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Founded by Endeavor Entrepreneurs Basak Raspinar Degim and Erol Degim in 2011, Armut.com recently received $3.2 million in Series A funding from Addventure, a European marketplaces-focused venture capital fund. Armut’s marketplace makes purchasing professional services as easy as shopping for any other product online. With a fully automated site that matches customers with local professionals, Armut has simplified and streamlined an otherwise daunting process.
Co-founder Erol Degim emphasized that Armut.com is looking to “use the new funds to build a world class team so that we can take our unique model to new countries.” The Istanbul-based company is the premier marketplace in Turkey for purchasing professional local services.
Armut has become the primary local services marketplace in Turkey on the strength of its proprietary matching and pricing algorithm and unwavering focus on customer satisfaction. The investment is among the largest ever received by a startup in Turkey and brings the total investment received by Armut to US$4.2 million. The company claims 90,000 professionals, 7 million monthly pageviews and 300% annual revenue growth.
Upon recieving this Series A funding, Armut co-founder Basak Taspinar Degim said, “Even though Armut.com is already the best way to buy services online, we see lots of room to improve our product to better serve our customers. We expect a decade of tremendous growth ahead of us.”
Since their selection into the network in 2014, the entrepreneurs have received key connections to key mentors and investors within Endeavor. They have participated in Endeavor Investor Network events and also represented the network at the 2016 Global Entrepreneurship Summit in Silicon Valley.
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