Turkey's ICT Exports and Startup Investments Hit Record Highs in 2024

Turkey's technology sector crossed a significant threshold in 2024, posting record numbers in both exports and startup funding. The surge—propelled by software, IT services, and a handful of massive fintech deals—served as the backdrop for the country's most ambitious international showcase yet at London Tech Week 2026.

2024 By the Numbers: Exports and Investment Deals

The year 2024 was a banner year for Turkish tech, with multiple data points telling a story of rapid, if uneven, expansion.

ICT Exports: A 37.8% Jump to $5.3 Billion

Turkey's information and communication technology (ICT) export performance was a major highlight. Two key metrics define the growth:

• ICT Service Exports: According to the World Bank, Turkey's ICT service exports reached approximately $4.856 billion in 2024, up from $4.08 billion in 2023, representing a roughly 19% year-on-year increase .
• Broader Sector Exports: The Service Exporters' Association (HİB) reported a higher figure of roughly $5.3 billion, marking a 37.8% increase year-on-year, by including a broader mix of IT services, software, and digital solutions .

The Turkish Trade Ministry separately reported that IT industry exports specifically reached $4.9 billion, up from $4.2 billion in 2023 . These varying figures reflect differing scopes—with the World Bank's more narrowly defined "ICT service exports" providing a conservative baseline and the HİB's figure capturing a wider national picture of tech-related service exports.

Software has become the dominant export category. An analysis of TÜBİSAD’s 2025 ICT sector report noted that overall ICT exports grew from $1.5 billion in 2020 to $3.3 billion in 2024, an average annual growth rate of about 22%, with software taking the lead .

Startup Investment Deal Volume: A 423% Surge to $2.6 Billion

The startup ecosystem saw an even more dramatic leap. The total transaction volume of investments into Turkish startups reached a record $2.6 billion in 2024, a massive 423% increase from the $497 million recorded in 2023 . The number of deals also rose, from 297 in 2023 to 331 in 2024 .

However, a closer look reveals the surge was top-heavy. KPMG's Q4 2024 report highlights that while total deal volume skyrocketed, this was significantly influenced by a small number of very large transactions, particularly late-stage fintech deals and acquisitions . The broader ecosystem painted a more modest picture:

• A report by startups.watch tracked 469 investment deals totaling $1.1 billion in 2024 when excluding startup acquisitions, a 31% increase in deal count and a 44% increase in deal size from the previous year .
• Another industry report noted that 579 startups received investments in 2024, an all-time high, boosted by the emergence of new pre-seed funds like the TÜBİTAK BiGG Fund .

In essence, the headline $2.6 billion figure reflects a robust year for big-ticket deals, while the $1.1 billion figure for venture capital stages shows a more widely distributed, though still strong, growth pattern.

What Drove the 2024 Increases

Several structural and market factors converged to create the 2024 growth surge.

• Demographic and R&D Strength: The Turkish Investment and Finance Office attributed ICT export growth to the country's large and expanding R&D ecosystem, a rising number of technology companies and technoparks, and a critical mass of engineering talent. A large share of this workforce is under 35, providing a cost-efficient and dynamic labor pool .
• Government Support: State backing for IT exporters increased by 228% compared to the previous year, reaching 3.23 billion Turkish Liras in 2024 . This direct support made local tech services more competitive globally.
• Market Recovery and Financial Investors: After a global slowdown in 2023, financial investors, especially private equity, returned to the Turkish market in 2024. They concentrated on larger, later-stage deals in the services, energy, manufacturing, and technology sectors, pushing the total deal volume to record highs . Fintech was a primary driver, with companies like Colendi, Dgpays, and Midas receiving $15 million-plus investments in the first half of the year alone .

The Global Picture: A Surge with Gaps

While the growth is remarkable, Turkey is still catching up in high-value technology manufacturing. In 2024, only 5.1% of the country's manufacturing exports were classified as high-tech, though this was a record high, up from 4.5% in 2023 . For context, medium-high and medium technology products constituted a much larger 40.3% of exports. The country's broader high-tech exports (including defense and other sectors beyond ICT) reached nearly $10 billion .

Turkish Tech Companies at London Tech Week 2026

Capitalizing on its 2024 momentum, Turkey arrived at London Tech Week 2026 (June 8-10) with its largest-ever national delegation. The group included around 60 technology companies, more than 250 delegates, and seven leading science parks, occupying a dedicated Türkiye Pavilion .

Organized by HİB with support from Invest in Türkiye and the Ministry of Trade, the delegation spanned AI, fintech, gaming, cybersecurity, enterprise software, and digital infrastructure . It marked the fourth consecutive year of a country pavilion and the largest in the festival's history .

Among the notable companies presenting on the Türkiye Stage were :

• AloTech: Turkey's largest cloud-based contact-center platform.
• Privia Security: An international cybersecurity firm with operations in the UK and Turkey, specializing in penetration testing and managed detection and response.
• broadAngle: A software development agency.

Leading science parks curated showcases of their top tenant startups :

• Bilkent Cyberpark
• İTÜ ARI Teknokent
• ODTÜ Teknokent
• YTU Yıldız Technopark

For many participants, the goal was direct international exposure and investment. Past London Tech Weeks have produced tangible results; in 2025, three Turkish startups in gaming, clean energy, and sustainability secured a total of $1 million in investment at the event .