Startup Bangladesh to invest Tk 100cr in 46 startups

November 13, 2023

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Startup Bangladesh Limited, a government-backed venture capital firm, is set to inject Tk 100 crore into 46 selected startups, aiming to strengthen the country’s startup ecosystem. Since its establishment in 2020, the company has actively approved investments totaling Tk 73.50 crore across 28 companies, dispersing Tk 64 crore. These investments span critical sectors such as health-tech, agri-tech, ed-tech, logistics, fintech, e-commerce, and renewable energy.

The board of directors of Startup Bangladesh has approved investments in 11 startups, including Shajgoj, Jahaji, Dana-FinTech, Hishabee, Bari Koi, Onnow, Loosely Coupled, Alice Labs, WeGro, Sheba Platforms Limited, and Fabric Lagbe.

Contracts for a Tk 18 crore investment in these 11 companies are currently in process. Additionally, the approval process is underway for a substantial Tk 75 crore investment in 35 more startups. An extra Tk 9.5 crore is allocated for 11 previously approved institutions where the funds have not yet been transferred.

Founded in March 2020 under the ownership of the Bangladesh Computer Council, Startup Bangladesh has evolved significantly, with its authorised capital now at Tk 500 crore, up from the initial approval of Tk 50 crore.

The 2019-20 fiscal budget saw the government earmark Tk 100 crore specifically for startup initiatives, entrusting Startup Bangladesh with the stewardship of these funds. In a recent development in January 2022, the Ministry of Finance released Tk 50 crore from this allocation to further support the country’s innovative startup sector.

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