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Founder One
Sina Afra and Faruk Eczacıbaşı run a $20M impact VC platform in Istanbul that recycles carry into Turkey's entrepreneurial foundations.
Founder One
Founder One is a venture capital investment fund founded in 2022 in Istanbul, Turkey. It invests in early-stage technology-focused impact startups. The firm has made 29 investments, including a Seed VC investment in Werover on May 28, 2025.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Middle East
Country
Turkey
City
Istanbul
Corporate office
Istanbul, Turkey
Principals
Faruk Eczacıbaşı
Founder and Investment Committee member
Sina Afra
Founder and Investment Committee member
Ali Şahin
General Manager and Partner
Cem Leon Menase
Impact Leader and Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Founder One?
The Investment Committee is composed of co-founders Sina Afra and Faruk Eczacıbaşı. Afra is a serial entrepreneur and Chairman of the Turkish Entrepreneurship Foundation; Eczacıbaşı is Vice Chairman of Eczacıbaşı Holding and Chairman of the Turkish Informatics Foundation. Day-to-day management sits with General Manager Ali Şahin.
How does Founder One source proprietary deal flow?
The firm leverages the personal networks of its founders and its integration with the Turkish Entrepreneurship Foundation and Turkish Informatics Foundation. These foundations, seeded by the firm's own carry, create a pipeline of early-stage Turkish tech founders. The firm also participates in the local impact investing ecosystem through the Impact Investing Advisory Board (EYDK).
Is Founder One structured as a single family office or a venture firm?
Founder One operates as a venture capital asset manager, not a family office. It runs a $20 million fund raised from external qualified investors and positions itself as a 'generational mutual fund.' It is not a single-family vehicle.
What is Founder One's known posture on co-investments alongside external GPs?
The firm has not publicly disclosed a co-investment policy. Given its $20 million fund size and early-stage focus, its primary activity appears to be direct Seed and Start-up investments sourced through its own network rather than club or syndicated deals.
How is Founder One related to Eczacıbaşı Holding?
Co-founder Faruk Eczacıbaşı serves as Vice Chairman of Eczacıbaşı Holding, a major Turkish industrial group. However, Founder One is a separate legal entity structured as an impact venture capital fund. The relationship is one of personal affiliation, not direct corporate ownership or mandated capital allocation.
Does Founder One maintain philanthropic structures, and how are they separated?
The firm channels its performance fees into the Turkish Entrepreneurship Foundation and the Turkish Informatics Foundation. These foundations are operationally linked through the founders' chairmanship roles but are functionally separate nonprofit entities. The recycle mechanism is structural: carry proceeds flow from the for-profit fund to the nonprofit foundations.
What investment stages does Founder One typically target?
Founder One focuses exclusively on early-stage companies, specifically Seed and Start-up rounds. The firm does not indicate involvement in growth equity, pre-IPO, or later-stage vehicles within its publicly available materials.
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