Startup Bangladesh Limited, the pioneering venture capital company under the ICT Division, has announced a strategic investment in Bongo, the leading digital entertainment platform in Bangladesh. Startup Bangladesh co-led the Series B round with North Base Media, a firm specialized in global digital-media investments, and other high net-worth individuals and family offices. This collaborative endeavor aims to grow the landscape of online entertainment and content consumption in the country.
A formal agreement was inked between the two entities, for an investment of Five crore Bangladeshi Taka into Bongo’s growth and expansion plans, says a press release.
The signing ceremony took place in Dhaka, witnessed by distinguished guests including Honorable State Minister Zunaid Ahmed Palak, MP, ICT Division, Md. Shamsul Arefin, Chairman of the Board of Directors of Startup Bangladesh and Senior Secretary of ICT Division; along with key figures such as Sami Ahmed, Managing Director of Startup Bangladesh; and representatives from Bongo including Mr. Navidul Huq, Co-founder, Mr. Fayaz Taher, Co-Founder and Chief Operating Officer, Mr. Mushfiqur Rahman, Chief Content Officer and Mr. Mamun Atik, Chief Business Development Officer among others.
Bongo has rapidly emerged as the go-to digital platform for entertainment, offering a vast array of local blockbuster originals and international content to millions of users across Bangladesh. From engaging web series, riveting dramas, to captivating movies and much more, Bongo has captured the hearts of the masses through its innovative approach to streaming.
“This partnership with Bongo exemplifies Startup Bangladesh’s commitment to fostering innovation and supporting homegrown startups that cater to the diverse needs of our population. Bongo’s success story resonates with the vision of a Smart Bangladesh, and we are excited to play a role in amplifying their impact of home-grown solutions,” said Honorable State Minister Zunaid Ahmed Palak, MP, ICT Division.
“We are embarking on a transformative journey, driven by innovation and collaboration, as we partner with Bongo to reshape the digital entertainment landscape of Bangladesh. This strategic investment underscores our commitment to nurturing homegrown startups and fostering technological excellence, aligning with our vision of a Smart Bangladesh that thrives on cutting-edge solutions and enriching experiences for all.” Said Md. Shamsul Arefin, Secretary of Information and Communication Technology (ICT) Division.
Bongo’s journey in revolutionizing the entertainment industry aligns seamlessly with Startup Bangladesh’s mission to empower local startups that drive economic growth and technological advancement.
“We believe that Bongo’s innovative approach to entertainment delivery has the potential to redefine how Bangladeshi audiences consume content. Through this partnership, we aim to provide Bongo with the resources and support needed to further innovate and revolutionize the entertainment industry,” emphasized Sami Ahmed, Managing Director of Startup Bangladesh Limited.
“The collaboration between Startup Bangladesh and Bongo marks a significant milestone in our quest to transform the digital entertainment landscape of Bangladesh. We are thrilled to join hands with a partner that shares our vision of enriching lives through cutting-edge content and streaming technology which is all home grown,” stated Navidul Huq, Co-Founder of Bongo.
Startup Bangladesh’s investment in Bongo is a testament to its dedication to nurturing startups that push boundaries and contribute to a dynamic startup ecosystem in the country. This collaboration is expected to enhance Bongo’s technological infrastructure, expand its content library, and elevate the overall digital entertainment experience for its users.
With this strategic alliance, Startup Bangladesh and Bongo are poised to pave the way for a new era of digital entertainment, driving economic growth, technological advancement, and ultimately, contributing to the realization of the Smart Bangladesh vision.