Bangladeshi startup and technology news.
The content of ExitStack aims to include insights about companies and founders for the cross-pollinating of ideas and for potential investors and future partners of Bangladeshi startups.
Fabric, a startup providing AI-powered automation solutions for healthcare, has raised US$60Mn in a Series A funding round led by General Catalyst, with participation from existing investors such as Thrive Capital, Google Ventures, Salesforce Ventures, BoxGroup, Atento Capital, and Vast Ventures.
Learn more at ExitStack: link in the comments.
Jam, a software debugging platform, recently closed a Series A funding round, securing US$8.9Mn. GGV Capital U.S. led the round, with participation from Figma Ventures and other notable players in the software development space.
Learn more via the link in the comments.
Apon, an omnichannel marketplace based in Bangladesh, has secured US$1.5Mn in pre-seed investments from Village Capital, FMO, Startup Bangladesh, and some undisclosed angel investors.
Starting in 2017 as a fair-price grocery business for garments and textile workers, Apon has evolved into a broader platform that incorporates financial services to tackle workers’ financial burdens. By 2025, they aim to benefit 1 million workers and achieve a total savings of US$1Mn for them.
Learn more about this deal via the link in the comments.
Fabric, a healthcare operations enabler, has acquired the AI-powered medical assistant Gyant in an all-cash transaction. This follows its rebranding from Florence in March 2023 after securing US$20Mn in seed funding from Thrive Capital and acquiring Zipnosis from Bright Health in May 2023.
Learn more via the link in the comments.
In the international development space, the payer and the end user tend to be different, leading to divergent views on what works and how solutions should be rolled out. This approach often negates the local context and disrupts the market mechanism through which solutions can be developed, tested, and improved.
In this piece, Tariq Fancy, founder of The Rumie Initiative and the former CIO of sustainable investing at BlackRock, makes a compelling case for putting user feedback ahead of funder preferences.
Read the full piece at ExitStack: https://www.exitstack.co/posts/the-paternalism-in-international-development-has-to-stop
Agroshift, a Bangladesh-based agritech startup, has secured strategic capital from ADB Ventures, the venture capital arm of the Asian Development Bank (ADB). The company, founded in 2022 by Qazi Bouland, Rameez Hoque, and Diptha Saha, employs a unique "phy-gital" approach, combining physical supply chain infrastructure with digital tools.
Learn more: https://www.exitstack.co/posts/agroshift-secures-strategic-investment-from-adb-ventures
With the Middle and Affluent Consumers (MAC) population in Bangladesh embracing technology at a rapid pace, it becomes essential for startups and investors alike to understand and incorporate the characteristics of this digitally native consumer group.
Learn more on this from Waiz Rahim, Venture Partner (Bangladesh) at Sturgeon Capital, who is actively investing in the Bangladesh market: https://www.exitstack.co/posts/where-are-bangladeshs-digital-consumers
Sheba.xyz, a digital marketplace for household services in Bangladesh, recently closed a US$2.9Mn Series A round with funding from BSRM Group, a leading steel manufacturer, and Startup Bangladesh Limited, the country’s sovereign venture capital fund.
Learn more: https://www.exitstack.co/posts/sheba-raises-funds-from-bsrm-and-startup-bangladesh-limited
Hishab Technologies Limited, specializing in telephony-driven conversational engines powered by generative AI, has secured US$182K investment from Startup Bangladesh Limited, the country’s sovereign venture capital fund.
Learn more: https://www.exitstack.co/posts/hishab-raises-us-182k-in-investment-for-telephony-driven-financial-transactions
Alice Labs, a Bangladesh-based SaaS company focused on the Middle Eastern market, secured a US$91k investment from Startup Bangladesh Limited, the country’s sovereign venture capital fund. MyAlice, their flagship product, is a Unified Social Commerce and Messaging Platform designed to help online merchants convert customer interactions into revenue.
