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Startup to invest Tk 5cr to promote environmentally sustainable business

Startup to invest Tk 5cr to promote environmentally sustainable business

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Startup Bangladesh, a flagship venture capital company of the ICT Division, will provide Taka five crore to a first ever re-commerce platform in Bangladesh - SWAP which is involved in business that has been reducing carbon emission and saving e-waste.

Startup Bangladesh and Swap today signed an agreement to invest Taka 5 crore in Pre-Series A round, said a press release, reports BSS.

Startup Bangladesh Managing Director Sami Ahmed and CEO and Co-founder of SWAP Parvez Hossain put initials on the agreement on behalf of their respective sides in presence of Cabinet Secretary Khandker Anwarul Islam, Startup Bangladesh Chairman and Senior Secretary of ICT division N M Zeaul Alam.

Among others, head of Portfolio Investment of SWAP Hasan A. Arif and Chief Operating Officer Tonmoy Shaha and other stakeholders were present on the occasion.

"Bangladesh has become a fertile land for startups and innovation, which has been, in fact, helping to create an environment conducive to startup ecosystem," said State Minister for ICT Zunaid Ahmed Palak, MP, while making comments on the booming startup sector at his office.

"The government is a strong believer of innovation and technology, and we believe Startups are the change-makers and impact creators in society," he said, adding that the government has established Startup Bangladesh Venture Capital Company to support these innovative Startups.

The ICT state minister said the flourishing of startups will help fulfill the government's effort to build a 'Smart Bangladesh by 2041'.

Lauding the SWAP's innovative approach of launching re-commerce platform to reduce carbon emission and save e-waste, ICT Division Senior Secretary N M Zeal Alam said the investment to SWAP by Startup Bangladesh will help flourish environmentally sustainable industry in the country.

"Startup Bangladesh aims to support homegrown startups to grow and reach heights that generate higher standards for more foreign investment," said Managing Director of Startup Bangladesh Sami Ahmed.

He said the local startup ecosystem is greatly influenced by prospective ventures like SWAP, with the right strategy and focus, SWAP will be able to make remarkable example as successful and sustainable startup in the ecosystem.

Sami also said that Startup Bangladesh will invest a total of Taka 500 crore in five years and out of them it has so far been invested with more than Tk 50 crore.