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

  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. (Revised March 2019.)  View Details

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

  Camber Creek & Measurabl Inc.

  Marco Di Maggio and Lauren G. Pickle

  In late 2017, Camber Creek, a real estate technology focused venture capital firm, had to evaluate a potential investment in Measurabl Inc. which provides real estate companies of all sized with a full SaaS solution for sustainability data.

  Keywords: real estate; Venture Capital; Investment; Decision Making; Software; Environmental Sustainability;

  Citation:

  Di Maggio, Marco, and Lauren G. Pickle. "Camber Creek & Measurabl Inc." Harvard Business School Case 219-056, December 2018. (Revised March 2019.)  View Details

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

  Fluidity

  Marco Di Maggio, David Lane and Susie Ma

  In December 2018, the blockchain startup Fluidity was about to participate in its first tokenization deal, which would create digital access to property rights in a 12-unit Manhattan condominium complex. The deal was proof-of-concept for Fluidity, which hoped to develop a business digitizing securities issuance for other real estate assets on the basis of its technical facility with blockchain technology, and in conjunction with its broker-dealer partner, Propellr. A successful transaction would only prompt larger and more urgent strategic questions, however. Among them was the appropriate revenue model for Fluidity—whether to grow by providing its technical services to broker-dealers, by going into tokenized securities issuance, or by harnessing its trading technology to facilitate a secondary market in tokenized securities.

  Keywords: Blockchain; tokenization; data security; revenue model; Finance; Technological Innovation; Strategy;

  Citation:

  Di Maggio, Marco, David Lane, and Susie Ma. "Fluidity." Harvard Business School Case 219-057, December 2018. (Revised March 2019.)  View Details

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