212 Updates #142 | May 26th
New Teammate | Few Thoughts on Future of Venture Capital
We have a new team member! I’m excited to welcome Dogukan Kara to the team. With new funds launching and our portfolio growing fast, our amazing finance team needed someone with extra superpowers, and Dogukan fit right in as a financial analyst. Since he just joined, I broke the alphabetical order in our “Meet the Team” series and introduced him in the section below.
Lately, I’ve seen a lot of articles about the future of venture capital. Everyone seems to have a take, whether it’s AI replacing VCs or large firms shaping into private equity giants. I agree that the industry is evolving, but I think the shift began much earlier than most people say. While many point to post-COVID dynamics, I believe the transformation started in the early 2010s.
As funds got bigger, we started seeing a dumbbell-shaped distribution: on one end, mega funds with billions in AUM; on the other, highly specialized, sub-$300M funds focused on early-stage opportunities. Larger funds moved into late-stage rounds and kept companies private longer. Some reserved smaller portions for seed investments, while others partnered with smaller funds for deal flow. Meanwhile, early-stage VCs leaned into specialization and founder proximity.
Of course, that dynamic mostly describes the U.S. market. In our part of the world (we can also include most of Europe, MENA, and emerging markets), we are still at least 10~15 years behind the US market in terms of fund size and capital concentration. And given the realities of market size, exit pathways, and available institutional capital, I don’t think we’ll see the same dumbbell shape emerge here. Instead, region-focused and specialized early-stage funds continue to play a major role in sourcing, supporting, and scaling startups. Funds like 212 are deeply embedded in their ecosystems. They are often closer to founders, better attuned to local dynamics, and more agile in navigating fragmented markets. This proximity and specialization are still essential for unlocking early-stage momentum in our region.
I’d love to hear your thoughts and continue discussions. Feel free to reach out.
Lastly, a quick portfolio update: Werover, a Simya portfolio company, secured a new round led by Alchemist Doha. You can read more about the round here. Big congrats to the team!
Meet the Team - breaking to alphabetical order to welcome Dogukan!
Say hello to Dogukan Kara from Finance Team. Dogukan started this week.
Q&A Spotlight:
If you could bring one guest to the 212 annual party, living or dead, who would it be and why?
I would invite Warren Buffett. His wisdom, long-term thinking, and ability to stay calm and focused through uncertainty are qualities that I admire. I think his presence would spark some incredible conversations, not only about investing, but also about life, values, and decision making. Additionally, I'd love to see how he would enjoy the vibe of 212 party.
What’s one technology or trend you think is dramatically underrated right now?
One tech trend I think is underrated is trickle-down effect of Formula 1 technology into everyday mobility. Most people see F1 as a sport, but the innovation happening there like energy recovery systems like KERS to real time telemetry and lightweight materials- often shapes the future road cars even smart cities. It is a test lab under extreme pressure, and I think we re only scratching the surface of how much it will influence the future of transportation.
Dogukan's Picks:
If you could describe your job at 212 with a movie title, what would it be and why?
If I had to describe my job at 212 with a movie title, it would be The Pursuit of Happyness. As someone who's just starting out, everyday is a mix learning, hustle, and small wins. Like in the movie, I am driven by belief, belief in myself, mission and in the long term value of what we do. It won't be easy but worth it.
What’s your favorite office tradition at 212, and Why?
Since I have just recently joined 212, my favorite tradition so far is the Tuesday team meetings. People in the room give me a great sense of rhytm, clarity and connection, and it's a chance to learn from everyone's perspectives. I am looking forward to discovering even more as I go.Last Week
Investment teams interacted with 78 companies.
Gizem was a panelist at TTI Investor Panel.
Idil and I attended CVC Bosphorus Summit’25.
Gizem, Caglar, Zeynep, and Ozge were at Hello Tomorrow Turkiye Summit.
This Week and Next
Selma, Zeynep, and I will attend Inveo Ventures Bridgevent on Tuesday, May 27th.
Ozge will be a guest on the Global Kafalar Podcast on Thursday, May 29th.
Some News
It’s Never Been Harder to Make It in Venture Capital. Read more…
Did Omega Just Confirm the Identity of the Next James Bond? Read more…