Biniyog Briddhi Partners with Four Impact Enterprises

LightCastle Analytics Wing
March 23, 2021
Biniyog Briddhi Partners with Four Impact Enterprises

B-Briddhi teams up with four innovative impact enterprises – HelloTask, Romani, SafeWheel, and Shuttle. Through this partnership, the impact enterprises will receive funding support to scale up their business and implement impact monitoring systems to better report on their social mission. All the enterprises have a strong focus on women’s empowerment and provide logistics, caregiving, and health services throughout Bangladesh.

The signing ceremony took place on Tuesday, 09th March 2021 in Dhaka at the LightCastle Office. Amongst other guests, Corinne Henchoz Pignani, Deputy Director of Cooperation, and Ameena Chowdhury, Programme Manager from the Embassy of Switzerland in Bangladesh, Maxime Cheng, Lead of Market & Capacity Building Programs at Roots of Impact, and Bijon Islam, Chief Executive Officer at LightCastle Partners attended the event.

Corinne Henchoz Pignani, Deputy Director of Cooperation, Embassy of Switzerland in Bangladesh said, “Through the B-Briddhi program, Switzerland wants to support impact enterprises, to have better access to financing options and be equipped to attract investors. In addition, most importantly, we want to promote the culture of impact monitoring amongst social enterprises.”

Maxime Cheng, Lead Market & Capacity Building Programs at Roots of Impact, who is also the program manager of BBriddhi said, “Impact Ready Matching Fund is first of its kind to provide incentives for early-stage impact enterprises to establish impact management practices as an integral part of their business operations. We are excited to see this pioneering cohort leveraging their impact data to inform their business decisions and growth.

Out of the 70+ applications received in April 2020, these four enterprises were selected. The support from B-Briddhi is through the Impact Ready Matching Fund (IRMF) scheme, a matching fund for social enterprises, which matches the equity investments from investors and reduces the enterprises’ funding cost by 50%. These grants will be conditional on the introduction of robust systems to measure social and environmental impacts.

Mrs. Armin Zaman Khan, Founder, and CEO of Romoni said, “We are excited to receive this investment from Biniyog Briddhi. This will motivate us to contribute further to the community and expect more awareness on impact investment in Bangladesh.”

The next round of calls for applications for the IRMF will open in April 2021. This scheme is open to both early-stage and growth-stage impact enterprises.

B-Briddhi is a multi-year partnership between the Embassy of Switzerland in Bangladesh, Roots of Impact, and other stakeholders including investors, private sector organizations, incubators, and support organizations for impact enterprises.

WRITTEN BY: LightCastle Analytics Wing

LightCastle Analytics Wing is the research division of LightCastle Partners. It is tasked with producing periodic reports on the different sectors of the economy, analyzing trends in markets and making methodical, thorough and intelligent analysis to improve strategy and drive business growth.

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