Other Europe

Ankara

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City reading

Ankara

Ankara's strongest signal is in conventional saas, on a small number of companies.

As early-stage VCs, most companies we look at are early, some pre-inception. To properly capture the formation layer, we looked back no more than 18 months from a company's founding, and no more than one institutional round raised.

We believe getting to the core truth of a company radiates from the founding team, and that those signs show up long before a company has its breakout success. So we got on the ground, city by city, talking directly to the ecosystem leaders, university professors, angels, operators and micro VCs who see these companies before anyone else does. The names that kept coming up independently, before they showed up anywhere public, were what we went after.

Every one of those names, alongside thousands of other companies we track a year, went through the same internal scoring model: the scale of impact the company could have globally, how genuinely AI-native the product is, the strength of the thesis, and the team, their talent density, where they've built before, how deep that experience really runs. We ended up with ten companies per city that we believe combine all of the above, while capturing the city's own heartbeat and the themes defining it.

Formations counted

21

Fewer formationsMore formations

Every city in the sample on a log scale, 10 to 1,876 formations. Ankara is marked in pink. London sits at the far right as a volume outlier (1,876).

Rank by formation volume
58 of 89
SHARE OF SAMPLE EUROPEAN FORMATION
0.4%
# FORMATIONS VERSUS THE AVERAGE CITY
0.34x

Category mix

What Ankara is made of

The categories these 21 companies fall into. Conventional SaaS is the largest.

  • Conventional SaaS43%
  • AI-first software19%
  • Consumer19%
  • Defence5%
  • Health5%

Specialisation

What Ankara builds

On raw volume most European cities look alike. Character only appears once each theme is compared with a typical European city. Every company now carries a category and sub-theme. Every comparison here is provisional because it rests on fewer than 10 companies, so the themes are shown as background detail rather than a headline finding.

Above the line means this city forms more of something than a typical European city does. Below means less.

  • Centre line: a typical European city (1.0)
  • Forms more than average
  • Forms less than average
  • Provisional: fewer than 10 companies
  • Values read as 1.93x the average, then the theme's share of the city's companies

Typical European city (1.0)

  • Conventional SaaSProvisional comparison1.80x the average  · 42.9% of the city+ 1 sub-theme
    • General business software88.9%