Startups and Investments

Competition law in venture investments is often regarded as an issue that becomes relevant only once a company reaches a certain scale. In practice, however, the structure of an investment, the control rights granted to investors and the areas of activity of the parties may create competition law implications at a much earlier stage.

An investor's acquisition of a minority shareholding does not, by itself, necessarily constitute a change of control. However, board appointment rights, veto rights or contractual rights over strategic commercial decisions may result in the investment giving rise to joint control for competition law purposes. Similarly, investment funds holding interests in competing companies should structure their governance and reporting arrangements so as to prevent the transfer of competitively sensitive information between portfolio companies. Türkiye's merger notification system was updated in 2026, while the specific approach applicable to technology undertakings was maintained.

KFD Consulting approaches competition law assessment for entrepreneurs, investors and corporate companies more broadly than a final-stage merger filing check. Control rights contained in term sheets and investment agreements, information sharing during due diligence, clean-team requirements, joint venture structures and transaction closing conditions are, where possible, considered from the beginning of the investment process.