Zatiq, a nine-month-old startup, has raised an impressive $1.6 million in a pre-seed funding round, the largest early-stage investment this year by a Bangladeshi startup, said a press release.
The round was led by Dekko ISHO Venture Capital (DIVC), with participation from local and foreign angel investors. Key local investors include stock broker and fund manager Faizan Huda and businessman Shajjad Ali Khan and foreign investors include notable international public speaker Karim Atassi.
NRB investors such as Shaikh Akib Shahriyar and Rifat Ara Tasnim also participated in this round.
Founded by seasoned entrepreneur Sultan Moni, along with Cofounders Mumtahina Anika and Fahim Al Mahmud, Zatiq aims to uplift Bangladesh’s 4.5 million small and medium businesses (SMEs) by empowering them to digitize their operation, enabling them to accept digital payments and access financial services, without the hassle of learning new technology. Many local SMEs face challenges like limited access to capital and lack of technical know-how, hindering their growth.
Zatiq is developing hardware and software products designed specifically for Bangladeshi SMEs after understanding their pain points. One such product is the Zatiq Business Calculator – jointly created by Zatiq and Tohands. It is targeted at local MSMEs who prefer simple tech like a calculator over complex apps.
Zatiq Business Calculator enables micro-merchants to easily track transactions and pending dues, and directly send payment reminders, reducing accounting headaches. It also features easy loan applications, addressing the major credit access challenge that SMEs face. With thoughtful products like these, Zatiq hopes to boost efficiency, revenues and financial inclusion for local businesses.
According to Sultan Moni, Bangladesh is filled with entrepreneurial people and massive untapped opportunities.
He believes Bangladesh has the potential to become a major tech and startup hub in South Asia within the next decade, if innovative businesses like Zatiq can solve major problems holding SMEs back.
By genuinely addressing challenges faced by SMEs and inspiring other startups, Zatiq aims to create a positive chain effect to uplift Bangladesh’s business landscape. With its impressive pre-seed funding round, Zatiq seems poised to make its vision of empowering local businesses into a reality.
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