Istanbul, Turkey: Insider, a Turkish artificial intelligence-backed marketing platform, has raised about $105 million in a funding round that valued the company at almost $2 billion, defying the global tech slump.

The funding round was led by the Qatar Investment Authority and Istanbul-based buyout firm Esas Private Equity, Insider said in a statement Wednesday. The company has raised a total of $274 million to date. In March 2022, it received $121 million in a Series D round from seven investors that valued the company at $1.22 billion.

Insider was founded in Istanbul in 2012 by six Turkish entrepreneurs and has since expanded to 28 countries. The company’s platform uses artificial intelligence to predict future consumption behavior and offers personalized marketing solutions to more than 1,200 clients, including Singapore Airlines, Toyota Motor Corp. and Vodafone Group Plc.

The company will use the funds for expansion and acquisitions in Europe and the US markets to enhance its technology, according to co-founder and CEO Hande Cilingir. It is also considering an initial public offering in 2025 or early 2026, she said.

Insider acquired Istanbul-based MindBehind, a conversational commerce and messaging platform, for an undisclosed price earlier this year. It also saw a 280% sales growth in the 12 months through February in North America after enrolling clients like Samsung.

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