Heirs to Richest Turks Put Fortunes Into Tech at Riskiest Moment
As the eldest son of Turkey's richest man, Yahya Ulker was destined to take over his family's multi-billion dollar business. But the 29-year-old opted for a different path, supporting local startups and venture capitalists.
After completing a business degree and a stint at Credit Suisse Group AG, he started to dabble in venture capital instead of taking up an executive role at Yildiz Holding AS, the world's third-largest snack maker that's been in his family for 78 years. His father, Murat Ulker, owns international brands such as Godiva chocolates and McVities biscuits, and has a net worth of $4.7 billion, according to Forbes.
In 2019, Yahya Ulker set up Yildiz Ventures with $50 million to invest directly into startups and venture capital funds. The firm has since backed several e-commerce startups including Istegelsin and VC funds such as Germany's Earlybird Venture Capital and Turkey's Revo Capital. He is now targeting “at least a two-fold growth in all investments” -- a favorable return in a country where rampant inflation is at the highest level for more than two decades and a plummeting currency is impacting deals.
Yildiz Ventures needs to act in “an agile and courageous way” as the business environment is “changing rapidly,” Yahya Ulker said in a recent phone interview. The company is “focusing on startups in the e-commerce, retail and food sectors so that we can set a basis for creating synergies with the main businesses of Yildiz Holding.”
Private Wealth
Yahya Ulker is one of many third-generation heirs to some of Turkey's biggest conglomerates opting for a less-traditional route to spend their fortunes. The emergence of the nation's private wealth as a force in venture capital is timely as rising interest
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