Applying a VC mindset within a Turkish bank
A conversation with Mustafa Keçeli of APY Ventures (episode in Turkish) - TRVC 24
Mustafa Keçeli is a senior leader at APY Ventures, one of Turkey’s most active venture capital platforms, operating under Albaraka Portföy. APY has built a broad portfolio across ~70+ startups and manages multiple venture funds (GSYFs), including both in-house and partner funds with institutions like Bilişim Vadisi and T3 Vakfı. In a market still early in its development, APY has become a key builder of Turkey’s VC infrastructure—combining institutional capital yet trying to apply a “think like a VC, not like a banker” mindset.
What we talked about
Why VC cannot be run with a banking mindset—and what breaks if you try
How APY scaled from 2 funds to 30+ and built a venture platform inside a bank
The GSYF structure in Turkey, and how there is even a secondary shares market
How they evaluate startups: team, market, and real-world traction
Why Turkey produces strong technical talent but struggles with go-to-market
The reality of exits in Turkey: why $20M–$50M exits matter more than unicorns
Why APY sometimes chooses not to invest—even when capital is available
The coming AI disruption and what founders are underestimating
Referenced
APY Ventures — https://apy.ventures
Albaraka Portföy — https://www.albarakaportfoy.com.tr
Albaraka — https://www.albaraka.com.tr
TaskRabbit — https://www.taskrabbit.com
Armut — https://armut.com
Betterment — https://www.betterment.com
Robinhood — https://robinhood.com
Flowla — https://flowla.com
Scalex — https://www.scalexventures.com/ (+see my episode with Dilek Dayınlarlı)
Botel (now Cendra) — https://cendra.ai
Upsonic — https://upsonic.co
Gardiyan — https://gardiyan.com
Ecosystem / institutions:
Bilişim Vadisi — https://bilisimvadisi.com.tr
KOSGEB — https://www.kosgeb.gov.tr
OSTİM Teknopark — https://ostimteknopark.com.tr
OSTİM Teknik Üniversitesi — https://www.ostimteknik.edu.tr
T3 Vakfı — https://t3vakfi.org
Ankara Teknopark — https://www.ankara-teknopark.com.tr
Borsa İstanbul — https://www.borsaistanbul.com
SPK — https://www.spk.gov.tr
Recommended
📚 Book
An Edible History of Humanity (İnsanlığın Yeme Tarihi) — Tom Standage
🎧 Podcasts
a16z Podcast — https://a16z.com/podcasts
If you’re trying to understand how venture capital actually works in an emerging market—and what it takes to build a real VC platform inside a regulated institution—this episode is a great place to start.
Full episode is in Turkish. Available on Youtube, Spotify, Apple podcasts