October 21

ShopUp Raises $22.5 Million To Digitize Millions of Mom-and-Pop Shops in Bangladesh

By Manish Singh

A startup that is aiming to digitize millions of neighborhood stores in Bangladesh just raised the country’s largest Series A financing round.

Dhaka-headquartered ShopUp  said on Tuesday it has raised $22.5 million in a round co-led by Sequoia Capital India  and Flourish Ventures. For both the venture firms, this is the first time they are backing a Bangladeshi startup. Veon Ventures, Speedinvest and Lonsdale Capital also participated in the four-year-old ShopUp’s Series A financing round. ShopUp has raised about $28 million to date.

Photo courtesy of Wonderlane.

Source: TechCrunch (link opens in a new window)

Investing, Technology
digital inclusion, financial inclusion, impact investing, social enterprise, startups