AgroShift signed the Impact Ready Matching Fund (IRMF) agreement with Biniyog Briddhi on 8th November 2022 at the LightCastle Partners Headquarters.
AgroShift helps farmers sell their produce to businesses and consumers by providing a tech-enabled supply chain merging the physical and digital worlds for a “phy-gital” business model which takes care of the demand aggregation, sourcing, and delivery. Through Biniyog Briddhi’s Impact Ready Matching Fund (IRMF) structure, AgroShift will receive financial incentives to develop a set of individualized impact management-related milestones and a timeline of implementation; to implement and report their impact.
IRMF is a one-to-one matching fund, targeting early-stage impact startups, or startups with impact potential. The average ticket size is USD 100k and the goal is to incentivize enterprises to establish and implement impact measurement and management practices.
The signing ceremony took place on 8th November 2022 in Dhaka, where Bijon Islam (Co-founder and CEO at LightCastle Partners) and Quazi Bouland (CEO & Co-Founder at AgroShift) were present.
With regards to the partnership, Quazi Bouland, CEO & Co-Founder said, “We are building a radical new marketplace and the uniqueness in our model removes the need for traditional retail touchpoints and instead uses digital ordering kiosks combined with lean drop-off points within factory premises. This provides a seamless experience for the factory workers and management and gets a lot of appreciation from them for the massive value propositions in cost savings, fresher quality, and worker wellness.”
Bijon Islam, Chief Executive Officer at LightCastle Partners said, “We are very excited to mediate the Bangladeshi impact enterprises and scale-up companies to meet up their social mission by establishing sustainable business models.”
B-Briddhi is a multi-year partnership between the Embassy of Switzerland in Bangladesh, Roots of Impact, LightCastle Partners, and other stakeholders including investors, private sector organizations, incubators, and support organizations for impact enterprises. It supports impact enterprises to have better access to innovative financing options and be better equipped to attract investors.