# Technology Development Foundation of Turkey

Technology Development Foundation of Turkey is an Endowment / Foundation based in Ankara, Turkey.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Ankara, Turkey
- **Region:** Asia
- **Address:** Cyberpark Cyberplaza B Blok Kat 5-6 Bilkent Ankara
- **Founded:** 1991
- **Assets under management:** 500 (Altss estimate)
- **Website:** ttgv.org.tr
- **LinkedIn:** https://www.linkedin.com/company/ttgv/

## Regulatory record

- **Reports private funds:** No

## About

The Technology Development Foundation of Turkey was established in 1991. Cengiz Ultav serves as chairman. The entity functions as a non-profit public-private partnership that deploys public funds to support technological innovation in Turkish industry. TTGV allocates across private equity and early-stage venture strategies. It has taken limited partner positions in funds including Mediterra Capital Partners II and Digital East Fund II. Confirmed holdings include Evreka, Fazla and Picus Security. Activity centers on Turkey with additional exposure through co-investments in the Netherlands and the United States. The foundation reports 36 professionals and maintains offices in Ankara and Istanbul. It participates in events such as the December 2024 Climate Technologies Panel. TTGV holds memberships in Invest Europe, ILPA, and Impact Europe. TTGV maintains 100 percent ownership of Teknoloji Yatırım A.Ş. and TTGV Ventures. These vehicles execute direct investments and co-investments alongside external managers.

## Sectors

- ClimateTech
- Information Technology
- Software

## Offices

- Istanbul

## People

- Cengiz Ultav — Chairman of the Board of Directors
- Mete Çakmakcı — Secretary General
- Değerhan Usluel — Board Member

## Questions

### Who runs investment decisions at Technology Development Foundation of Turkey?

Cengiz Ultav chairs the board. Mete Çakmakcı serves as secretary general and represents the foundation in various funds. Değerhan Usluel sits on the board.

### Does Technology Development Foundation of Turkey participate in fund commitments or only direct deals?

TTGV acts as limited partner in multiple funds including Mediterra Capital Partners II, Taxim Capital Partners I, and Digital East Fund II. It also executes direct co-investments through TTGV Ventures.

### What investment stages does Technology Development Foundation of Turkey typically target?

The foundation targets early-stage seed and start-up investments as well as expansion and late-stage opportunities. It maintains a fund-of-funds allocation.

### Which sectors does Technology Development Foundation of Turkey focus on?

Primary sectors include information technology, software, power and utilities, and climate technologies. Portfolio companies operate in environmental services and energy.

### How is Technology Development Foundation of Turkey related to its portfolio companies?

TTGV holds 100 percent of Teknoloji Yatırım A.Ş. and TTGV Ventures. These entities own minority stakes in startups including Evreka, Fazla, and inavitas.

### Where does the underlying funding come from?

TTGV was established with initial support from the World Bank. It continues to manage public funds allocated by the Republic of Turkey Ministry of Industry and Technology.

### What is Technology Development Foundation of Turkey's known posture on co-investments alongside external GPs?

TTGV co-invests through its venture vehicles alongside managers such as Vestel Ventures and Arçelik. It maintains relationships with the European Investment Fund.

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- [SCB10X](https://altss.com/profile/scb10x)
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Last updated: 2026-06-03T20:00:00.000Z

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