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§ Private Profile · Istanbul, Turkey
Parasut is a technology company.
Paraşüt provides cloud-based pre-accounting software specifically designed for small and medium-sized enterprises (SMEs) in Turkey. Its core functionalities streamline essential financial operations, encompassing invoicing, expense tracking, cash flow management, and inventory supervision, all delivered through an intuitive online platform. The software aims to simplify complex financial tasks, making professional-grade financial tools accessible to smaller businesses.
The company was established in 2013 by co-founders Andac Turkmen, Fahri Ozkaramanli, and Sean X. Yu. Their founding insight arose from observing the inefficiencies and difficulties small businesses encountered with traditional accounting practices. This led them to develop an accessible, digital solution focused on democratizing and modernizing financial management for a crucial segment of the Turkish economy.
Paraşüt primarily serves a broad base of small businesses and entrepreneurs across Turkey, offering them a robust tool to maintain financial clarity and operational control. The company's long-term vision is to empower these enterprises by consistently making sophisticated financial tracking effortless and efficient, thereby fostering greater economic stability and growth for its diverse clientele.
Parasut has raised $2.0M across 1 funding round.
Parasut has raised $2.0M in total across 1 funding round.
Parasut is a Turkey-based SaaS company providing cloud-based accounting and financial management software tailored for small and medium-sized businesses (SMBs) and entrepreneurs.[1][2][4][5] It enables users to handle invoicing, inventory tracking, expense management, reporting, and bookkeeping without advanced accounting expertise, solving the problem of complex, manual financial operations for non-experts.[1][2][5] Formerly known as eDefter, Parasut raised $4.3M from investors including Revo Capital and Ribbit Capital before its acquisition in May 2019 by MikroGrup and Zirve Yazılım, after which it continued operations with reported revenue of $5-10M and 50-99 employees as of recent data.[1][2]
The platform's growth reflects strong momentum in Turkey's fintech scene, with inclusion in CB Insights' Fintech 100 for transforming financial services via software.[1] Post-acquisition, it maintains a focus on ease-of-use, serving Istanbul-headquartered SMBs through web and mobile apps.[1][4]
Founded in 2013 in Istanbul, Turkey, Parasut emerged to digitize financial management for SMBs, starting as eDefter before rebranding.[1][3] The idea addressed the need for simple, cloud-based tools amid Turkey's growing digital economy, where small businesses struggled with paperwork-heavy accounting.[5] Early traction came from its intuitive features like invoice and stock tracking, attracting seed funding and leading to a Series B round totaling $4.3M from backers such as Bek Ventures, Revo Capital, and Ribbit Capital.[1][4]
A pivotal moment was its May 2019 acquisition by MikroGrup and Zirve Yazılım, Turkish software firms specializing in enterprise solutions, which integrated Parasut into a larger ecosystem while preserving its SMB focus.[1] This deal marked its evolution from startup to established player, with leadership including a Co-Founder & CTO and CFO driving post-acquisition stability.[2]
Parasut rides the global SaaS fintech wave, particularly cloud accounting for SMBs, accelerated by digital transformation in emerging markets like Turkey.[1][5] Timing aligns with Turkey's e-invoicing mandates and rising SMB digitization post-2013 founding, fueled by market forces such as mobile penetration and regulatory pushes for electronic ledgers.[1][3] It influences the ecosystem by democratizing finance tools, included in analyst collections like Fintech 100, and supports Turkey's startup scene via efficient operations for thousands of users.[1]
As an acquired entity, Parasut exemplifies consolidation trends where local giants like MikroGrup absorb innovative SaaS plays, strengthening Turkey's position in European fintech amid competition from global players like QuickBooks.[1][4]
Post-2019 acquisition, Parasut is poised for expanded features like AI-driven insights and deeper ERP integrations, leveraging parent companies' resources amid Turkey's fintech boom.[1][2] Trends like automated compliance and mobile-first finance will shape its path, potentially driving international growth into MENA/Europe. Its influence may evolve through ecosystem dominance, empowering more SMBs in a cashless economy—cementing its role as a foundational tool for Turkey's digital businesses, much like its origin as a simple parachute for financial complexity.[1][5]
Parasut has raised $2.0M in total across 1 funding round.
Parasut's investors include Diffusion Capital Partners, 500 Startups, Revo Capital, Ribbit Capital.
Parasut has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Series B in November 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 1, 2016 | $2M Series B | — | Diffusion Capital Partners, 500 Startups, Revo Capital, Ribbit Capital | Announced |