Earlybird, has announced an investment fund of 130 million euros with commitments from EBRD, European Investment Fund, International Finance Corporation and Istanbul Venture Capital Initiative, which is a fund dedicated for early stage startups in Central, Eastern Europe and Turkey.
Earlybird Digital East Fund has been founded by partners Cem Sertoglu and Evren Ucok prolific and successful early tech investors in Turkey, Dan Lupu has covered large parts of CEE for Intel Capital and Roland Manger, with a special focus on Software, Communication, and Mobile.
For a number of reasons that many smart people have reported about, Berlin has become a uniquely attractive place for some of the most brilliant founders from all over Europe, sometimes even beyond to conceive great new products and build globally active companies around them. So rather than remaining a German VC supporting German companies, Earlybird became a Berlin based VC with an international team (check out the website now) working with exceptional founders from all over Europe. Taking this into consideration the fund realised that to the East of Berlin, in CEE and Turkey they could find a new world of smart and ambitious entrepreneurs that was largely untapped by the established VC community.
The fund has already met tech entrepreneurs (most of them in the making) from Turkey, the Balkans and North Eastern Europe, and has achieved to look now at over 1300 investment opportunities and felt reassured by what they saw.