Meet the investors backing Bangladeshi startups at pre-seed, seed, and Series A.
2023 wasn’t a good year for the early-stage deal count in the Bangladesh startups. In fact, it was not good for most markets across the world. Global economic downturns, wars, and uncertainties tanked most markets' startup investment scene. For Bangladesh, it was particularly an unfortunate turn of events. After toiling in obscurity for years, Dhaka’s startup scene started to enjoy some momentum and attract serious attention from international investors. The economic slowdown essentially halted that momentum. Per a Lightcastle Partners report, startups in Bangladesh managed to raise $72 million across 45 deals in 2023, a 42% decrease compared to the previous year. The landscape has not changed much in 2024. In Q1 2024, Bangladeshi startups raised $19 million across 22 deals, a 57% decrease from Q1 2023.
The gloomy environment of startup investment in Bangladesh is unlikely to change any time soon. With the current revolution and political environment, we may have to wait for a few more months for things to return to normalcy. But there is genuine hope and optimism that things will improve once the new interim government settles into its role and the country returns to normal operation.
That said, there is a silver lining amid the broad decline in overall startup investment. While VC investment might have dropped off broadly, several investors are still pumping money into Bangladeshi startups.
Using data from our research wing Future Research, media coverage, LCP, FS has prepared this list of VC, institutional, and angel/individual investors who made at least one investment in a Bangladeshi startup in 2024.
If you have any questions or feedback on the list, please feel free to email us at info@futurestartup.com.
IDLC Venture Capital
- Headquarters: Dhaka, Bangladesh
- Fund Focus: IDLC Venture Capital Fund focuses on early-stage investments, particularly in the information technology sector. The fund targets small, emerging companies with high growth potential within Bangladesh.
- Description: IDLC Finance, a prominent financial institution in Bangladesh, manages IDLC Venture Capital Fund. The fund supports startups and small businesses through equity investments, leveraging IDLC's extensive network and expertise in the financial sector to add value to its portfolio companies.
- Notable 2024 Deals: In 2024, IDLC Venture Capital has invested in several notable startups, including a significant investment of BDT 2 Crore in Barikoi, a Dhaka-based mapping solutions startup. Other companies in their portfolio include Truck Lagbe, iFarmer, Arogga, and Chaldal.
- Website: IDLC Venture Capital
Bangladesh Venture Capital Limited
- Headquarters: Dhaka, Bangladesh
- Fund Focus: Bangladesh Venture Capital Limited focuses on early-stage ventures, particularly in sectors such as Information Technology, Edutech, HealthTech, Blockchain, Fintech, AI & Machine Learning, Big Data and Data Analysis, Agritech, and Food Processing.
- Description: Established in 2013, Bangladesh Venture Capital Limited (BVCL) is dedicated to creating alternative investment opportunities for high-growth businesses. The firm aims to foster a healthy investment ecosystem and supports entrepreneurs through mentoring, funding, and providing a global platform for potential startups. BVCL is part of the Daffodil Group and focuses on developing a new generation of startups that can drive economic development in Bangladesh.
- Notable 2024 Deals: In 2024, BVCL invested in several local startups, including Chaldal, Sokrio, BD Recycle, Inventus, and Textone. The firm is actively seeking permission to invest in international startups as well, such as BrioAgro, a Spanish agro-tech startup.
- Website: Bangladesh Venture Capital Limited
Village Capital
- Headquarters: Washington, DC, USA
- Fund Focus: Village Capital focuses on impact investing, supporting early-stage startups that address social, economic, and environmental challenges. Their primary sectors include Climate Innovation & Adaptation, Economic Mobility, and Equitable Access to Essential Services.
- Description: Founded in 2009, Village Capital aims to democratize entrepreneurship by providing diverse and inclusive support to early-stage entrepreneurs. They utilize unique tools like peer-selected investment and their Abaca platform to connect investors and entrepreneurs effectively. Village Capital has supported over 1,400 startups worldwide, with a significant focus on female-led and diverse-founder startups.
