The term unicorn is often used for companies that grow rapidly through venture capital and are valued at more than $1 billion. These companies come up with a new business model or an idea built on technology and quickly create great value. They also stand out with their growth potential, innovation and high risk-taking ability. Papara became the 7th Unicorn company of Turkey after its investments.
Papara became Turkey’s 7th Unicorn company!
With the rapid development of the technology ecosystem in Turkey in recent years, the number of Unicorn companies has also increased. Technology-oriented companies in our country have achieved success in many areas with their creative ideas and entrepreneurial spirit. As of today, there are 7 Unicorn companies in Turkey: Peak Games, Getir, Dream Games, Hepsiburada, Trendyol, Insider and Papara (as of today).
Papara’s unicorn was formed as a result of investments made in Spain. By acquiring Madrid-based Spanish company Rebellion, the company laid the foundation for its international service. This allowed its value to increase and exceed the level of 1 billion dollars.
Insider became Turkey’s first unicorn in software!
With an investment of $121 million, Insider exceeded a $1 billion valuation. Thus, it became Turkey’s first unicorn company in the field of software.
In the statement made by Papara Founder Ahmed Karslı, it was said:
“Papara was founded on the principle of financial inclusion for all, and this agreement will allow us to ensure that this is true for even more people. 2023 is the year we embarked on our ambitious international growth strategy and we are confident that Rebellion is the perfect foundation to expand our global reach.
The business and team stood out for us for a variety of reasons, notably unrivaled local market knowledge, best-in-class products, and most importantly, aligning goals with ours. We look forward to working with their talented team and building on Rebellion’s local market success.“
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