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Technology Development Foundation of Türkiye (TTGV)
Değerhan Usluel chairs TTGV, the World Bank-founded Turkish technology endowment that blends R&D grants and venture investing across more than 1,100...
Technology Development Foundation of Türkiye (TTGV)
TTGV was founded in 1991 under a bilateral agreement between the Turkish government and the World Bank to accelerate industrial R&D and technology commercialization. The foundation’s initial endowment blended World Bank loan proceeds with Turkish Treasury matching funds, creating a non-profit vehicle that operated under the oversight of the Undersecretariat for Defense Industries before evolving into an independent foundation. Değerhan Usluel chairs the board; Dr. A. Mete Çakmakcı serves as Secretary General and anchors the investment committee through TTGV’s for-profit VC subsidiary, Teknoloji Yatırım A.Ş. The foundation’s mandate spans three distinct deployment modes: non-dilutive R&D grants, early-stage venture capital, and technology-commercialization loans. TTGV’s grant programs have funded over 1,100 projects across Turkish universities and private companies, concentrating on advanced materials, industrial automation, renewable energy, and health technologies. On the venture side, Teknoloji Yatırım A.Ş. targets Turkish startups from pre-seed through Series A, co-investing alongside TÜBİTAK’s BiGG and VCIF programs, the EBRD, and EU-backed Innovation Fund vehicles. Confirmed portfolio exposures include Turkish enterprise-software, climate-tech, and energy-transition companies commercializing research from METU, Bilkent, and Istanbul Technical University. TTGV operates from three campuses in Ankara — its headquarters at Bilkent Cyberpark, plus presence at METU Technopark and within TÜBİTAK’s Ankara ecosystem — giving it direct origination access to Turkey’s densest academic R&D pipeline. It is a founding member of EYDK, Turkey’s impact investing advisory board, and participates in Impact Europe and the UN Global Compact. In recent years, TTGV has focused on institutionalizing its VC arm’s fund structure and formalizing LP-like relationships with development finance institutions. May 2024: TTGV announced a partnership with the European Innovation Council to co-finance Turkish deep-tech startups, broadening its capital base beyond domestic institutions (per EIC, May 2024). The foundation’s structural differentiator is its hybrid grant-maker-plus-VC architecture — it is not a family office, not a pure venture firm, and not a government ministry, but a foundation-level capital allocator that blends concessionary state capital with market-rate venture discipline. No other Turkish entity bridges these two postures at comparable scale, making TTGV the default co-investor for international DFIs seeking Turkish tech exposure alongside a locally governed, World Bank-originated counterparty.
General information
Firm type
Endowment / Foundation
Year founded
1991
AUM
Undisclosed
Location
Region
Europe
Country
Türkiye
City
Ankara
Corporate office
Cyberpark B Blok Kat: 5-6, Bilkent, Ankara, Türkiye
Additional offices
METU Technopark, Ankara, Türkiye · Bilkent Cyberpark, Ankara, Türkiye
Principals
Değerhan Usluel
Chairman of the Board
Dr. A. Mete Çakmakcı
Secretary General
Cengiz Ultav
Former Chairman
Sector focus
Frequently asked questions
How is TTGV capitalized, and does it raise external funds?
TTGV’s initial capitalization came from a World Bank loan matched by Turkish Treasury funds in 1991. It does not raise blind-pool LP commitments in the manner of a traditional venture firm. Instead, it deploys its endowment alongside co-investment from TÜBİTAK, the EBRD, EU programs, and the European Innovation Council. The foundation’s for-profit arm, Teknoloji Yatırım A.Ş., can receive equity co-investment on a deal-by-deal basis from these partners.
Is TTGV a grant-making body or a venture investor — how do the two activities relate?
TTGV operates both: it awards non-dilutive R&D grants to university and industry projects, and it makes equity investments through Teknoloji Yatırım A.Ş. The grant engine functions as a deal-origination pipeline — many venture investments are companies that previously received TTGV R&D grants, particularly those commercializing research from METU, Bilkent, and ITU.
What investment stages does TTGV target with its venture arm?
Teknoloji Yatırım A.Ş. targets pre-seed through Series A Turkish technology companies. The vehicle co-invests routinely alongside TÜBİTAK’s BiGG program and the VCIF fund-of-funds, and participates in EBRD and EIC-backed syndicates. The foundation’s anchor position in Turkish university spinouts gives it early access to IP developed at METU Technopark and Bilkent Cyberpark.
Who runs investment decisions at TTGV?
The board, chaired by Değerhan Usluel, sets the foundation’s overall allocation strategy. Dr. A. Mete Çakmakcı, as Secretary General, represents the foundation on the investment committee of Teknoloji Yatırım A.Ş. and oversees day-to-day capital deployment. The dual structure — foundation board plus subsidiary-level IC — mirrors a holding-company governance model.
Which sectors does TTGV explicitly avoid?
TTGV does not back consumer internet, quick-commerce, or advertising-technology businesses. Its mandate restricts it to technology sectors with strong R&D depth: advanced materials, industrial automation, renewable energy, health technologies, and enterprise software — all tied directly to the Turkish academic and industrial research base.
How does TTGV source its deal flow?
Sourcing runs through Turkey’s three largest technology campuses: METU Technopark, Bilkent Cyberpark, and TÜBİTAK’s Ankara research ecosystem. The foundation’s grant-review process screens hundreds of R&D projects annually, creating an early funnel into the venture pipeline. TTGV also co-invests with TÜBİTAK and EU bodies, which bring cross-referral deal flow.
Is TTGV linked to any single industrial group or family?
No. TTGV is an independent foundation with a government-originated endowment. Its board has included senior figures from Turkish industry — Cengiz Ultav of Vestel served as Chairman — but the foundation’s governance and capital base remain separate from any single corporate group or family office.
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