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

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 .