{"id":9763,"date":"2025-12-19T05:00:00","date_gmt":"2025-12-19T05:00:00","guid":{"rendered":"https:\/\/virconlegal.com\/citayi-yukseltenler-79-i-nalcan-gulec-eksim-ventures\/"},"modified":"2026-05-14T08:24:27","modified_gmt":"2026-05-14T08:24:27","slug":"citayi-yukseltenler-79-i-nalcan-gulec-eksim-ventures","status":"publish","type":"post","link":"https:\/\/virconlegal.com\/tr\/citayi-yukseltenler-79-i-nalcan-gulec-eksim-ventures\/","title":{"rendered":"\u00c7\u0131tay\u0131 Y\u00fckseltenler 79: \u0130nalcan G\u00fcle\u00e7 – Eksim Ventures"},"content":{"rendered":"

\u00c7\u0131tay\u0131 Y\u00fckseltenler’in 79. b\u00f6l\u00fcm\u00fcnde, Y\u00f6netici Orta\u011f\u0131m\u0131z Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu<\/a> ve e\u015f-sunucu, Opus Partners<\/a> kurucusu H\u00fcseyin O\u011fuz<\/a>, Eksim Ventures<\/strong><\/a> K\u0131demli Yat\u0131r\u0131m Orta\u011f\u0131 \u0130nalcan G\u00fcle\u00e7<\/a><\/strong>‘i a\u011f\u0131rlad\u0131.<\/p>\n

Sohbetin merkezindeki tez netti: VC d\u00fcnyas\u0131nda en g\u00fc\u00e7l\u00fc pozisyon “\u00f6\u011freniyorum” demektir; \u00e7\u00fcnk\u00fc kararlar\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc gri alanda al\u0131n\u0131r.<\/strong> Kurumsal giri\u015fim sermayesinin (CVC) mutfa\u011f\u0131na giriyor, yat\u0131r\u0131m kararlar\u0131n\u0131n nas\u0131l al\u0131nd\u0131\u011f\u0131n\u0131, gri alanlar\u0131n neden ka\u00e7\u0131n\u0131lmaz oldu\u011funu ve seed\u2013Series C aras\u0131 geni\u015f yat\u0131r\u0131m perspektifini \u0130nalcan ile derinlemesine inceledik.<\/p>\n

Pandemi d\u00f6neminde ya\u015fanan ki\u015fisel bir anlam aray\u0131\u015f\u0131ndan startup d\u00fcnyas\u0131na, oradan da VC taraf\u0131na uzanan yolculuk; Eksim Ventures’\u0131n yat\u0131r\u0131m stratejisini, coinvestment yakla\u015f\u0131m\u0131n\u0131 ve term sheet’ten imzaya giden yolun ger\u00e7ek dinamiklerini ortaya \u00e7\u0131kar\u0131yor. Bu b\u00f6l\u00fcm; yat\u0131r\u0131m almaya haz\u0131rlanan giri\u015fimciler kadar VC taraf\u0131n\u0131 ger\u00e7ekten anlamak isteyenler i\u00e7in g\u00fc\u00e7l\u00fc bir rehber.<\/p>\n

Eksim Ventures: CVC yap\u0131s\u0131, coinvestment stratejisi ve yat\u0131r\u0131m tezi<\/h3>\n

Eksim Ventures nas\u0131l bir fon? \u2014 Kurumsal giri\u015fim sermayesi (CVC) yap\u0131s\u0131n\u0131n pratik avantajlar\u0131, coinvestment ile pazardan \u00f6\u011frenme kabiliyeti, ve seed\u2013Series C band\u0131ndaki yat\u0131r\u0131m tezinin neden esneklik kadar disiplin gerektirdi\u011fini \u0130nalcan a\u00e7\u0131k\u00e7a anlatt\u0131.<\/p>\n

Yat\u0131r\u0131mc\u0131lar ger\u00e7ekten neye bak\u0131yor: \u00fcr\u00fcn, pazar, ekip \u00fc\u00e7geni<\/h3>\n

Karar verilirken \u00fcr\u00fcn, pazar ve ekip aras\u0131ndaki dengeyi nas\u0131l kurduklar\u0131n\u0131, hangi sinyalleri \u00f6n plana ta\u015f\u0131d\u0131klar\u0131n\u0131 ve bir yat\u0131r\u0131mc\u0131n\u0131n “tezi besleyen” verilerle “k\u0131rm\u0131z\u0131 bayraklar\u0131” nas\u0131l tartt\u0131\u011f\u0131n\u0131 detayland\u0131rd\u0131k.<\/p>\n

S\u00fcre\u00e7ler neden uzuyor: term sheet’ten imzaya<\/h3>\n

Term sheet imzalansa bile imzaya giden yolun neden aylarca s\u00fcrebildi\u011fi \u2014 finansal ve hukuki due diligence’\u0131n kapsam\u0131, captable temizli\u011fi, vendor s\u00f6zle\u015fmelerinin etkisi ve s\u00fcrecin uzamas\u0131n\u0131n kuruculara getirdi\u011fi psikolojik y\u00fck.<\/p>\n

SAFE mi, convertible m\u0131? H\u0131z\u2013denge\u2013kontrol tart\u0131\u015fmas\u0131<\/h3>\n

Erken a\u015famada en \u00e7ok kar\u0131\u015ft\u0131r\u0131lan yap\u0131sal karar\u0131n somut kar\u015f\u0131l\u0131\u011f\u0131: SAFE’in h\u0131z avantaj\u0131, convertible note’un kontrol getirisi ve kapak (cap)\/indirim (discount) kombinasyonlar\u0131n\u0131n kurucu i\u00e7in uzun vadeli etkileri \u2014 pre-seed kurucular\u0131 i\u00e7in h\u00e2l\u00e2 bitmeyen tart\u0131\u015fman\u0131n net bir \u00f6zeti.<\/p>\n

De\u011ferleme ne kadar objektif: gri alanlar\u0131 okumak<\/h3>\n

VC d\u00fcnyas\u0131ndaki gri alanlar nas\u0131l okunmal\u0131? \u2014 komparelables, traction ve tak\u0131m kalitesi ile \u00e7arpan olu\u015fturman\u0131n matemati\u011fi, ama ayn\u0131 zamanda “ikna sanat\u0131n\u0131n” de\u011ferleme \u00fczerindeki direkt etkisi.<\/p>\n

“Bilmiyorum” demenin g\u00fcc\u00fc ve pitch’te en s\u0131k yap\u0131lan hata<\/h3>\n

\u00d6\u011frenme modunda kalman\u0131n yat\u0131r\u0131mc\u0131 i\u00e7in neden bir avantaj oldu\u011fu ve pitch’te en s\u0131k yap\u0131lan hata: \u00fcr\u00fcn\u00fc m\u00fc hik\u00e2yeyi mi satmak gerekti\u011fi \u2014 kurucular i\u00e7in en pratik fundraising tavsiyeleri aras\u0131nda.<\/p>\n

Bu b\u00f6l\u00fcmde dinleyeceklerinizden bir bak\u0131\u015f<\/h3>\n