Startup Bangladesh Limited is the ICT Division’s main venture capital fund. Startup Bangladesh, the first and only venture capital fund supported by the government of the People’s Republic of Bangladesh, began its journey in March 2020 with an assigned capital of BDT 500 crore under the visionary leadership of Honorable Prime Minister Sheikh Hasina. Startup Bangladesh has chosen to invest 5 crore BDT in SWAP after realizing the potential of this re-commerce pioneer in an effort to empower the nation to innovate faster.
Khandker Anwarul Islam, Cabinet Secretary, Cabinet Division, attended the signing of the agreement. Mr. N M Zeaul Alam PAA, Chairman & Senior Secretary of ICT Division, Startup Bangladesh, Managing Director Sami Ahmed, Head of Portfolio Investment SWAP CEOs Hasan A. Arif and Parvez Hossain, as well as COO Tonmoy Shaha and other stakeholders, were in the session.
“Bangladesh has become a fertile land for startups and innovation, which is transforming the startup ecosystem. The Government is a strong believer in innovation and technology, and we believe Startups are the change-makers and Impact creators in society. To support these innovative Startups, the Government has established Startup Bangladesh Venture Capital company. Startup Bangladesh’s role in supporting the startup ecosystem through investments in technology startups is vital to building Smart Bangladesh. I hope Swap will make a remarkable impact in the industry with this investment.”
-Mr. Zunaid Ahmed Palak MP, State Minister for ICT Division.
Startup Bangladesh Limited, the ICT Division’s flagship venture capital firm, decided to invest Tk 5 crore in the pre-series A round for this innovative initiative in SWAP, Bangladesh’s first re-commerce platform. So far, Startup Bangladesh has funded 16 startups totaling more than 50 crore BDT.
“The work that SWAP is doing in the re-commerce industry is highly commendable and the investment from Startup Bangladesh Ltd in SWAP will help it to be the leader of the industry. I hope that they will be able to make a deep impact in Smart Bangladesh implementation as a Startup. The ICT Division is working diligently in changing policies that assist the emerging and growing startups in many aspects, whether it is policy level, training, development, etc.”
– NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman Startup Bangladesh Ltd.
SWAP has generated more than USD $43M in Gross Merchandise Value (GMV) since its debut in 2020, with a current monthly GMV of more than USD $2.5M. The company has served over 80,000 clients so far and has helped to cut 3650 metric tons of carbon emissions and save over 386 metric tons of e-waste as part of its aim to lower carbon footprint and contribute to an ecologically sustainable e-commerce business in emerging economies.
“We believe that SWAP provides a solution that the Bangladesh market greatly needs. By building an ecosystem for pre-owned goods, we are providing our country’s low and middle-income households access to technology at an affordable price while encouraging the circular economy mandate. By reusing and increasing the lifespan of electronic devices & light vehicles, we can also ease the pressure on the import of such goods, easing the stress on our dollar reserve.”
– Parvez Hossain, SWAP CEO and Co-founder.
Startup Bangladesh has been investing in the most promising and impactful startups in Bangladesh as part of its aim to develop a thriving startup ecosystem that fosters digitalization and has continued that legacy by investing in SWAP.
For more updates, be with Markedium.