- Notable 2024 Deals: Recent investments in Bangladesh include Apon Bazaar
- Website: Village Capital
Startup Bangladesh Limited (SBL)
- Headquarters: Dhaka, Bangladesh
- Fund Focus: SBL focuses on investing in early-stage startups, particularly in the tech sector. Their areas of investment include fintech, health tech, e-commerce, and other innovative technologies.
- Description: Established in 2020, Startup Bangladesh Limited is the flagship venture capital fund of the ICT Division under the Government of Bangladesh. It provides equity, convertible debt, and grants to pre-seed, seed, and growth-stage startups.
- Notable 2024 Deals: Investments in 2024 include companies like MyAlice, Pavilion, ShareTrip, 10 Minute School, and MedEasy. A significant exit was EduHive in April 2024.
- Website: Startup Bangladesh Limited
ADB Ventures
- Headquarters: Manila, Philippines
- Fund Focus: ADB Ventures focuses on supporting technology-driven businesses that address climate change, gender equality, and inclusive growth in Asia and the Pacific.
- Description: As the Asian Development Bank's impact investment arm, ADB Ventures offers risk capital and advisory services to startups and growth-stage companies that provide scalable solutions to development challenges in the region.
- Notable 2024 Deals: Agroshift and Tiger New Energy
- Website: ADB Ventures
Wavemaker Partners
- Headquarters: Singapore and Los Angeles, USA
- Fund Focus: Wavemaker Partners focuses on early-stage venture capital investments in enterprise and deep tech companies.
- Description: Established in 2003, Wavemaker Partners has a strong presence in both Southeast Asia and the US. They invest in companies that leverage technology to innovate industries such as enterprise software, healthcare, and sustainability.
- Notable 2024 Deals: Investments in 2024 include Tiger New Energy. Previously, the firm invested in travel-tech startup GoZayaan and edtech startup Shikho.
- Website: Wavemaker Partners
500 TukTuks
- Headquarters: Bangkok, Thailand
- Fund Focus: 500 TukTuks focuses on early-stage investments in Thai and Southeast Asian startups across various sectors, including e-commerce, fintech, and health tech.
- Description: As a micro-fund under the 500 Startups network, 500 TukTuks provides capital and mentorship to innovative startups in the region, helping them scale and access global markets.
- Notable 2024 Deals: Tiger New Energy
- Website: https://500.co/500-southeast-asia
Orvel Ventures
- Headquarters: Singapore
- Fund Focus: Early-stage investments
- Description: Founded in 2022, Orvel Ventures calls itself a network-driven venture capital that invests in early-stage technology companies. Based in Singapore, the firm seeks to invest in early-stage technology startups in South-East Asia.
- Notable 2024 Deals: Tiger New Energy
- Website: Orvel Ventures
Penataran Management
- Headquarters: Singapore
- Fund Focus: Diverse sectors
- Description: Penataran Management is a family office investing in credit, stocks, venture capital, and commodities, with a particular focus on emerging and frontier economies.
- Notable 2024 Deals: Tiger New Energy
- Website: Penataran
Brett Barna, Barna Family Office
- Headquarters: United States
- Fund Focus: Diverse sectors
- Description: Brett Barna's family office invests in various sectors, focusing on innovative startups with strong growth potential. Mr. Brett Barna himself is an Angel Investor. He serves as a Board Member at Oakscale. He served as a Portfolio Manager at Moore Capital Management. Previously he served as an Analyst at Perry Capital.
- Notable 2024 Deals: Tiger New Energy
- Website: N/A
SBK Tech Ventures
- Headquarters: Dhaka, Bangladesh
- Fund Focus: Tech startups
- Description: SBK Tech Ventures invests in technology startups, providing capital and strategic support.
- Notable 2024 Deals: Jatri, Fashol, Markopolo, Arogga, 10 Minute School, Solshare
- Website: SBK Tech Ventures
Century Oak Ventures
- Headquarters: UAE
- Fund Focus: Early-stage tech investments
- Description: Century Oak Ventures focuses on early-stage tech startups, offering funding and strategic guidance.
