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Startup Bangladesh to give Taka 17 crore to 8 Startups

Dhaka, 16 March 2022: Startup Bangladesh, a flagship venture capital fund of ICT Division will give Taka 17 Crore to the country’s 8 startups under an initiative `Shotobarshe Shoto Asha’, launched earlier marking birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and 50 years of independence of Bangladesh.

With this second series of investments a total of Taka 34 crore were given to 15 startups so far to scale up their products and services and improve their qualities. Startup Bangladesh will give Taka 100 crore 50 startups to create entrepreneurs and employment in the country.

The announcement to give Taka 17 crore to 8 startups came at the second investment announcement ceremony under the initiative- `Shotobarshe Shoto Asha’ organized by Startup Bangladesh at BCC auditorium, Agargaon today.

Presided over by Managing Director of Startup Bangladesh Sami Ahmed, the function was addressed among others by State Minister for ICT Zunaid Ahmed Palak, H.E. Mustafa Osman Turan, Ambassador of Turkey to Bangladesh, Dr. Md Abdul Mannan PAA, Executive Director, Bangladesh Computer Council, Dr. Khandoker Azizul Islam,

Joint Secretary, ICT Division, Wahid Sharif President, BACCO.

The 8 companies and their startups are: 10 Minute School (edutech), Frontier Nutrition (food manufacture/nutrition), Hello Task (Consumer Service), iFarmer (agritech), Loop (logistics & supply chain management), Shuttle (transportation), Truck Lagbe (logistics & supply chain management), Zantrik (automotives).

Addressing as chief guest Zunaid Ahmed Palak said the government has been encouraging young talents to come up with quality and sustainable startups to develop a culture of innovation and startups.

“It (government) undertakes various initiatives including framing policies, formation of Startup Bangladesh venture capital fund and allocation of Taka 500 crore for it for flourishing startups,” he said adding with these initiatives a startup ecosystem has been developed in the country.

“Young Entrepreneurs & innovators are the pioneers in building the Digital Bangladesh and government has made youth Entrepreneurship agenda as one of the top priorities in its policies for future,” the ICT state minister said

He said the startups could play a vital role in addressing the market needs, which will serve as the foundation for far-reaching consequences in the GDP’s overall growth.

Dr. Md Abdul Mannan PAA, said the government’s various efforts will enable the nation to innovate faster, create new jobs, develop technical skills, and realize the goals of vision 2041. “We now want to put emphasize on building digital economy by flourishing ICT sector to help turn Bangladesh into a develop country 2041,” he said.

Mr. Sami Ahmed, Managing Director, Startup Bangladesh Limited added that Bangladesh holds the most promising opportunity for venture capital and private equity investments for Startup Industry in the region & that Startup Bangladesh Limited is committed towards fostering Entrepreneurship & build a sustainable Startup Ecosystem to position Bangladesh as the next Startup Hub of this region.

He also added that Startup Bangladesh will look forward to investing in Bangladeshi born seed to growth level Startups that has the potential to bring positive impact in the economy of Bangladesh.