EBRD invests $4m in Turkish bus-ticketing service firm oBilet

Mubasher: The European Bank for Reconstruction and Development (EBRD) announced an equity investment of $4 million in Turkish online bus-ticketing service provider oBilet.

The investment aims to boost the growth of oBilet, which is now eying expanding its business to air travel ticketing, while it is expected to encourage the development of highly innovative tech companies in Turkey, EBRD said in a statement on its website.

The EBRD investment came in a broader $5 million financing tranche alongside Early Venture Capital, which is focused on supporting European technology innovators.

Over the past year, oBilet managed to raise $10 million in financing.

It also came as part of EBRD’s Venture Capital Investment Programme that aims to provide more access to venture capital.

Source: Mubasher Source: {{details.article.source}}