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Trendyol has become Turkey's first 'decacorn' by reaching a valuation of $16.5 billion.

The e-commerce platform Trendyol increased its valuation to $16.5 billion with a new investment of $1.5 billion. As a result, Trendyol became the first Turkish technology company to be classified as a "decacorn," a term used for companies with a valuation exceeding $10 billion.

What Does 'Decacorn' Mean?

The term 'decacorn' refers to technological startups that have a valuation exceeding $10 billion, while 'unicorn' is used for startups with a valuation surpassing $1 billion.

Some of Turkey's unicorn companies include:

• Peak Games: Turkey's first unicorn
• Getir
• Dream Games