Central Eastern Europe after raising $110 million towards its goal of $130 million.
The cash for Earlybird’s Digital East Fund (EDEF) has come from the likes of the European Bank for Reconstruction and Development, the European Investment Fund, the International Finance Corporation and Turkey’s dedicated co-investment program Istanbul Venture Capital Initiative (iVCi),”as well as from family offices and entrepreneurs around the globe”, the company said.
Obviously looking closely at businesses in what it describes as “an underfunded and attractive geography”, the fund will focus on providing early stage and early growth support and aims to deliver financial results that exceed emerging market benchmarks at a European level of operational risk.
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