Early Warning System

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.

Specific Location

Turkiye and selected countries in Central and Eastern Europe

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

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 1, 2024

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

Revo Capital Fund III C.V.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 15.00 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
Converted using 2024-11-01 exchange rate.

Project Cost (USD)

$ 100.00 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 24, 2025

Disclosed by Bank Nov 27, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the Bank’s website, the project consists of an equity investment of up to USD 15 million in Revo Capital Fund III C.V. (the "Fund"). The project will form part of the Bank's Early-Stage Innovation Facility II ("ESIF II"), a EUR 200 million facility through which the EBRD selectively invests in commercially-oriented venture capital funds.

The Fund will make equity and equity related investments in early-stage technology companies primarily in Turkiye and selected countries in Central and Eastern Europe (collectively the "Target Region").

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Fund Manager will be required to comply with PRs 2, 4, and 9 and implement Environmental and Social Risk Management Procedures for their portfolio commensurate to the level of E&S risks of the pipeline of the new Fund. The Fund Manager will apply the E&S Exclusion List and will not make any investments on the FI referral list or list of A projects under the ESP 2019. The investments of the Funds will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The Fund Manager will submit Annual Environmental and Social Reports to the Bank.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

An equity investment of up to USD 15 million in the Fund.

The Fund's target size is USD 100 million.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Revo Capital Fund III C.V., a venture capital fund incorporated as a Dutch limited liability partnership, to be managed by Revo Capital Management B.V. The Bank has invested in two predecessor funds managed by Revo.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Revo Capital	Parent Company	-

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.

COMPANY CONTACT INFORMATION

Berkin Toktas
investorcomm@revo.vc
https://revo.vc

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