iLab Ventures invests in GittiGidiyor.com

iLab Ventures, a venture capital firm, announced its investment in GittiGidiyor.com, Turkeyís online consumer trading platform.

GittiGidiyor.com is Turkeyís online consumer trading platform with around 500,000 registered members, close to 300,000 daily visitors and over 200,000 daily auction opportunities. The Company contributed to the growth of C2C business in Turkey with the development of a Secure Trading payment sytem in 2001. Since inception the Company has facilitated over one million transactions.

The Parties together stated that iLab Ventures initially would participate as a minority investor and that iLab Chairman Mr. Mustafa Say would take a board seat at GittiGidiyor.com. In addition officials from both Companies commented that iLab would participate in the future to new internet related projects initiated by GittiGidiyor.com Founders.

iLab Ventures Chairman Mr. Mustafa Say said: ìGittiGidiyor.com investment is part of our long term internet strategies. In addition the investment presents iLab a long term cooperation opportunity with a management team that has a strong proven track record in the Turkish online market.

Commenting on the investment, GittiGidiyor.com General Manager Serkan Boranl said: We believe that iLab and Mr. Mustafa Sayís sector experience and global network will contribute significantly to the development of GittiGidiyor.com.

Serkan Boranl added: ìIn addition to iLabís participation, Tolga Kabata, Vice President of M&A at Citigroup Global Markets will join GittiGidiyor.com management as an Executive Committe member in early March.î

Advisers on the transaction were Hergner Bilgen zeke (legal) for iLab Ventures; Trkekul Law Firm (legal) for GittiGidiyor.com.