Tiko, a Turkish home-buying startup, has announced a successful $65 million Series A funding round, breaking the existing record in the country.
The funding round was led by BTOV and Rocket Internet, counting with the participation of Class 5 Ventures, Noah Khamallah, and Joel Ayala.
The money raised by the startup will be used to expand its presence to Portugal, as well as to increase the number of employees in Turkey and Madrid.
The startup founded back in 2017, aims to facilitate the sales process for property sellers by reducing the time it takes to complete from months to weeks by buying the property at a nominal discount on the sale price.
At this time, Tiko has divided its operations between Spain and Turkey, with real estate operations taking place in the former while management and technical operations take place in Turkey.
Tiko founder Sina Afra referred to the startup’s distribution by stating,
“We are not just a Spanish venture just because we are in Spain today. Once we reach France and Portugal tomorrow, we will not be a French venture either. I always look at ‘where is the management.’ Getir is not a Dutch company. It is not a United Kingdom venture either as it is now in London.”
While the startup’s valuation was not disclosed, it is expected that it will surpass the $1 billion milestone once the Series B takes place, earning the startup the title of Unicorn.
The success experienced by the startup is a reflection of the increasing relevance of Turkish startups on the global stage over recent years, with the country producing 3 Unicorns in the past year.
With demand in the real estate industry on the rise around the world, digital platforms have experienced an increase in their user base due to the benefits they provide when looking to sell or purchase real estate.