SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment

Trendyol, a Turkish e-commerce company backed by Alibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that included SoftBank Group Corp. and two Gulf wealth funds.

The capital raise, co-led by SoftBank’s Vision Fund 2 and General Atlantic, vaulted the Istanbul-based firm to a $16.5 billion valuation, according to an emailed statement from the company. The announcement confirmed a Bloomberg News report in July on Trendyol’s plans.

Qatar Investment Authority, Abu Dhabi sovereign fund ADQ and Princeville Capital also joined the round. It marked SoftBank’s first investment in Turkey.

“The funding proceeds will support ...