Apon Secures US$1.5Mn from Village Capital, FMO, and SBL for RMG Worker Services

February 8, 2024

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Apon, an omnichannel marketplace based in Bangladesh, has secured US$1.5Mn in pre-seed funding from Village Capital, a U.S. impact impact fund, FMO, a Dutch DFI, Startup Bangladesh Limited (SBL), and various undisclosed angel investors. Established in 2017, Apon’s journey began with a fair-price grocery business for garments and textile workers – evolving into a platform including broader financial services such as cash credit and targeted loans to tackle workers’ financial burdens.

CEO Saif Rashid believes “this investment not only validates our vision but also strengthens our resolve to revolutionize financial inclusion for Bangladesh’s industrial workers.”

Husein Merchant from Village Capital highlighted the “strength of Apon’s value proposition” in “solving an important problem profitably”, and commended the team on “their ethics and decision to always do what is good for the factory worker.”

Apon’s Chairman Sarfaraz Ali added, “We are thrilled to celebrate this significant milestone with our partners, stakeholders, and supporters. This investment is a testament to the power of technology in driving positive change and fostering a more inclusive financial ecosystem in Bangladesh.” Startup Bangladesh Limted’s Managing Director, Sami Ahmed, additionally believes that “Apon’s dedication to revolutionizing financial inclusion and improving workers’ wellbeing is truly commendable.”

Since its inception, Apon has served more than 175,000 workers in 32 factories and facilitated US$21.5Mn in credit for workers in the garments and textile sector. By 2025, Apon endeavors to establish a sustainable platform to benefit 1 million RMG (ready made garments) workers and achieve a total savings of US$1Mn for them.

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