Tech Unicorn Insider PTE Nets $121 Million


Insider PTE, the Turkey-based artificial intelligence (AI) company, has received $121m in funding, raising its valuation to $1.2bn, as global funds direct more cash to tech startups of the country, the company announced Thursday, March 3.

The latest cash investment was made through a Series D funding round from the Qatar Investment Authority. The $300 billion national fund was launched to strengthen the region’s economy by diversifying into new asset classes.

Additionally, Sequoia Capital Operations LLC, Riverwood Capital LLC, Wamda Capital, Endeavor Catalyst Inc., Esas Holding AS and 212 Capital Partners contributed to the round.

The startup is Turkey’s fifth tech unicorn, the phrase used to describe startups worth over $1 billion.

Insider’s network uses AI to predict consumer behavior. Its customers include Toyota Motor Corp. and Vodafone Group, the company said.

Hande Cilingir, CEO and co-founder of Insider, said the new funding will be used to expand in the United States following growth in Asia, Europe and Latin America.

Last year, Turkey set a record in terms of start-up deal and investment value.

Read more: Turkish startups land record funding of $1.55 billion in 2021, a 948% year-on-year increase

In 2021, startups in the West Asian and Southeast European country raised more than $1.5 billion in angel and venture funding, representing a 948% year-on-year increase on the other of total investments according to the startup research platform

The data also revealed that the number of deals closed during the period increased by 47%, further underscoring the rapid acceleration in funding growth the country has seen in the space of a year.

A total of 294 funding rounds were completed in the country in 2021. This places Turkey in second place in the Middle East and North Africa region and among the top 10 countries in Europe with the most capital raised from investors.



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