500 Istanbul Fund II (EBRD-53848)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 22, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
500 STARTUPS ISTANBUL FUND II COOPERATIEF UA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.27 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 5
Converted using 2022-12-09 exchange rate.
Project Cost (USD)
$ 63.28 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2022-12-09 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 19, 2023

Disclosed by Bank Dec 6, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

PROJECT DESCRIPTION

An equity investment of up to EUR 5 million in favor of the venture capital fund 500 Startups Istanbul Fund II (the "Fund") targeting early-stage technology-driven companies in Turkiye and in Central and Eastern Europe. The project will form part of the Bank's Early-Stage Innovation Facility ("ESIF"), a EUR 100 million facility through which the EBRD selectively invests in commercially-oriented early-stage venture capital funds.

PROJECT OBJECTIVES

The Fund will make equity and quasi-equity investments in early-stage technology-driven companies in Turkiye and in Central and Eastern Europe ("CEE"), collectively the "Target Region".

TRANSITION IMPACT

ETI score: 100

The project is presented under ESIF. The Fund will contribute to the transition impact objectives of the overall framework, i.e. contributing to the Competitive and Resilient transition qualities through supporting innovative early-stage start-ups and increasing the availability of funding for early-stage innovation. The project is aligned with the Innovation area of intervention outlined in the EBRD Approach to Accelerating the Digital Transition 2021-2025. The digital component of the project is in support of the Competitive Transition Quality, as outlined above.

CLIENT INFORMATION

500 STARTUPS ISTANBUL FUND II COOPERATIEF UA

The Fund is managed by 500 Startups Istanbul II B.V. (the "Fund Manager").

EBRD FINANCE SUMMARY

EUR 5,000,000.00

An equity investment of up to EUR 5 million.

TOTAL PROJECT COST

EUR 5,000,000.00

The target size of the fund is EUR 60 million.

ADDITIONALITY

The Bank's commitment will enable the Fund to achieve a closing at or above EUR 60 million, allowing the Fund Manager to build a diversified portfolio and provide capital to support the expansion of the Fund's early-stage technology portfolio companies.

ENVIRONMENTAL AND SOCIAL SUMMARY

Categorised FI (ESP 2019). The Fund will be required to comply with EBRD's Performance Requirements 2, 4 and 9, implement the EBRD Environmental and Social Risk Management Procedures for Active Equity Funds, and submit Annual Environmental and Social Reports to the Bank.

TECHNICAL COOPERATION AND GRANT FINANCING

N/A

COMPANY CONTACT INFORMATION

Enis Hullienis@500.co+31 20 211 1888https://ee.500.co/Eerste Weteringplantsoen 8, 1017 SK Amsterdam, Netherlands

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Enis Hulli
enis@500.co
+31 20 211 1888
https://ee.500.co/
Eerste Weteringplantsoen 8, 1017 SK Amsterdam, Netherlands

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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