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Bangladesh Startup Funding Report: Q1 2022

Total deals: 13 

12+ Bangladeshi startups raised more than $57Mn in disclosed investments in Q1 2022. This includes ShopUp’s $34 million Series B extension round led by Tiger Global announced in January 2022 and was originally part of its earlier series B round and Startup Bangladesh Limited’s nearly $2 million investments in 8 companies. Apart from this, several startups raised undisclosed seed and pre-seed investments. 

This is a significant leap from the previous years even if we exclude ShopUp’s $34 million investment. 

The country saw a few M&A deals in SWAP acquiring 49% in BDHotDeals and GoZayaan acquiring Pakistani startup FindMyAdventure.

Funds have been raised by a diverse range of companies. However, edtech, logistics, transportation, and ecommerce are the top verticals that attracted the highest investments. 

Ecommerce companies raised the most investment aided by ShopUp’s massive round. Logistics and transportation account for the highest number of deals followed by edtech. 

Read about the most active investors in Bangladesh in 2021 here and our Bangladesh Startup Funding Report 2021 here

See which companies have raised money in Q1 2022 below. And please feel free to email us your queries, feedback, comments, critical thoughts to info@futurestartup.com   

Company Transaction Name Money Raised Vertical Investors
ShopUp Series B extension $34Mn B2B commerce Tiger Global, Valar Ventures, VEON Ventures, Omidyar, Prosus Ventures, Flourish Ventures, and Lonsdale Capital
10 Minute School Seed $2Mn Edtech Sequoia Capital India
Shajgoj Seed $2.3Mn Fashion ecommerce Sequoia Capital India, SBK Tech Ventures
10 Minute School Seed Undisclosed Edtech Startup Bangladesh Limited
Frontier Nutrition -- Undisclosed Food and beverage Startup Bangladesh Limited
Hello Task Seed Undisclosed Service Marketplace Startup Bangladesh Limited
iFarmer Seed Undisclosed Agriculture Startup Bangladesh Limited
Loop Seed Undisclosed Logistics Startup Bangladesh Limited
Shuttle Seed Undisclosed Transportation Startup Bangladesh Limited
Truck Lagbe -- Undisclosed Logistics Startup Bangladesh Limited
Zantrik Seed $1Mn Transportation Startup Bangladesh Limited, Bangladesh Angels
Shikho Seed $4Mn Edtech Wavemaker Partners, LearnStart, Anchorless Bangladesh, Vibe Capital, DSG Consumer Partners, Black Kite Capital, Ratio Ventures, and Julian Shapiro
Paperfly Series A $11.8Mn Logistics Ecom Express
FS Research, Crunchbase: Sources

Mohammad Ruhul Kader is a Dhaka-based entrepreneur and writer. He founded Future Startup, a digital publication covering the startup and technology scene in Dhaka with an ambition to transform Bangladesh through entrepreneurship and innovation. He writes about internet business, strategy, technology, and society. He is the author of Rethinking Failure. His writings have been published in almost all major national dailies in Bangladesh including DT, FE, etc. Prior to FS, he worked for a local conglomerate where he helped start a social enterprise. Ruhul is a 2022 winner of Emergent Ventures, a fellowship and grant program from the Mercatus Center at George Mason University. He can be reached at ruhul@futurestartup.com

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