Startup Bangladesh invests in SWAP
Startup Bangladesh Limited, the flagship venture capital company of the ICT Division, decided to invest Tk5 crore in SWAP, the first ever re-commerce platform in Bangladesh, in a pre-series A round.
An agreement was signed recently between the organisations in the presence of Khandker Cabinet Secretary Anwarul Islam, Startup Bangladesh Chairman and Senior secretary of ICT division NM Zeaul Alam PAA, Managing Director Sami Ahmed, Head of Portfolio Investment Hasan A Arif and SWAP CEO Parvez Hossain, COO Tonmoy Shaha and other stakeholders, reads a press release.
Under the guidance of Prime Minister Sheikh Hasina, Startup Bangladesh - the first and only venture capital fund sponsored by the government started its journey in March 2020 with an allocated capital of Tk500 crore.
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In this effort to enable the nation to innovate faster, Startup Bangladesh has decided to invest Tk5 crore in SWAP after recognising the potential of this re-commerce pioneer, the release added..
On the occasion State Minister for ICT Division Zunaid Ahmed Palak said, "Bangladesh has become a fertile land for startups and innovation, which is transforming the startup ecosystem. The Government is a strong believer of 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 towards building Smart Bangladesh. I hope Swap will make a remarkable impact in the industry with this investment."
"The work that SWAP is doing in the re-commerce industry is highly commendable and the investment from Startup Bangladesh Ltd on 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," mentioned NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman Startup Bangladesh Ltd.
