Bangladesh Venture Capital Limited has invested an undisclosed amount in a seed round in AALO, a Dhaka-based digital media tech start-up. The official signing was held on 20th July 2020 at the Dhanmondi office of Bangladesh Venture Capital Limited.
At the signing ceremony Md. Jahir Uddin, Managing Director (Acting), Bangladesh Venture Capital Limited, Mr. Hamidul Haque Khan, Chief Investment Officer, Bangladesh Venture Capital Limited, Mr. Shuvojit Das, Chairman, AALO, Md. Anowar Jahid, Associate, VC & PE, Bangladesh Venture Capital Limited and other shareholders of AALO were present.
Founded in 2018, AALO provides digital advertising and promotion solutions to businesses, government organizations and individuals. The company sets up monitors on the running buses and run advertisements to the passengers. The company has set up some 100 monitors to date.
“When we evaluated companies for our first ever funding earlier in 2019, we saw the persistence, tenacity and commitment of AALO founders in realizing the vision of digital advertising services over the last 1.5 years," said Md Jahir Uddin, Managing Director of Bangladesh Venture Capital Limited.
“We want to use the technology to make marketing effective and efficient for corporations and startups and individuals” said Mr. Arafat Shohag, CEO of AALO.
The investment from Bangladesh Venture Capital Limited will be used for developing the technology platform, increasing the number of buses, including other value-added services, and building a well-rounded team to execute the business model.