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Pragma

Growth equity

Istanbul · Growth · 10 people tracked

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Investment thesis

Pragma specializes in financial advisory for mergers, acquisitions and high-potential investments, with particular expertise in complex cross-border transactions in Türkiye. The firm works with both buyers and sellers to guide projects from start to close, while also sourcing and investing in industrial assets and high-growth technology companies through venture growth, growth equity and buyout strategies. It serves multinational and Turkish clients and relies on a strong network of senior-level contacts to facilitate acquisitions, partnerships and investments domestically and internationally.

Invests inSector AgnosticEuropeGlobalIstanbulTurkey

Source: firm website, verified Oct 25, 2026.

Stage
Growth
HQ
Istanbul, TR
Instruments
Equity · Debt
Founded
2005
Last 12 months
2 investments
Tracked investments
2

Team · 10 people

from the firm's website
Değer Şahbaz· CEOin

Co-founder of Pragma (2002) with over 28 years of investment banking experience across financial advisory, M&A and capital markets. Previously worked at Global Securities; holds a BS in Mechanical Engineering from Boğaziçi University and an MBA from Koç University.

Mustafa Akgün· Managing Director

Co-founder of Pragma with 28 years in investment banking covering M&A, private placements, privatization and structured equity across healthcare, pharmaceuticals, insurance, food and construction materials. Previously at Global Securities; holds a BS from Boğaziçi University and graduate degrees from the University of Illinois at Urbana-Champaign.

Ömer Bilhan· Managing Director

Co-founder of Pragma (2002) with over 28 years in investment banking, focused on cross-border M&A across power, banking, paper, steel and construction materials. Previously at Global Securities and Shell Oil; holds a BS from METU and an MBA from Purdue University.

Özlü Yalaza· Managing Director

Co-founder of Pragma with 28 years in investment banking spanning M&A, financial restructuring, privatization and capital markets across construction materials, logistics, energy and chemicals. Previously at Global Securities, Dundas, Ünlü & Co. and Finansbank; holds a BS from Boğaziçi University and an MBA from UT Austin.

Saltuk Buğra Akbulut· Managing Director

Co-founder of Pragma with 25 years in investment banking across electricity, packaging, paper, steel, chemicals, mining, consumer products and banking. Previously at Global Securities and Boğaziçi University; holds dual BS and MS degrees in Industrial Engineering from Boğaziçi University.

Ahmet Noyaner· Managing Director

Joined Pragma in 2015 with over 20 years in investment banking, including seven years in London at Dresdner Kleinwort and Citigroup focused on power and utilities across EMEA. Previously at Global Securities and ENKA; holds a BS from Boğaziçi University and an MBA from Yale University.

Şükrü Barlass· Managing Directorin

Joined Pragma in 2007 with over 28 years of investment banking experience across privatizations, M&A and capital markets advisory in energy, natural resources, metals, food and financial institutions. Previously at Global Securities and Finansbank; holds an MBA from Koç University and a BS from Istanbul Technical University.

Sultan Pınar Kavukcuoğlu· Managing Director

Joined Pragma in 2006 with over 15 years of investment banking experience across food and beverage, retail, FMCG, logistics, healthcare, insurance and machinery. Holds a BS from Istanbul Technical University and an MBA from Instituto de Empresa in Spain.

Can Ertöz· Advisory Board Memberin

Entrepreneur with over two decades in manufacturing; former CEO and leading shareholder of Vansan, a submersible pump and motor manufacturer he grew and exited to a PE fund (2017) and a Japanese conglomerate (2021). Supports Pragma's manufacturing-focused M&A and investment efforts; holds a degree in Mechanical Engineering from Dokuz Eylül University.

Sertaç Yeltekin· Advisory Board Member

Financial sector executive and investor with three decades of experience at Unicredit, Bain & Company and in venture capital across Europe and Asia. Founder/MD of Zingforce Ventures and co-founder/GP of Purpose Venture Capital; supports Pragma's growth equity and buyout strategies. Holds degrees from Swarthmore College and Johns Hopkins SAIS.

What they invest in

from 2 of 2 portfolio companies

AI & Machine Learning ×2Crypto & Web3 ×1Deep Tech ×1Enterprise Software ×1Healthtech ×1

HQs:United States×2

Investments · 2 tracked

founders shown can be your intro path
OpenGradientopengradient.aiin𝕏Apr 2026

OpenGradient operates a decentralized network for verifiable AI computing, letting users host models, run secure inference, and deploy AI agents onchain.

AI & Machine LearningCrypto & Web3Deep TechNew York City, US

Adam B(Founder)

Co-investorsBollinger Investment GroupPragma VenturesThanefield CapitalTPC Club (The presale club)TPC Venturesa16z crypto+9 more

Verifiableverifiable.comin𝕏Apr 2026

Verifiable provides an AI-powered platform for healthcare credentialing and provider network management that combines autonomous agents with regulatory compliance.

AI & Machine LearningEnterprise SoftwareHealthtechSan Francisco, US

Nick Macario(Founder)inViv Rajkumar(Founder)inElina Cadouri(Executive Officer)in

BoardJack Altman(Director)

Co-investors137 VenturesCathexis VenturesCraft VenturesRebel FundSoma CapitalStruck Capital+24 more

Portfolio news

latest coverage across their companies

Frequently asked questions

What stage does Pragma invest at?
Pragma invests at the Growth stage.
What sectors does Pragma focus on?
Pragma focuses on Sector Agnostic.
Where is Pragma located?
Pragma is headquartered in Istanbul, TR.

Media · Podcasts & interviews

featuring the team

Özlü Yalaza - Pragma Kurucu Ortağı - Üst Düzey | 11.11.2021

BloombergHT · Özlü Yalaza

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