Dubai, UAE – Shorooq Partners, the UAE-based alternative investment manager renowned for its investments across the MENA region, has made its first foray into Türkiye’s entrepreneurial ecosystem. The firm led a $5 million seed round in Roamless, a traveltech startup aiming to revolutionize travel connectivity.
The seed round also saw significant participation from notable venture capital firms, including Türkiye-based Revo Capital, Paribu Ventures, and Finberg, alongside Luxembourg-based DeBa Ventures.
About Roamless
Launched in 2023, www.roamless.com is an innovative eSIM provider focused on transforming the travel connectivity landscape. The US-based company now boasts a user base nearing 100,000, offering seamless travel internet services in 69 countries, with plans to expand to over 150 countries soon. Roamless also provides international calling experiences worldwide.
Investment Rationale
Shorooq Partners’ investment aligns with its extensive expertise in fintech, platforms, software, gaming, and Web3.0 sectors. Known for championing visionary startups, the firm aims to propel Roamless towards significant success.
“Roamless is a company poised to disrupt the traveltech industry,” said Mahmoud Adi, Founding Partner of Shorooq Partners. “Their innovative approach to connectivity aligns with our vision of fostering transformative ventures that redefine traditional paradigms.
This investment not only reflects our confidence in Roamless’s potential but also underscores our commitment to nurturing the burgeoning tech ecosystem in Türkiye.”
Statements from Roamless and Investors
Emre Demirel, co-founder and CEO of Roamless, expressed gratitude for the investment, stating, “We are grateful for the support of Shorooq Partners and our other investors.
This confidence underscores the strength of our team and our relentless pursuit of innovation. With this investment, we are poised to accelerate our mission of spearheading a digital transformation in the telecom industry, ushering in a new era of seamless connectivity for travelers worldwide.”
Cenk Bayrakdar, Founding Partner and Managing Director of Revo Capital, commented on the investment, highlighting the rapid growth potential of eSIM technology. “The relatively new eSIM technology has caught our attention due to its rapid growth potential driven by increasing customer awareness and the multitude of opportunities within the market.
We trust in the high motivation and competence of the founding team with expertise in telecommunications and software, and we are excited to support their growth journey.”
Utku Dorduncu, Director at Paribu Ventures, added, “At Paribu Ventures, we constantly try to identify the next trends and invest in strong teams developing disruptive technologies not only in the blockchain space but also in different verticals.
Roamless has been a great fit with its exceptionally strong founding team, advanced back-end infrastructure, and highly differentiated and disruptive eSIM product.”
Future Plans for Shorooq Partners in Türkiye
This investment marks Shorooq Partners’ initial entry into the Turkish market. Adi shared the firm’s plans to deepen its presence in the country, emphasizing Türkiye’s vibrant and rapidly growing tech ecosystem. “Türkiye boasts a strong talent pool and entrepreneurial spirit.
The country’s strategic location, bridging Europe and Asia, offers a unique advantage for startups aiming to scale internationally.
The government’s proactive support for the tech sector, coupled with a dynamic startup environment, aligns well with our investment philosophy of nurturing innovative ventures,” Adi said.
Shorooq Partners plans to establish local partnerships, foster relationships with key stakeholders, and potentially set up a dedicated office to better serve and support Türkiye’s startups.
Advice for Turkish Entrepreneurs
Adi offered valuable advice to Turkish entrepreneurs seeking Shorooq Partners’ attention. “Entrepreneurs should focus on demonstrating a clear problem-solution fit and articulate how their product or service addresses a significant market need,” he advised. “A winning pitch includes a compelling narrative, showcasing not only the innovation but also the team’s capability and track record.
It’s crucial to highlight scalability and potential for regional or global expansion. Additionally, entrepreneurs should emphasize their unique value proposition, market traction, and how their vision aligns with Shorooq Partners’ mission to foster transformative ventures. Showing a deep understanding of market dynamics and the competitive landscape will also help them stand out.”
With Shorooq Partners’ strategic entry into the Turkish market, the stage is set for a new wave of innovation and entrepreneurial growth, promising exciting developments in the tech landscape of Türkiye and beyond.
Credit: Entrepreneur Middle East
