Yemeksepeti is a better example of investing in regions where funding isn’t as available. This in return depresses the valuations and once funding comes in a big risk level is mitigated. The first movers into emerging regions made great returns — more examples in India and APAC.

On seed stage, you again enter at low valuations compared to the US, since there are more market risks and less downstream capital. However, by only moving the company to the US and gaining some traction, you no longer have market risk or funding risk. I believe there is more value to be captured here.