2016 Endeavor Catalyst Annual Report

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27 SPOTLIGHTS "After the sale, the company's leadership team distributed $27 million in bonuses to 147 of the company's 370 employees." Nevzat Aydin, Melih Ödemiş, Gökhan Akan, and Cem Nufusi founded Yemeksepeti in 2001, a company that allows users to browse menus and order food for delivery online through its web platform. Yemeksepti allows the customer to pay with cash upon delivery, eliminating the need to secure credit card data and broadening its consumer base to individuals without credit cards. In a country where the minimum monthly wage is 1,000 liras, Yemeksepeti provides a service within reach of the average consumer, with a typical order totaling 22 to 25 liras with no additional fee for service. In 2012, after years of steady growth and a handful of acqui- sitions in the region, Yemeksepti raised $44mm in equity capital. ˜e round was led by Silicon Valley-based General Atlantic, with participation from Endeavor Catalyst. And, in May 2015, the company was acquired by DeliveryHero for $589mm, the largest exit to date for a Turkish technology firm. After the sale, the company distributed $27mm in bonuses to 147 of the compa- ny's 370 employees. ˜e bonuses were paid to individuals who had been employed at Yemeksepeti for at least two years, and the amounts were calculated based on seniority, performance, and future prospects at the company. ˜is move is helping to change Turkish business culture wherein employee stock owner- ship bareley exists. ˜e bonuses averaged over $236,000 per person, a third greater than the $170,000 bonus the average Wall Street employee brought home in the same year. Such a bonus is even more signifi- cant in Turkey, where purchasing power parity is less than one-elev- enth of what it is in the United States. Yemeksepeti employees' salaries range from 3,000 to 5,000 Turkish liras (or 3-5 times the min- imum wage), which is equivalent to a sum between $1,000 and a lit- tle under $2,000. In other words, those who received bonuses were paid what amounted to about 150 times their monthly salary. One employee, who had recently gotten engaged and was preparing for the many expenses of a wedding, said the bonus was "life changing." Nevzat Aydin, the co-founder and CEO, recently joined the board of Endeavor Turkey and is helping Endeavor Global design and implement a next-genera- tion "Endeavor Pledge" whereby entrepreneurs and network members commit operating capital, investment capital, and mentor capital to help sustain and scale Endeavor. industry Technology flag selected 2007 jobs 325 Entrepreneurs Nevzat Aydın, Melih Ödemis y Co-founder Melih Ödemis SPOTLIGHT ON:

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