Startup Bangladesh has Announced 15 Crore Fund for Seven startups
In March 2020, the government established Startup Bangladesh with a capital of Tk 500 crore to assist new entrepreneurs in innovating faster, creating new jobs, developing technological skills, and realizing the vision of Digital Bangladesh.
Startup Bangladesh Ltd, the ICT ministry’s flagship venture capital fund, revealed the first round of investments totaling Tk 15 crore ($1.7 million) in seven startups today.
This time, the company has launched the “ShotoBorshe Shoto Asha” project, which will invest Tk 100 crore in 50 startups by 2021 as part of efforts to commemorate Bangabandhu Sheikh Mujibur Rahman’s birth centenary and Bangladesh’s Golden Jubilee.
Tk 100cr will be disbursed in total among 50 startups in 2021
The Seven startups chosen for the first round of funding are :
- Pathao (ride-sharing/logistics)
- Dhaka Cast (health-tech)
- Moner Bondhu (mental health and well-being)
- Chaldal (e-commerce)
- Eduhive (education-tech)
- Sheba.xyz (domestic services and SME)
- Intelligent Machines (software services).
After announcing the investments at a program organized by the ICT Division and Startup Bangladesh at the Bangladesh Computer Council in Dhaka’s Agargaon, ICT State Minister Zunaid Ahmed Palak said.
“Startup Bangladesh Ltd could bridge the gap between the startups and their potential with required capital financing. The tech-solutions provided by startups could support the nation achieve Sustainable Development Goals by 2030.”
The funds will be used to help startups scale up production, boost product quality, and develop supply chain and marketing strategies.
The fund will invest in pre-seed, seed, and growth-stage startups in the form of equity, convertible debt, and grants.
It would also invest in startups and stakeholders through co-investments, as a fund-of-funds and asset manager, and provide other in-kind support.
Mehjabin Zaman Mahee
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