Turkish investment fund WePlay Ventures is set to continue its international expansion as it plans to expand into Europe and Central Asia.
The company has already taken its first step into Europe by transferring its headquarters to the Netherlands in 2022. However, it seems they aim to capitalise on other markets even more strongly, including the lucrative Asian market which would include China. They also plan to launch two new platforms, WePlay Hub and WePlay Starz that will support startups before they receive investment.
WePlay Ventures made major investments into mobile gaming during 2021 and has continued to invest into more than 15 startups across Turkiye. The scale of its investments and the speed indicates just how healthy the Turkish gaming industry is, and the eagerness of investors to capitalise on a hope for more internal growth. Their new platforms will also encourage startups training on technical and managerial skills, as well as everything from game development and finance to strategy and business development.
WePlay’s expansion abroad is both a testament to the strength of the Turkish game industry, and a possible indication that the fund feels they have outgrown it. Although the Turkish game industry remains a potent force in both Asia and Europe, it’s sandwiched between two major and established markets.
Whether WePlay moving abroad means that more money will flow into Turkiye or whether it will take away from a burgeoning startup culture within the region is yet to be seen. But it will surely be one to watch, especially at a time when venture capital firms are on shaky ground after the high-profile collapse of Silicon Valley Bank and a rocky 2022 for the mobile game industry in particular.
In December, we analysed Turkiye's place in the mobile gaming industry as part of our BIG stories series.