Startup Bangladesh Ltd has launched the ‘Shoto Borshe Shoto Asha’ to invest Tk 1.0 billion in 50 startups this year.
The company announced the first series of investments in seven startups in a programme in the capital on Wednesday.
The fund will provide investment in equity, convertible debt, and grants in pre-seed, seed and growth-stage startups. It will invest through co-investments as a fund-of-funds and asset managers, and provide other in-kind support to startups and stakeholders.
The seven startups that received Tk 150 million are Pathao (ride-sharing and logistics service), Dhaka Cast (health-tech), Moner Bondhu (mental health and wellbeing), Chaldal (e-commerce), Eduhive (edtech), Sheba.xyz (domestic services and SME) and Intelligent Machines (software services).
These startups received the fund to scale up their production, improve the quality of goods and services, and develop the supply chain and marketing strategies.
ICT State Minister Zunaid Ahmed Palak launched the event as the chief guest, while Deputy Minister for Education Mohibul Hasan Chowdhury and Principle Coordinator of SDG Affairs of Prime Minister’s Office (PMO) Zuena Aziz were present as the special guests.
In the programme, the state minister said the government has created a national entrepreneurship platform to support the startup ecosystem.
N M Zeaul Alam PAA, senior secretary of the ICT Division and chairman of the board of directors of Startup Bangladesh Ltd, was present as the guest of honour at the event.
"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 nation achieving Sustainable Development Goals by 2030."
Ki-Hak Sung, chairman and CEO at Youngone Corp, also spoke on the occasion as a guest speaker. "I have been associated with Bangladesh for the past 36 years and am excited to be on this journey ahead," shared Mr Sung. His company is eyeing to invest USD 1 Billion over the next few years in Bangladesh.
"Among all frontier markets,Bangladesh holds the most promising opportunity for venture capital and private equity investments. The country's English-speaking, tech-savvy young population is ready for deployment," noted Tina F.Jabeen, managing director and CEO of Startup Bangladesh Ltd.
Startup Bangladesh Limited is the flagship venture capitalist of the ICT Ministry. Under the guidance of Honorable 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 5.0 billion.
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