iyzico: Fundraising in Emerging Markets (A)

Marco  Di Maggio; Gamze  Yucaoglu

Case | HBS Case Collection | December 2018 (Revised March 2019)

iyzico: Fundraising in Emerging Markets (A)

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; Technology; Growth Management; Corporate Entrepreneurship; Negotiation Offer; Decision Making; Turkey;

Language: English

Format: Print

19 pages

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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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Case | HBS Case Collection | March 2019

HOPI: Turkey's Shopping Companion

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