ShopUp has raised 65 million USD in funding, from Valar Ventures of Peter Thiel and Flourish Ventures in the series B4 round.
ShopUp, a Bangladeshi-based business-to-business (B2B) commerce startup, started operating in Bangladesh in 2016 as a result of a joint effort between Afeef Zubaer Zaman, Siffat Sarwar, and Ataur Rahim Chowdhury.
Through its mobile-first digital platform and last-mile logistics service RedX, ShopUp offers sourcing, logistics, and financial services to micro, small, and medium enterprises. ShopUp has been playing a significant role in digitizing and modernizing Bangladesh’s retail space, solving the inefficiencies of traditional supply chain, logistics, and finance.
Mokam, ShopUp’s B2B commerce app, also lets small-business owners access the nation’s largest catalog of products with 24-hour delivery through the app. It has partnered with the country’s largest manufacturers, producers, and distributors in order to guarantee the lowest pricing for these products. The ShopUp app also offers store owners the option to purchase items on credit via the “buy now, pay later” function.
ShopUp’s series A round was jointly led by Sequoia Capital India and Flourish Ventures and accumulated around 22.5 million USD. In September 2021 the startup raised 109 million USD in its series B round. Following that, ShopUp raised another 34 million USD in a Series B extension round in January 2022.