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  • December 2018 (Revised March 2019)
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iyzico: Fundraising in Emerging Markets (A)

By: Marco Di Maggio and Gamze Yucaoglu
  • Format:Print
  • | Language:English
  • | Pages:19
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Abstract

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, Ozbugutu believes that iyzico could benefit from another round in 2016, 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; Information 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. (Revised March 2019.)
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About The Author

Marco Di Maggio

Finance
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Related Work

    • December 2018
    • Faculty Research

    iyzico: Fundraising in Emerging Markets (B)

    By: Marco Di Maggio and Gamze Yucaoglu
    • December 2018 (Revised March 2019)
    • Faculty Research

    iyzico: Fundraising in Emerging Markets (A)

    By: Marco Di Maggio and Gamze Yucaoglu
    • September 2019 (Revised March 2022)
    • Faculty Research

    iyzico: Fundraising in Emerging Markets (A) and (B)

    By: Marco Di Maggio
Related Work
  • iyzico: Fundraising in Emerging Markets (B) By: Marco Di Maggio and Gamze Yucaoglu
  • iyzico: Fundraising in Emerging Markets (A) By: Marco Di Maggio and Gamze Yucaoglu
  • iyzico: Fundraising in Emerging Markets (A) and (B) By: Marco Di Maggio
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