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The State of Startup Funding In Bangladesh till September 2021

  • To date, 37+ Bangladeshi startups raised more than $120Mn in disclosed investments. Many startups raised seed and pre-seed money that has not been disclosed. The increase is significant compared to previous years. In 2020, the total funding was around $40Mn. We still have a quarter to go, so it is logical to anticipate that the final quarter of the year will be eventful. 
  • The overall angel and seed-stage funding environment has improved significantly. Getting late stage funding has also become relatively easier for Bangladeshi startups in 2021. If socio-economic and demographic developments are any indication, Bangladesh should become a technological innovation hotbed in the coming decades. Investors should pay closer attention to the developments in the country. 
  • Funds have been raised by a wide range of companies. However, ecommerce, healthcare, logistics, education, and fin-tech continue to attract the most investment. Bangladesh's startup scene has grown rapidly in recent years, producing increasing numbers of high-quality startups. 
  • See which companies have raised money so far in 2021 below. For queries and feedback, please email us at [email protected]   
Company Transaction Name Money Raised Investors
ShopUp Series B $75Mn Valar Ventures, Prosus Ventures, Flourish Ventures, Sequoia Capital India, and VEON Ventures.
Chaldal Series C $10Mn Taavet Hinrikus (co-founder of Wise), Sten Tamkivi (CPO of Topia), and Xploration Capital, Mir Group
Protein Market - $100k M Asif Rahman, Nazmul Hasan Rupok, Jahangir Alam, and Md. Shahjahan
Frontliners Technologies - Undisclosed M Asif Rahman, and Nazmul Hasan Rupok
Jatri Pre-series A $1.2Mn Reflect Ventures, Brain-Too-Free Ventures, SBK Tech Ventures
Alice Labs Seed $500K Anchorless Bangladesh, HOF Capital.
Shuttle Seed $750k Accelerating Asia. Robi Axiata Limited (r-ventures), Impact Collective (The Ventures, South Korea), and Bangladesh Angels Network (BAN), Uber's Head of Mobility Innovation Programs Zulkarnain, and Co-founder & Managing Director of foodpanda Bangladesh Zubair Siddiky
Shadhin FinTech Pre-seed $165k Bangladesh Angels
Praava Health Series A Prime - General David H. Petraeus, Esther Dyson, SBK Tech Ventures, Dr. Jeremy Lim, Dr. Rushika Fernandopoulle, and Geoff Price
Zingo Pre-seed - -
Shikho Seed $1.3Mn Anchorless Bangladesh, LearnStart, Learn Capital, Wavemaker Partners, Ankur Nagpal.
MedEasy (Daktar Bondhu) Pre-seed - SBK Tech Ventures
ROOTs Edu Pre-seed Undisclosed Omicon Tech Ventures
Arogga pre-seed $200k -
DataBird Bridge Round $3Mn Skycatcher
Kludio pre-Series A Undisclosed Steve Vickers, Impiro
Maya Seed $2.2Mn Anchorless Bangladesh, The Osiris Group,
Frontier Nutrition Series B $6Mn Adjuvant Capital, the International Finance Corporation, DSG Consumer Partners, DSM Venturing, Shazi Visram, Seth Goldman, Bridgette Heller, and Great Point Ventures.
Intelligent Machines - BDT 4cr IDLC Venture Capital Fund I
Paperfly - BDT 100cr Ecom Express
Arogga - Undisclosed Falcon Network
Pathao - - Startup Bangladesh Ltd
Dhaka Cast - - Startup Bangladesh Ltd
Moner Bondhu - - Startup Bangladesh Ltd
Chaldal - - Startup Bangladesh Ltd
Eduhive - - Startup Bangladesh Ltd
Sheba.xyz - - Startup Bangladesh Ltd
Intelligent Machines - - Startup Bangladesh Ltd
Ajke.live Pre-seed $50,000 Mohammad Maaz Mamoon
Happihub Seed $60,000 -
Shebika Pre-seed $600,000
E-Desh $235k Maslin Capital
Mainframe Labs Pre-seed $75k Tiger IT Foundation
Chaya Pre-seed $45k Mohammad Maaz Mamoon and Isra Mamoon
Markopolo Pre-seed - Deko Isho Group
StridesCo Pre-seed - Bangladesh Angels
Truck Lagbe Series A $4Mn IFC, IDLC VC Fund 1, Millville Opportunities
Upskill Pre-seed $110k Vint Valley
Merchant Bay Pre-seed $260k --
Go Zayaan Seed $2.6Mn Wavemaker Partners
SOURCE: Sources

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