Startup Bangladesh announces Tk 100cr investment

On the occasion of the birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of Bangladesh, Startup Bangladesh Ltd. launched “ShotoBorshe Shoto Asha” with a plan to invest Tk 100 crore in 50 startups this year. The company announced the first series of investment to seven startups on Wednesday at BCC Auditorium in the capital’s Agargaon.

ICT State Minister Zunaid Ahmed Palak and Mohibul Hasan Chowdhury MP, Deputy Minister for Education launched the plan.Palak said, “Startups could play a crucial role in addressing the market needs, which will serve as the foundation for far-reaching consequences in the GDP’s overall growth. The tech-solutions provided by startups could support the nations achieving Sustainable Development Goals (SDG) by 2030.”

Startup Bangladesh Ltd. is the flagship venture capital fund of the ICT Ministry. Under the directive of Prime Minister Sheikh Hasina, Startup Bangladesh- the first and only venture capital fund sponsored by the Government of the People’s Republic of Bangladesh started its journey in March 2020 with an allocated capital of Tk. 500 crores.

This effort will enable the nation to innovate faster, create new jobs, develop technical skills, and realize the vision of Digital Bangladesh. The fund will provide investment in equity, convertible debt, and grants in pre-seed, seed, and growth-stage startups. It would invest through co-investments, as a fund-of-funds and asset manager, and provide other in-kind support to startups and stakeholders. Tina F. Jabeen, Managing Director & CEO, Startup Bangladesh Ltd. Said, “Among all frontier markets, Bangladesh holds the most promising opportunity for venture capital and private equity investments.

The country’s English-speaking, tech-sevvy young population is ready for deployment.”
The seven startups that received Tk. 15 crores for the first series of the investment are Pathao (ride-sharing/logistics), Dhaka Cast (health-tech), Moner Bondhu (Mental health and wellbeing), Chaldal (e-commerce), Eduhive (education-tech), Sheba.xyz (domestic services and SME) and Intelligent Machines (software services).

These startups received this fund to scale up their production, improve the quality of goods and services and develop the supply chain & marketing strategies.Mustafa Usman Turan, the Turkish Ambassador to Bangladesh, Ki-Hak Sung, Chaimen, and CEO at Youngone Corp and Chris Burry, the Co CEO of US Market Access Inc. were among those present in the event.

(AA)