ISTANBUL, June 21, 2016 /PRNewswire/ --
The $3.2 million Series A was led by new European marketplaces-focused venture capital fund Addventure, with participation also from existing seed investor Hummingbird Ventures. The investment is among the largest ever received by a startup in Turkey and brings the total investment received by armut to $4.2 million. The Istanbul-based company was co-founded by Basak Taspinar Degim and Erol Degim to make it easy to buy services online. Armut.com has become the local services marketplace in Turkey on the strength of its proprietary matching and pricing algorithm and unwavering focus on customer satisfaction. The company has raised the living standards of more than 90,000 professionals by introducing them to almost half a million service requesters in 2015.
"Even though Armut.com is already the best way to buy services online, we see lots of room to improve our product to better serve our customers. We expect a decade of tremendous growth ahead of us," said co-founder Basak Taspinar Degim.
Co-founder Erol Degim emphasized that Armut.com is looking at an unusually large opportunity due to the company's technological and operational innovations having helped capture the attention of consumers more than any other startup in this space. "Our intention is use the new funds to build a world class team so that we can take our unique model to new countries."
The company has been invited to attend the Global Entrepreneurship Summit hosted by President Barack Obama at Stanford University, June 22-24 2016. The company's founders were also previously selected by the Endeavor Network as a high impact entrepreneur in 2015.