Turkish e-commerce giant Trendyol has become the country’s first “decacorn” after receiving new foreign investments, the company said on Monday.

Following a new $1.5 billion investment round led by US-based investment fund General Atlantic and Japanese SoftBank Vision Fund 2 — one of the biggest global funds investing in technology firms — Trendyol’s valuation reached $16.5 billion.

In business, a decacorn is a privately held startup company valued at over $10 billion.

Earlier this year, Trendyol’s valuation reached $9.35 billion after receiving an investment worth $350 million from global e-commerce giant Alibaba, which is its main shareholder.

In the latest investment round, SoftBank, ADQ, and Princeville Capital invested in Turkey for the first time.

Demet Mutlu, the founder of Trendyol, said the “investment will increase international interest in Turkey’s digital ecosystem and accelerate our sector’s development seriously.”

Melis Kahya Akar, General Atlantic’s general manager for Europe, the Middle East, and Africa, said there is a big potential for accelerating the growth of Trendyol on a regional and global scale.

Source: Anadolu Agency