Learn more: https://www.exitstack.co/posts/alice-labs-gets-funding-from-startup-bangladesh-limited
As the 7th most vulnerable nation to climate change, Bangladesh must accelerate its transition to clean energy to continue its current development trajectory. Solar energy, which already contributes 75% of the nation’s renewable energy, presents the most promising opportunities in this regard.
Learn more: https://www.exitstack.co/posts/solar-energy-landscape-of-bangladesh
Drutoloan, a rising fintech startup on a mission to democratize business loan access and regional economic development, has secured US$1,25,000 in pre-seed funding after four and a half years of bootstrapping. This investment, from local and foreign investors like Ridwan Hafiz and Razy Shah, as well as two other investors from Singapore, will enable Druto to expand its reach within the Micro, Small, and Medium Enterprises (MSMEs) market in Bangladesh.
Learn more at ExitStack: https://www.exitstack.co/posts/drutoloan-a-bangladeshi-fintech-startup-secures-us-125k-in-pre-seed-funding
Wind.App, a fintech startup founded by Hussain Elius and Fahad Ahmed (co-founders of Pathao) along with Arman Bhuiyan, has secured a successful US$3.8 million pre-seed funding round. The round received significant support from German VC firm Global Founders Capital and Singapore's Spartan Group, with contributions from Saison Capital, Alumni Ventures, and Tiny VC.
Learn more at ExitStack: https://www.exitstack.co/posts/wind-raises-us-3-8mn-pre-seed-round-led-by-gfc-for-cross-border-payments
Over the past decade or so, Bangladesh has demonstrated remarkable economic growth and resilience. A significant part of this growth story involves startups, many of whom - like bKash, Pathao, and Chaldal - have become household names and an inseparable part of people’s daily lives. More than 1,200 startups in Bangladesh generate over 1.5 million employment opportunities across the country.
Even though the statistics of startup investments reflect an optimistic picture, with more than half of the USD 800 Mn invested in Bangladeshi startups raised in the past year alone, a more supportive and inclusive environment will be needed to allow startups to flourish as the ecosystem matures.
Learn more about the Bangladesh startup ecosystem: https://www.exitstack.co/posts/cultivating-impact-waves-backing-local-startups
Interactive Cares, a Dhaka-based ed-tech startup, has secured US$100K in Accelerating Asia's 9th Cohort. With a mission to enhance employability for local unemployed youth, the startup emerged as the sole Bangladeshi participant in the program. Other companies such as Auptimate, Brick and Mortar, Mintpay, Noapp and many more were also a part of this cohort.
With this recent investment and an unwavering commitment to providing innovative learning solutions, Interactive Cares is well-poised to play a pivotal role in Bangladesh's online ed-tech revolution.
Learn more: https://www.exitstack.co/posts/interactive-cares-secured-us-100k-in-the-latest-cohort-of-accelerating-asia
Institutional venture capital funds are professionally managed funds that invest on behalf of qualified, high-net-worth individuals (HNWI), family offices and other institutions. In Bangladesh, historically, we have not had much activity from institutional capital, and that has been partially responsible for startups not being able to raise the type of capital that startups in Indonesia and India have raised.
Learn more about the importance of institutional funding for startups, especially in Bangladesh: https://www.exitstack.co/posts/what-is-institutional-funding-and-why-is-it-important-for-startups
In the face of the threats posed by the global pandemic, the Bangladesh economy has demonstrated remarkable resilience, according to almost every economic indicator. More people now belong to the middle and affluent class, per capita income is rising, and the government is working on digitizing the nation.
Most notably, there has been a surge in digital payments, including mobile financial services (MFS), debit/credit cards, and e-banking. Regulatory initiatives and industry adaptations indicate a move towards a more inclusive and consolidated digital payment system, with opportunities for further growth and financial accessibility.
Learn more about the growth of digital payment systems in Bangladesh:
https://www.exitstack.co/posts/the-growth-of-payments-system-in-bangladesh
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