7.2 Million TL Investment from Asya Ventures in CoolREG

Asya Ventures, recently founded by in4startups co-founders Ahmet Sefa Bir and Şerafettin Özsoy, has made its first investment. The firm invested 7.2 million TL in CoolREG, a startup developing climate control technologies, in exchange for 10% equity, valuing the company at 72 million TL.

The investment signing ceremony took place at the Startup Investment Summit, hosted by Başakşehir Municipality. Among the attendees were Başakşehir Mayor Yasin Kartoğlu, CoolREG Founder Bülent Kula, Asya Ventures co-founders Ahmet Sefa Bir and Şerafettin Özsoy, and Asya Ventures investors Emre Tonkuş and Melih Sınırcı.

CoolREG is a Turkish company that designs, manufactures, and maintains systems that utilize renewable energy sources (biomass, geothermal, solar) and industrial waste heat for heating, cooling, and electricity generation, using ORC (Organic Rankine Cycle) technology integrated with its proprietary turbine technology. The company’s competitive edge lies in its self-developed, patented turbine, giving it strong global competitiveness.

In 2023, CoolREG joined the Başakşehir Municipality Living Lab incubation center and participated in Sustainability and Investment Acceleration Programs run by in4startups. Having successfully completed these programs, CoolREG also began negotiations to sell its products to the Başakşehir Municipality.

CoolREG plans to begin its international expansion through Germany, where the demand for non-natural gas-based climate technologies has surged due to the Ukraine-Russia war and the resulting energy crisis. The German government’s incentives in this field present a major growth opportunity for CoolREG. Discussions have already started with NRW Global Business Turkey for collaboration on the expansion.

The company also plans to launch its second investment round soon. Two individual investors, along with Asya Ventures, have already committed to participating in the round if key performance targets are met. As an incubator of CoolREG, Başakşehir Municipality also aims to support this round by purchasing CoolREG products for its own facilities.

Asya Ventures’ Investment Strategy

Asya Ventures looks for the following criteria when investing in startups:

• Incorporated companies with a product and at least one issued invoice
• Strong technological foundation
• Protection of that technology through patents or intellectual property rights
• Potential for international expansion
• Ability to sell products/services to or collaborate with companies in the Asya Ventures Investor Club
• Priority sectors: Information Technologies, Chemistry, Machinery, and Food

How Does the Investment Process Work?

Startup applications are first subject to pre-evaluation based on general criteria. Only applicants that pass this stage are contacted. Shortlisted startups are then invited to an online meeting.
Following this, startup analysis and valuation reports are prepared by in4startups, which provides startup evaluation services to Asya Ventures. Based on these reports, the investment amount and the equity share requested are determined.
Once mutual agreement is reached with the entrepreneur, the official procedures for the investment round are carried out swiftly.