future startup logo

Bangladesh Startup Funding Report: Q1 2023

14 Bangladeshi startups raised more than $35Mn in disclosed investments in Q1 2023. This includes ShopUp’s $30 million in debt financing by Lendable, the global provider of debt to fintech companies in emerging markets, and The City Bank, a leading commercial bank in Bangladesh announced in February 2023. 

Despite an increase in the number of deals compared to the same period in 2022, there was a significant decline in deal volume compared to the previous year. In Q1 2022, Bangladeshi startups raised some 57Mn in 12 deals. 

The country saw one acquisition in healthcare startup MedEasy acquired a medicine delivery startup Alchemy. 

Funds have been raised by a diverse range of companies. However, e-commerce, ed-tech, healthcare, software, media, and entertainment are the top verticals that attracted the highest investments. 

Govt-backed VC firm Startup Bangladesh Limited was the most active investor in Q1. SBK Tech Ventures has also invested in a number of companies. SAJIDA Foundation, with its first disclosed investment in Shikho, is a new entrant in the scene. 

See which companies have raised money in Q1 2023 below. And please feel free to email us your queries, feedback, comments, and critical thoughts to info@futurestartup.com   

SLCompanyTransaction NameMoney RaisedVerticalInvestors
1ShopUpDebt financing$30MnB2B CommerceLendable, City Bank
2BongoVenture Series$3MnEntertainmentNorthbase Media, Startup Bangladesh Limited
3ShikhoStrategic funding round$900KEd-techSAJIDA Foundation, Sturgeon Capital, Black Kite Capital, Goodwater
4AmarLabPree-Seed Round$100KHealthcareStartup Bangladesh Limited
5CMED Health LimitedSeedUndisclosedHealthcareBiniyog Briddhi
6OpenRefactoryPree- Series A Round$100KApplication SecurityStartup Bangladesh Limited

R-Venture 3.0 by Robi announces investment in 8 startups
7JommaPree-Seed$190KInvestment ServiceSBK Tech Ventures, RedDot Digital Ltd
8DigiDokanPree-Seed$150KLogisticsStartup Bangladesh Limited, RedDot Digital Ltd, SBK Tech Ventures
9HishabPlusPree-Seed$120KFintechRedDot Digital Ltd, SBK Tech Ventures, Angels
10UqeelPree-Seed$95KLegal SolutionSBK Tech Ventures, Angels
11Fabric LagbePree-Seed$95KLogisticsStartup Bangladesh Limited
12YOUR-CampusPree-Seed$47KSmart CampusStartup Bangladesh Limited
13ANTT RoboticsSeed$47KLogisticsStartup Bangladesh Limited
14DrishtiSeries B$24KTechRedDot Digital Ltd

Useful resource: 

  1. LightCastel Partners has published a detailed report on the Q1 funding in Dhaka. It is an interesting read. Find the report here
  2. We published a similar Q1 report for 2022 titled Bangladesh Startup Funding Report: Q1 2022, read it here

Sources: FS Research, LightCastle Partners, Crunchbase. 

Ayrin Saleha Ria works at Future Startup as a full-time Research Associate. She has a background in Applied Sociology. Before joining the FS team, she worked and volunteered with a number of social organizations. As someone who comes from a social science background, she takes a deep interest in research around important social-economic challenges in our society. A voracious reader, Ayrin is passionate about working for the betterment of society, takes a deep interest in human society and behavioral science, and loves books.

In-depth business & tech coverage from Dhaka

Stories exclusively available at FS

About FS

Contact Us