Startup Bangladesh Limited, a government-funded venture capital firm, plans to invest Tk 100 crore in 46 promising startups to fortify the country’s startup community.
Since its launch in 2020, the firm has greenlit investments worth Tk 73.50 crore across 28 ventures, already disbursing Tk 64 crore. These investments span crucial areas like health, agriculture, education, logistics, finance, online shopping, and renewable energy.
The board of Startup Bangladesh has approved funding for 11 startups, including Shajgoj, Jahazi, Dana-FinTech, Hisab, Bari Koi, Onno, Loosely Coupled, Alice Labs, Wigro, Sheba Platforms Limited, and Fabric Lagbe. Contracts for a Tk 18 crore investment in these startups are in progress. Moreover, the green light is imminent for a substantial Tk 75 crore investment in 35 more startups. An additional Tk 9.5 crore is set aside for 11 earlier-approved ventures awaiting funding.
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Founded by the Bangladesh Computer Council in March 2020, Startup Bangladesh has evolved significantly, with its authorized capital now standing at Tk 500 crore, a considerable jump from the initial Tk 50 crore approval.
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In the 2019-20 fiscal budget, the government allocated Tk 100 crore specifically for startup endeavors, delegating Startup Bangladesh to oversee these funds. A recent development in January 2022 saw the Ministry of Finance releasing Tk 50 crore from this allocation to further bolster the country’s innovative startup sector.
