Startup Istanbul, a leading startup event hosted annually in Istanbul, Turkey, has announced the launch of a new venture capital fund. The VC fund, with a targeted valuation of $10 million, will specifically target pre-seed startups in emerging markets.

With the likes of renowned American investor Tim Draper joining the fund, Startup Istanbul expects to raise the full capital in the coming weeks. The fund has also reportedly secured commitment from several other investors, but is not quite ready as of yet to divulge all details.

Startup Istanbul’s reach in the regional and global startup community can be gauged from the fact that every year, its events get thousands of applications. Because of such high numbers, Startup Istanbul has historically maintained a pretty decent dealflow. It now wants to raise a dedicated fund to invest in them as well.

“Over the last few years, more than 700 startups from more than 60 countries have pitched their stories on the Startup Istanbul stage. Together, these startups have raised a staggering $260 million in total funding,” the team behind Startup Istanbul said in a statement.

If all goes as per plan, it wants to invest $50,000 each in 100 startups. The remaining amount will be then invested in the most promising portfolio companies, who will receive up to $200,000 in investment.