# Pragma

> Pragma is a VC fund in Istanbul backing Blockchain, Bitcoin and Cyber Security. See 8 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Istanbul, Turkey
- Total investments: 8
- Last investment: Oct 2024
- Lead investor: 25%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/pragma-corporate-finance/
- Website: https://www.pragma.com.tr/

Pragma is an investment banking company that offers various financial advisory services.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1M–$9M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 3 | 38% |
| Bitcoin | 2 | 25% |
| Cyber Security | 2 | 25% |
| Rental | 1 | 13% |
| Fashion | 1 | 13% |

18 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 6 | 75% |
| Pre-Seed | 1 | 13% |
| Venture - Series Unknown | 1 | 13% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Turkey | 3 | 38% |
| Estonia | 1 | 13% |
| Singapore | 1 | 13% |
| South Korea | 1 | 13% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| bitSmiley | BitSmiley offers comprehensive Bitcoin DeFi solutions to bridge the stablecoin and lending infrastructure gaps within the Bitcoin ecosystem. Its main product is an over-collateralized stablecoin based on Bitcoin. Users can utilize Bitcoin as collateral for BitSmileyDAO and Mint BitUSD. | $10M | Venture - Series Unknown | Oct 28, 2024 |  |
| Rivalz Network | An AI-Driven DePIN RollApp | $9M | Seed | Aug 14, 2024 |  |
| Bitlayer | Bitlayer is the first Bitcoin second-layer network, based on BitVM, offering ultra-scalability and L1 security, aiming to be Bitcoin's computing layer. | $5M | Seed | Mar 27, 2024 |  |
| Malwation | Malwation offers its users detailed reports against advanced malware in an automated and interactive manner with its new generation analysis technology, and with MSP, the endpoint security products that organizations invest heavily in their cyber security architectures are tested under the most stringent conditions. | $1.1M | Seed | Dec 14, 2023 |  |
| DCEY | DCEY is a clothing-as-a-service (CaaS) company that has been transforming how women dress ever since it was founded in 2010 in Istanbul. Formerly know as “Davet Cok Elbisem Yok,” the company received funding from Pragma, a leading investment bank, in 2021 and expanded its business to the UK in 2022. As Türkiye’s first and largest rental clothingcompany, DCEY is currently expanding further globally and online, while bringing the most stylish looks from global and local designers to the service of women across the globe and redefining fashion consumption in a sustainable way. |  | Seed | Sep 01, 2021 |  |
| Label AI | LABEL AI is an innovative Web 3 music platform enabling the creation and management of sounds like music and voice through AI and blockchain. Users can generate music for streaming, video backgrounds, games, metaverse, and AI videos, and create and edit voice content. These creations can be onboarded onto the TRACKS platform, where revenue isdistributed via the LABEL AI Sound Protocol. Through blockchain governance, users can own and operate a decentralized AI sound ecosystem.LABEL team builds up an ecosystem that establishes an incubating system, that will purport to provide an easier access to investment / promotion / distribution and improve an unfair profit structure that exists in the current sphere, striving to prevent copyright infringement cases across the industry. The pillars that will be developed inside of the LABEL Value Chain ecosystem are as following:Incubating SystemThe core idea behind the “Incubating System” is that anyone can register their digital course related to the career or job training and education inside of the LABEL. For the course to be eligible for the listing on the platform, it has to go through the voting system, where the votes are governed by the users and the selection process is carried out according to their votes. Once the selection process is over, the selected course will be provided with the investments in LBL tokens, that are contributed by either partner sales platforms, consumers or individual investors. Settlement System through the usage of NFT and Smart Contracts The courses, that have successfully received investments, will be registered as an NFT standard, which will clearly illustrate the share ratio of the ownership according to the contributions of instructors, voters and investors. The information on sales revenue from partner platforms will be released on the NFT Page, and the revenue generated by the course will be accurately distributed based on the NFT Equity Ratio that is registered in the Smart Contract.NFT MarketThe Course Creator, as well as the voters and inventors that have participated in the incubating process, including the selling platform itself and publicist can sell or trade their NFT share ratio in the NFT Market. The presence of the NFT Market enables the NFT owners to quickly liquidate their position and recover some of their expected future profit, whereas buyers can keep getting their stable profit slices continuously. | $1M | Seed | Jun 01, 2021 |  |
| ENBIOSIS | ENBIOSIS is a biotechnology firm that offers personalized health solutions by analyzing the human gut microbiome using AI technology. |  | Seed | May 27, 2021 |  |
| Binalyze | Automated Investigation and Response Platform Powered by Digital Forensics | $1.8M | Pre-Seed | Feb 18, 2021 |  |

8 of 8 investments shown.

## Co-investors
- [Cogitent Ventures](https://shizune.co/investors/profile/cogitent-ventures) — VC Fund, 2 deals together
- [NewTribe Capital](https://shizune.co/investors/profile/newtribe-capital-c32e) — VC Fund, 2 deals together
- [NXGEN](https://shizune.co/investors/profile/nxgen) — VC Fund, 2 deals together
- [OKX Ventures](https://shizune.co/investors/profile/okx-ventures) — VC Fund, 2 deals together
- [ABCDE](https://shizune.co/investors/profile/abcde) — VC Fund, 1 deal together
- [Alphabit Fund](https://shizune.co/investors/profile/alphabit-fund) — VC Fund, 1 deal together

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## FAQ

### What does Pragma invest in?

Pragma invests primarily in Blockchain, Bitcoin and Cyber Security startups, most often at Seed and Pre-Seed stage. Most of the 8 investments tracked by Shizune back companies in Turkey. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Pragma's check size?

Pragma typically joins rounds of $1M–$9M at Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Pragma participates in.

### When did Pragma last invest?

The most recent investment recorded for Pragma closed in Oct 2024. Shizune tracks 8 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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