Over the Past Decade Bangladeshi Startups Received $750mn Foreign Investments

During an event hosted by Startup Bangladesh Ltd, the State Minister for ICT, Zunaid Ahmed Palak, said that foreign investments into the startup sector have reached $750 million in the last decade. Moreover, the government of Bangladesh is providing funds to about 22,500 startups through the Bangabandhu Innovation Grant (Big), an iDEA initiative of Startup Bangladesh Limited. This statement was made during the second phase of Investment Assistance for Startups under the “Shotoborshe Shoto Alo” campaign.

Shotoborshe Shoto Alo is a campaign launched to commemorate Bangabandhu Sheikh Mujibur Rahman’s birth anniversary and celebrate Bangladesh’s golden jubilee by funding 50 startups to foster the nation’s entrepreneurship culture.

As part of the initiative, a capital investment agreement was signed to support eight startups: Hello Task, 10 Minute School, iFarmer, Frontier Nutrition, Loop, Zantrik, Shuttle, and Truck Lagbe. Additionally, seven startups received 17 crores in the first phase. 

In order to prepare for the Fourth Industrial Revolution, Special labs are being established at 53 universities, along with Fourth Industrial Revolution Centers, Joy Digital Service Centers in 494 Upazilas, 300 School of the Futures, and the Sheikh Hasina Institute of Frontier Technology.