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Margins are thin, feedback loops are brutal, and progress rarely comes in a straight line. It’s a world I’ve always gravitated toward, and not by coincidence, it has shaped the way I think about building ScaleX.
This year reminded me that venture is much the same. It’s less about timing the cycle and more about staying disciplined when the cycle tests patience. Markets improved selectively, not uniformly, and progress came from focus rather than speed. We spent more time saying no, more time with existing founders, and more time underwriting second-order risks.
That trade-off paid off.
On a personal level, this was a year where the work felt heavier, but also more meaningful. Fewer shortcuts, more responsibility. Less noise, more signal. That shift shaped how we invested, how we supported founders, and how we thought about the next decade of ScaleX. It’s a pace we’re comfortable with.
Now, let’s move to what happened across the ScaleX ecosystem in 2025.
In Q1, we made our final investment from Fund I, officially closing the investment period. With this last check, we reached 22 portfolio companies in total.
Our final investment was KuzuDB, an open-source, high-performance graph database built for complex relationship queries at scale. It was a fitting close to Fund I: deeply technical, founder-driven, and built with global ambition from day one. I originally sourced the deal in 2024, and from the very first meeting, it was clear to me that this would turn into an investment. KuzuDB is also a strong reflection of our core focus at ScaleX: backing founders from the Turkish diaspora who are building deeply technical products for global markets.
With Fund I fully deployed in first checks, our focus shifted decisively from portfolio construction to value creation and outcomes.
In Q3, we completed the first closing of ScaleX Ventures Fund II and moved quickly into execution. Following the close, we completed two investments:
These investments reflect a sharper thesis and a higher bar: founders with strong execution velocity, clear category ambition, and products addressing real, global pain points.
Fund II is now fully in motion.
Our portfolio delivered meaningful progress across fundraising, recognition, and exits:
This is the kind of progress we optimize for: real capital, real customers, and real outcomes.
As the firm scales, so does the team and its surface area:
On a personal note, it’s hard to believe it has already been a year working with Orçun and Sinem. I’ve genuinely cherished the opportunity to work closely with both of them, time and time again. Their judgment, ownership, and energy have raised the bar internally, and I’m particularly excited for our portfolio companies that now get to work with them as partners, not just support functions.
On the leadership side:
We also released our new research report, “ScaleX Ventures: Venture Landscape 2025.” The report offers a clear-eyed review of 2025 and a practical map for 2026, designed to help founders and investors focus on what actually moved the needle.
You may read the full report here.
Beyond investing, we continued to show up where it matters. In 2025, ScaleX Ventures was part of the organization team of the Go! Global Türkiye Summit, contributing directly to one of the most important platforms connecting Turkish founders with global capital, operators, and ambition.
We see ecosystem-building as a long-term responsibility, not a side activity.
2025 was about closing loops and opening runways. Fund I is fully deployed. Fund II is live and investing. The portfolio is maturing. The team is stronger.
We enter 2026 focused on execution, depth, and helping founders build companies that define categories, not just survive cycles.
Thank you to our founders, LPs, partners, and community for the continued trust.
Onward.
P.S. Grazie ragazzi. Forza Ferrari.
