e2vc launches $150m growth fund targeting Turkish gaming startups

Venture capital firm e2vc has launched a $150 million growth fund to back mobile gaming and technology companies from Türkiye as they expand internationally. The move takes the firm's total assets under management to $600m, with more than $300m now available for deployment across the new vehicle and Fund III.

The e2vc Growth Fund, established by Azimut Portföy Yönetimi and advised by e2vc, will target companies at Series A through Series C. Initial checks can reach $10m per company, with follow-on capital reserved for later rounds. That's a significant departure for a firm that has spent the past decade focused on pre-seed and seed investing.

Why does the check size matter?

For Turkish founders, the change is straightforward. Startups that previously outgrew e2vc's mandate can now keep the firm at the table through their growth rounds — the stage where mobile gaming studios typically burn capital on user acquisition, live operations and portfolio expansion.

"To date, we have invested in many successful companies at a very early stage," said e2vc general partner Enis Hulli. "But as these companies grew, our investment scope meant we could not continue backing them in later funding rounds. With e2vc Growth, we will now be able to support our strongest portfolio companies through their growth stages as well."

The fund's eligibility net is deliberately wide: technology companies founded by Turkish entrepreneurs, or maintaining strong links to Türkiye through their teams, R&D activities or operations, all qualify.

What does e2vc's gaming track record look like?

Mobile gaming is one of the Growth Fund's two main investment areas, and e2vc's history in the sector gives the new vehicle a proven pipeline. The firm has backed 11 gaming companies to date, including:

• Loom Games, which reached unicorn status
• Three other portfolio companies with valuations above $100m

The firm said its gaming portfolio generated combined daily revenue of $3m at its peak. That's roughly $1.1bn annualized at full run rate — a figure that illustrates why later-stage follow-on capital, not just seed money, became a strategic necessity.

What changes for studios?

The practical question for Turkish and Türkiye-linked gaming startups is what this changes. The answer is a new funding path at Series A to C that didn't exist for this investor before, with single-company commitments of up to $10m upfront and room for more in subsequent rounds — capital that studios scaling live-service mobile titles can put straight into acquisition budgets and content pipelines.

It also signals continued investor confidence in Türkiye's mobile gaming ecosystem, which has produced a steady stream of studios crossing the $100m valuation threshold.

The fund's first deployments, and whether they go to existing e2vc portfolio companies or new Turkish-led teams, will be the signal to watch in the coming quarters.