A strategic partnership has been established between MÜSİAD, Turkey's most powerful and widespread global capital platform, and LETVEN CAPITAL within the scope of the TARS Venture Capital Investment Fund.

An online press conference was held today to announce the scope and details of the partnership, attended by MÜSİAD Chairman Abdurrahman Kaan and LETVEN CAPITAL General Manager Kamil Kılıç.

We Believe Momentum Will Turn Positive in the Last Quarter of the Year

Speaking at the program, Chairman Abdurrahman Kaan briefly assessed the pandemic-induced quarantine period and its aftermath. Kaan noted that Turkey grew by 4.5 percent in the first quarter of the year, but this figure would decline in the second quarter due to the impact of the quarantine period. Kaan said, "We anticipate that the support provided to the markets will become even more pronounced in the coming period, coupled with the normalization process that began on June 1st, and that the momentum in the Turkish economy will turn positive in the last quarter of the year."

The Agriculture and Food Sectors Play a Strategic Role in Our 2023 Goals

In his speech, Kaan noted the crucial importance of the agriculture and food sectors for the Turkish economy, stating that the agriculture and food sector is strategically important for Turkey to achieve the $150 billion production and $40 billion export target set as part of the 2023 goals. Kaan said, “With 2.2 million producers and over 45,000 small and large-scale companies, Turkey has been a net exporter in the agri-food sector for the last 20 years, ranking 21st globally with an average annual export growth rate of 7.5%. Today, large companies, with a 2% share, produce 45% of all agricultural and food products. The Istanbul Chamber of Industry (ISO) lists Turkey's Top 500 Industrial Enterprises, with 100 companies in the food sector leading the list, with net sales of 143.5 billion lira. The sector provides 5 million jobs, and 12% of exports are agricultural products.” The Goal is to Increase Exports to $180 Billion in the Next 10 Years

Chairman Kaan stated that they are supporting LETVEN CAPITAL to increase Turkey's exports from $18 billion to $180 billion over the next 10 years and to be a lifeline for transforming 2,000 agricultural food companies into SMEs and large-scale enterprises.

Kaan, who also provided information about MÜSİAD's technology and innovation-focused projects, said, “We consider this collaboration one of the fruits of the ‘Refreshment’ process implemented by MÜSİAD. As the final stage of our rejuvenation process, we aim to contribute high value-added projects to the national economy with these comprehensive projects, in which our MÜSİAD brands will actively participate. Our brand, which we define as MÜSİAD FUTURE (Future), will be an active player in Turkey's new roadmap for agricultural and rural development, with the slogan “business models of the future and sectors of the future.” I would also like to take this opportunity to share with you the news that we will be presenting another project of our MÜSİAD FUTURE brand very soon.” Kaan concluded his remarks by calling on all stakeholders, especially MÜSİAD members, to invest in the TARS fund.

LETVEN CAPITAL General Manager Kamil Kılıç emphasized that venture capital funds investing in agriculture, food, and technology have invested $100 billion in nearly 5,500 startups over the past seven years.

“The World Aims to Develop New Business Models by Collecting Data with Billions of Sensors in the Near Future”

Kılıç said, “The world is focused on enriching data to optimally offer consumers the most appropriate product, preventing product loss and waste, managing online demand-supply systems with smart warehouses, and delivering food directly from producers to markets or consumers through driverless vehicles and drone transportation. This will necessitate the integration of the agricultural and food value chain into the global production and consumption ecosystem. In an environment where food demand is increasing, agricultural land is diminishing, and climate change is increasingly impacting us, the world aims to develop new business models for sustainable food and food security by collecting and processing data with sensors, the number of which will exceed billions in the near future.”

We Aim to Create a Unicorn in This Field

Regarding the goals set for the TARS Venture Capital Investment Fund, Kılıç stated the following:

With the TARS Venture Capital Investment Fund, we aim to commercialize at least 10 patents or innovations, bring each of our five startups to a valuation of at least 50 million Turkish Lira, invest in 15 companies by reaching 10% of businesses in the agriculture and food ecosystem, ensure that at least 50% of the turnover of 40% of the companies in the portfolio comes from export revenue, and create a unicorn in this field from Turkey.

The LETVEN CAPITAL TARS Fund also aims to: