SBK Tech Ventures invests $7.1m in six local startups
According to a statement, the six deals closed in the second quarter of this year include SBK funding of $1.5 million each for artificial intelligence startup Markopolo and mobility startup Jatri, $1.1 million for climate tech startup Solshare, and $1 million each for AgriTech startup Fashal, MedTech startup Arogga, and EdTech startup 10 Minute School.
SBK Tech Ventures has unveiled the six local startups that recently received $7.1 million, equivalent to Tk85 crore, from Bangladesh's only woman-led venture capital firm.
According to a statement, the six deals closed in the second quarter of this year include SBK funding of $1.5 million each for artificial intelligence startup Markopolo and mobility startup Jatri, $1.1 million for climate tech startup Solshare, and $1 million each for AgriTech startup Fashal, MedTech startup Arogga, and EdTech startup 10 Minute School.
Sonia Bashir Kabir, founder and managing general partner of SBK Tech Ventures, said Bangladeshi startup founders are undervalued and unnoticed. They have numerous opportunities for delivering impact through tech-enabled business models.
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"The total investment in this round reflects our confidence in the success of these startups, which solve problems for the masses, leverage technology to scale, and create a transformative impact," she said.
"We are passionate about supporting our local entrepreneurs to help drive inclusion, empathy, and innovation—to ignite sustainable economic development," she said, adding, "We are ecstatic about partnering with these incredible founders who will be making history! With our investments, we aim to achieve our long-term vision of engaging with stellar founders who hit inflection and escape velocity."
SBK invests in Bangladeshi startups only, and it is the first and only venture capital here to run in-house accelerators: "Net Positive" and "ExcelerateHer," an in-house incubator; "YES, She Can," plus a licensed VC fund.
SBK itself has evolved tremendously. When it was incorporated four years ago, it started with angel investing and startup community building. Currently, SBK has 46 startups in their portfolio and one exit from the first angel investment made in 2020 with a return of 1,700%.
SBK plans to fund more startups in Bangladesh, build enduring businesses, and continue to grow its focus on gender lens investing and climate tech.
SBK funding is expected to reenergize the startup funding ecosystem that has been suffering amid the funding winter since the second half of 2022.
SBKs funding this quarter alone surpassed the total disclosed startup investments in the country in the January-March period
