Global inflationary pressures, macroeconomic disruptions, and increased geoeconomic fragmentation are causing shockwaves for economies across the world. Covid-19 and the Russia-Ukraine war have exposed the fragility of economic interdependence affecting supply chains, commodity markets, and the flow of capital. Furthermore, the failure of three of the biggest banks to tech startups in the U.S., Silvergate Bank, Signature Bank, and Silicon Valley Bank, further cast shadows on global funding to startups. As a result, global startup funding declined by 50% from USD 63 Bn in January 2022 to USD 31 Bn in January 2023.
Against this backdrop, Bangladesh has secured USD 35.58 Mn through 17 deals in Q’1 2023, primarily spurred by small ticket funding from local investors. As global investors grow risk-averse and gravitate towards portfolio diversification, opportunities are emerging for Asian startups. This is evident from ShopUp’s recent striking investment raise of USD 30.00 Mn, with the U.K.-based financial institution, Lendable, and the local financial institution, the City Bank.
2023 is predicted to be a turbulent year for the global economy and, consequently, startup ecosystems around the world. What insights are revealed in the funding raised by Bangladeshi startups in the first quarter of the year? What trends can we expect to see this year? What do industry insiders have to say about navigating the funding storm ahead?
Learn more about the Bangladesh startup investment trends in the first quarter of 2023 in the latest report, ‘Bangladesh Startup Investment Report 2023 Q’1: Embracing the Uncertainty’, presented by LightCastle Partners, in collaboration with Startup Bangladesh Limited, Anchorless Bangladesh, Bangladesh Angels Network, and BD Startup Founders. This is part of a series of quarterly publications on the Bangladesh startup ecosystem.
| If you are interested to learn more about the Startup Ecosystem of Bangladesh
Startup Bangladesh Limited is the flagship venture capital fund of the ICT Division and the first and only venture capital fund sponsored by the government of the People’s Republic of Bangladesh.
Anchorless Bangladesh is a New York-based early-stage venture capital fund dedicated to investing in critical businesses that empower Bangladesh’s socioeconomic growth.
Bangladesh Angels Network is the country’s first angel investing platform, founded with a mission to elevate the country’s startup entrepreneurs to the highest level.
BD Startup Founders Group is the leading startup community of Bangladesh that connects the prominent active startup founders and ecosystem builders in the country.
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