With consumer app builder HubX, Türkiye just gained its eighth unicorn – a startup valued at $1 billion or more.
Izmir-based HubX announced on Aug. 28 that it raised up to $75 million from Point72 Private Investments at a $1.2 billion pre-money valuation, marking it the latest unicorn or "Turcorn," following giants such as Trendyol, Getir and Insider.
The company, in a public statement, said it was its first external investment, consisting of an initial $50 million investment and an option for an additional $25 million.
Founded in 2022, the startup, which focuses on artificial intelligence-focused mobile products and consumer apps, says it has grown to more than 370 people across Izmir and Istanbul, with a portfolio of over 40 mobile and web products. They collectively reached more than 600 million users across over 190 countries, according to HubX.
Meanwhile, mobile app developers expect the success of HubX to increase the number of new Turcorns emerging in the sector.
