Startups in Turkey increased by 15 percent in the first quarter of 2021

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) announced in a recently published statement that the number of newly established startups in Turkey increased by 15 percent year-on-year in the first quarter of 2021.
This statement showed that 32064 Turkish startups were established in the first three months of the year 2021, while 27,908 companies were established in the same period last year 2020.
On the other hand, the statement mentioned that during the first three months of this year, 2,694 companies ceased operations, a decrease of 27.3 percent from the same period in 2020.
While a total of 3218 new Turkish startups were created with a foreign partnership during the same period, including 1202 companies with foreign capital only during the month of March.
In March, 10,879 startups started doing business in Turkey, up 31.5 percent year-on-year, according to the statement.
Regarding the geographical distribution of startups in Turkey, the statement mentioned that about 38.5 percent of the companies were established in Istanbul, 10 percent in the capital Ankara, and 6.1 percent in the state of Izmir. New companies were opened in all Turkish states during the past month.
3692 of the startups in Turkey that were established last month participated in the business sector, 1,808 of them in the manufacturing sector, and 1,310 in the construction sector.
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