Number of 'angels' in Turkey may reach 12,000

By Tuba Sahin

ISTANBUL (AA) - The number of registered angel investors -- wealthy individuals putting up their own money to back start-up or scale-up companies -- in Turkey can reach 12,000 in the upcoming five years, the head of World Business Angels Investment Forum (WBAF) said on Sunday.

"There are 445 registered angel investors in Turkey. However the country has a potential to raise it to 12,000, in five years," Altuntas told Anadolu Agency.

Altuntas noted that Turkey became the fifth biggest start-up market in the world.

He said that the country was a promising market for angels despite venture capital investments in Turkey that are lagging behind developed countries.

Altuntas underlined the convenience of Istanbul as an east-west destination for cross-border investment.

Altuntas said foreign angel investors contribute in Turkey through their mentorship and know-how in exit strategies.

Turkey can offer foreign angel investors the highest quality start-ups, Altuntas said.

"Turkey can also provide them the same business idea and the same quality start-ups with other countries in the world for a lower share value," Altuntas said.

He cited that foreign angels raise the quality of their investments through benefiting from the Turkish government's fund.

The Turkish law on angel investments allows a 75 percent or 100 percent tax exemption for the capital invested.