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• Case | HBS Case Collection | December 2018

  iyzico: Fundraising in Emerging Markets (A)

  Marco Di Maggio and Gamze Yucaoglu

  The case opens in 2016 as Barbaros Ozbugutu, co-founder and CEO of the Istanbul-based payment technology start-up iyzico, contemplates the offers the company received for its Series C round. The case then describes iyzico’s origins and provides a detailed overview of the business model and growth story that led iyzico to dominate the industry in Turkey within three years of its founding. Having raised A and B rounds from local and institutional investors in 2014 and 2015 respectively, in 2016 Ozbugutu believes that iyzico could benefit from another round, this time from international venture capital, to reach its aggressive growth targets. In the summer of 2016, after an intense few months of talks with potential investors, Ozbugutu was looking at five competitive term sheets from funds with great fintech know-how and emerging markets experience. From the previous rounds, he knew that if he chose the right investors—ones who could also act as advisors—surprises would be rare. He now needed to weigh the pros and cons of the different term sheets and VCs and decide which offers to ultimately accept.

  Keywords: iyzico; fundraising; Business Startups; Venture Capital; Emerging Markets; Private Sector; For-Profit Firms; Management; Technology; Growth Management; Corporate Entrepreneurship; Negotiation Offer; Decision Making; Turkey;

  Citation:

  Di Maggio, Marco, and Gamze Yucaoglu. "iyzico: Fundraising in Emerging Markets (A)." Harvard Business School Case 219-064, December 2018.  View Details

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• Supplement | HBS Case Collection | December 2018

  iyzico: Fundraising in Emerging Markets (B)

  Marco Di Maggio and Gamze Yucaoglu

  The case opens in July 2016 as Barbaros Ozbugutu, co-founder and CEO of the Istanbul-based payment technology start-up iyzico, contemplates the pros and cons of the different term sheets the company has received for its Series C round. The case then informs the reader about some changes in circumstances that affected the terms of the shortlisted offers. At the end, the case poses this question: Being faced with worsening terms in a volatile environment, should Ozbugutu go ahead with the round, or should he wait and try again at a later point in time?

  Keywords: iyzico; fundraising; Business Startups; Venture Capital; Emerging Markets; Negotiation Offer; Decision Choices and Conditions;

  Citation:

  Di Maggio, Marco, and Gamze Yucaoglu. "iyzico: Fundraising in Emerging Markets (B)." Harvard Business School Supplement 219-065, December 2018.  View Details

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• Case | HBS Case Collection | November 2018

  The Rise of Populism and Italy's Electoral Tsunami

  Rawi Abdelal, Dante Roscini and Elena Corsi

  Italy’s March 2018 elections led to a populist government which included the right-wing League and the anti-establishment 5 Star Movement. To respect their electoral promises, the two parties came up with a budget plan which provided for a public deficit at 2.4%, a figure higher than what the previous administration had promised the EU Commission. On October 23, 2018, the EU Commission rejected such plan asking Italy to revise downwards the public deficit. The same day, Italian bond yields spoke to 4-year highs, up to 3.7% as investors questioned Italy’s capacity to repay its public long-term debt, the second highest in the EU. Would the Italian government be able to implement its plan?

  Keywords: globalized economies; unemployment; extremism; Political Elections; Immigration; Poverty; Social Issues; Government and Politics; Financial Condition; Financial Markets; Italy;

  Citation:

  Abdelal, Rawi, Dante Roscini, and Elena Corsi. "The Rise of Populism and Italy's Electoral Tsunami." Harvard Business School Case 719-042, November 2018.  View Details

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