- Notable 2024 Deals: PriyoShop
- Website: Century Oak Ventures
Evolution Ventures
- Headquarters: United States
- Fund Focus: Diverse sectors
- Description: Founded in 2013, Evolution Ventures began as a business strategy consulting firm, dedicated to developing grassroots startups into successful corporations. Since then the company has evolved into a technology-focused venture capital company investing companies across sectors.
- Notable 2024 Deals: PriyoShop
- Website: Evolution Ventures
Cocoon Capital
- Headquarters: Singapore
- Fund Focus: Cocoon Capital focuses on seed-stage investments in enterprise tech and deep tech startups in Southeast Asia.
- Description: Cocoon Capital provides early-stage funding and support to tech startups, helping them scale and succeed in the competitive market.
- Notable 2024 Deals: Investments include various enterprise and
Accelerating Asia
- Headquarters: Singapore
- Fund Focus: Accelerating Asia focuses on early-stage startups in Southeast Asia and South Asia.
- Description: Accelerating Asia runs an accelerator program that provides funding, mentorship, and access to a global network for startups.
- Notable 2024 Deals: PriyoShop
- Website: Accelerating Asia
GFR Fund
- Headquarters: San Francisco, USA
- Fund Focus: GFR Fund invests in early-stage startups in the entertainment and gaming sectors.
- Description: GFR Fund supports startups that are innovating in gaming, augmented reality, and related fields, providing them with capital and strategic guidance.
- Notable 2024 Deals: PriyoShop
- Website: GFR Fund
BonBillo
- Headquarters: Boston, USA
- Fund Focus: BonBillo focuses on startups with social impact across various sectors.
- Description: BonBillo is an accelerator and fund that supports startups aiming to solve social challenges, providing them with funding, mentorship, and resources.
- Notable 2024 Deals: Key investments include startups in healthcare, education, and environmental sustainability.
- Website: BonBillo
Iterative
- Headquarters: Singapore
- Fund Focus: Iterative focuses on early-stage startups in Southeast Asia, particularly those in the technology sector.
- Description: Iterative is an accelerator program that provides funding, mentorship, and resources to startups to help them scale rapidly.
- Notable 2024 Deals: PriyoShop
- Website: Iterative
SOSV (Orbit Startups)
- Headquarters: Princeton, New Jersey, USA
- Fund Focus: SOSV focuses on early-stage, deep tech, and hardware startups.
- Description: SOSV runs several accelerator programs, including Orbit Startups, to support tech startups globally with funding, mentorship, and market access.
- Notable 2024 Deals: PriyoShop
- Website: SOSV
South Asia Tech Partners
- Headquarters: United States
- Fund Focus: Tech startups in South Asia
- Description: South Asia Tech Partners invests in technology startups across South Asia.
- Notable 2024 Deals: PriyoShop
- Website: South Asia Tech Partners
Voltity
- Headquarters: Cyprus
- Fund Focus: Tech startups
- Description: Voltity is an asset management company with a diversified portfolio across various asset classes, including venture capital, private equity, real estate development
- Notable 2024 Deals: PriyoShop
- Website: Voltity
Cocoon Capital
- Headquarters: Singapore
- Fund Focus: Seed-stage B2B tech startups
- Description: Cocoon Capital is a Singapore-based venture capital firm focusing on early-stage enterprise tech companies across Southeast Asia. The firm differentiates itself by working closely with its portfolio founders.
- Notable 2024 Deals: Shomvob
- Website: Cocoon Capital
Open Campus Accelerator
Headquarters: United States
- Fund Focus: Open Campus Accelerator focuses on advancing educational technology (EdTech) startups. It emphasizes collaborative and co-creative approaches to foster long-term impact on the education ecosystem. The accelerator supports startups working on the intersection of Web3 and EdTech.
- Description: Open Campus Accelerator (OC-X) is a program designed to support EdTech startups through funding, mentorship, resources, and networking opportunities. The program includes a 6-week virtual accelerator with workshops, coaching, and peer collaboration, followed by 12 months of post-program support. Startups can pitch for milestone-based grants ranging from $35,000 to $100,000.
- Notable 2024 Deals: In 2024, Interactive Cares, a Bangladeshi EdTech startup, received a $100,000 grant.
- Website: Open Campus Accelerator
