Startup Bangladesh Limited, the flagship venture capital fund of the ICT Division, on Tuesday announced that it has cancelled a Tk5 crore investment proposal for 10 Minute School, Bangladesh’s largest EdTech platform.

The decision was shared on Startup Bangladesh’s verified Facebook page and reiterated by State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak on his own verified page.

“Startup Bangladesh Limited has rejected the investment proposal of Tk5 crore for 10 Minute School,” Palak posted.

This move comes amid the ongoing protests demanding reform of the quota system in government jobs. Ayman Sadiq, co-founder and CEO of 10 Minute School, has publicly supported the protestors’ demands for quota reform. “We demand quota reform. Merit should be the biggest quota,” Sadiq posted on his Facebook on Saturday, using the hashtag #QuotaMovement.