Filyos Natural Gas Processing Plant Project

February 2023 In mid-2020, the Turkish natural gas drilling vessels started their first drilling activities in the Black Sea. Later that year, approximately 540 billion cubic meters of natural gas deposits were discovered in the relevant region. Thereupon, the construction of the Filyos Natural Gas Processing Plant commenced, which is the landing point of Black Sea gas. The landed natural gas will be transferred to the national transmission grid via a gas metering station and a 211-kilometer pipeline. 10 million cubic meters of natural gas per day will be reached in the first stage and 40 million…

Partnership of Zorlu Enerji and Wren House Infrastructure LP on Electric Charging Stations

February 2023 As being one of the biggest players in Turkiye’s energy sector, Zorlu Enerji aims to facilitate the journeys of electric vehicle owners and accelerate the electric vehicle revolution with the fast-charging stations it has implemented in urban and intercity roads. In addition to the fast-charging facility it offers at public points, it also installs charging stations in homes and workplaces in line with the demands of its users. Zorlu Enerji plans to commission charging stations all over Türkiye and make electric vehicles accessible and usable all over the country. To achieve…

Investment Round for Manc Games

January 2023 Manc Games is an Istanbul-based mobile game company which announced that it has secured an investment commitment of USD 50 million from a digital asset investment firm. The Turkish mobile game maker said the investment will be used to become a global brand in the gaming space. According to the company representatives’ statements, the company is rapidly growing and its expected growth rate to achieve is over 25 million downloads by the end of 2023. Manc Games is adapting its games to Web3 and metaverse and aims to become a global name in the near future.

Investment Round for Ace Games

January 2023 Ace Games, a mobile gaming company with a vision to make games that are played by everyone around the world, completed its recent investment round in November 2022. Ace Games has raised a total of USD 40 million in funding over 3 rounds. Ace is formed of veterans from other game companies such Dream Games and Playrix, it was founded by Hakan Bas, formerly of Peak Games.

Investment Round for Figopara

January 2023 Figopara is a solution that discounts companies' e-invoices before their due dates with the offers received by financial institutions. Figopara has announced that it is completed its recent funding with USD 11 million. The firm works with more than 6,000 companies – all small and medium enterprises. As the company representatives said that four out of ten small and medium-sized enterprises in Türkiye close within three years of operation and the two core reasons why these businesses cannot sustain is (i) the inability to properly manage working capital and (ii) the absence of…

Use of Cookies and Its Practice in Turkiye

January 2023  Kolcuoglu Demirkan Kocakli Attorneys at Law's partner Maral Minasyan and associate Baybora Gokbora, LL.M. wrote an article on the use of cookies and its practice in Turkey. It is available here.

New Investment Round For Getir

December 2022 Getir, which reached the unicorn level of companies by receiving an investment of USD 300 million from Sequoia Capital and Tiger Global in March 2021, completed its fourth investment tour two months later and received a new investment of USD 555 million. In the first six months of 2021, with a total investment of almost USD 1 billion, Getir’s equity increased nine times in five months. While the company continues its growth in Türkiye and Europe with this investment, Getir entered the American market at the end of 2021. Getir started to serve in Chicago, New York and Boston.…

Non-Compete Clause Limitations And Third Parties’ Involvement

October 2022 Authors: Selin Balkir Ercin, Begum Acar, Kolcuoglu Demirkan Kocakli Attorneys at Law The non-compete obligation requires a party to refrain from operating in another party’s field of work, in a particular geographic area, for a specific period of time. While this obligation may arise from an agreement between parties, it may also arise from the law. Turkish law obliges persons with certain legal status to refrain from competing, in view of managing potential conflicts of interest. An employee’s duty of loyalty containing the obligation not to compete with the employer, as long…

Investment Round for Agave Games

September 2022 Mobile game start-ups, which have become one of the most popular areas of our start-up ecosystem, come up with a new investment every day. Agave Games, which completed its pre-core investment round in September of 2021, announced that it has received a new investment. According to the information provided by Agave Games, the venture received an investment of USD 7 million in the seed investment round. Agave Games' USD 7 million seed funding was led by London-based Balderton Capital, which was among the investors of Dream Games, one of the most important initiatives of Balderton…

Investment Round for Spyke Games

September 2022 Spyke Games' new investment was announced in live broadcast. According to the information provided by Spyke Games, the start-up received a total investment of USD 55 million in the seed investment round. Spyke Games' seed funding of USD 55 million was made by Griffin Gaming Partners. According to the information provided by Spyke Games, the investment of USD 55 million will be used for the launch and development activities of the game, as well as growing the team of the start-up. It is aimed to increase the team members 2 - 3 times in the coming months.

Gokceada Renewable Power Plant Project

September 2022 The 2-megawatt renewable power plant in Gökçeada will be integrated into the virtual power plant system to be established and will enable electricity supply from clean sources. In the virtual power plant project (VPP4Island), which includes 19 partners from countries such as England, France, Italy, Spain, Germany, Denmark and the Netherlands, Turkish Electricity Generation Company (EUAS)'s stakeholders are Bozcaada Municipality, Troya Environment Association and Inavitas. 70% of the total cost of EUR 7.2 million of the project, which is implemented under the EU Horizon 2020 program,…

1915 Canakkale Bridge Put in Service

May 2022 1915 Canakkale Bridge was put into service on 18 March 2022. 4,608-meter-long bridge connects two coasts of Canakkale. It is expected that the construction of the bridge will also have a significant affect on the development of the region by enabling the integration of ports, railway and air transportation systems in the Marmara and Aegean regions. The project’s contribution to the economy is estimated to be EUR 628 million. It also has an impact of (i) EUR 2 billion 442 million on national income, and (ii) EUR 5 billion 362 million on production activities.