I made those for my own insights and thought some others can leverage too. I wanted to focus on SaaS investments at first. Then started with creating histograms for understanding the point where investments concentrate.
I’m open to criticism as I’m new to investments and my insights might be wrong. Combined with the other observations I made on the actual list of deals:
First chart:
– I’m surprised to see when I saw a bell-like curve in the seed stage. The list shows this stage is flooded by the constant-size (or with tiers) government supports. Even though the smaller bin sizes reveal some spikes, investments are highly organically spread onto a broad range.
Second chart:
– Early stage distribution curve follows the seed curve on the right hand side. I wasn’t expecting this. On averages its $10.6M against $0.8M (13x). Not valuation of course.
Third chart:
– Number of late stage deals are at far lower rates than the stages it sits between. There is not enough data to conclude on a judgement but this might be caused by Turkish startups left with no choice but pursuing the money outside the country (looking to data). The average deal size is $200M.
Fourth chart:
– Returns to bell-like formation. This stage is supported with outside buyers (like the late stage). Average deal size is $47M. Which is far lower than the average of late stage deals.
Fifth chart:
– Number of deals peaks at 400K$ which is also the half of average seed investment size.
Sixth chart:
– Shows potential of the country with the imbalance between the strong seed stage domination at low ends and the “weak” late stage domination on the upper ends.
This would look slightly different with adjusting older deal sizes by inflation. But that job is just beyond my Pareto.
**Summary**
The runway for Turkish startups without foreign investment actually is not as long as I was expecting. Which might be an opportunity since the volume and organic distribution of seed and early stage investments suggest organic market.
I’m also interested to make another one for US startups. Is there a public list for individual deals which goes at least back to 2000?
![Startup landscape in Turkey by distribution of investment values [OC]](https://www.byteseu.com/wp-content/uploads/2025/11/nejvo2paze3g1-1085x1536.jpeg "Startup landscape in Turkey by distribution of investment values [OC]")
1 Comment
I made those for my own insights and thought some others can leverage too. I wanted to focus on SaaS investments at first. Then started with creating histograms for understanding the point where investments concentrate.
**Tools**
Used Python to plumb data out of PDFs and Numbers to visualize. See my code on https://github.com/ufukty/landscape/blob/main/scripts/plumb.py
**Data source**
https://212.vc/turkish-startup-investment-reviews
**Insights**
I’m open to criticism as I’m new to investments and my insights might be wrong. Combined with the other observations I made on the actual list of deals:
First chart:
– I’m surprised to see when I saw a bell-like curve in the seed stage. The list shows this stage is flooded by the constant-size (or with tiers) government supports. Even though the smaller bin sizes reveal some spikes, investments are highly organically spread onto a broad range.
Second chart:
– Early stage distribution curve follows the seed curve on the right hand side. I wasn’t expecting this. On averages its $10.6M against $0.8M (13x). Not valuation of course.
Third chart:
– Number of late stage deals are at far lower rates than the stages it sits between. There is not enough data to conclude on a judgement but this might be caused by Turkish startups left with no choice but pursuing the money outside the country (looking to data). The average deal size is $200M.
Fourth chart:
– Returns to bell-like formation. This stage is supported with outside buyers (like the late stage). Average deal size is $47M. Which is far lower than the average of late stage deals.
Fifth chart:
– Number of deals peaks at 400K$ which is also the half of average seed investment size.
Sixth chart:
– Shows potential of the country with the imbalance between the strong seed stage domination at low ends and the “weak” late stage domination on the upper ends.
This would look slightly different with adjusting older deal sizes by inflation. But that job is just beyond my Pareto.
**Summary**
The runway for Turkish startups without foreign investment actually is not as long as I was expecting. Which might be an opportunity since the volume and organic distribution of seed and early stage investments suggest organic market.
I’m also interested to make another one for US startups. Is there a public list for individual deals which goes at least back to 2000?