Veon, Sequoia Capital India and Flourish Ventures participated in a $22.5 million funding round for mobile-first Bangladeshi small business commerce platform ShopUp, a move the Netherlands-headquartered operator stated marked several firsts.
In a statement, Veon said its participation in the Series-A round through its Veon Ventures investment arm made it ShopUp’s “first strategic corporate investor”, adding the overall backing was also “the largest” initial funding “for a Bangladeshi start-up”.
The operator explained the move boosted its fintech presence into the small business sector: co-CEO Sergi Herrero (pictured, left) said the combination of its “expertise in digital financial services with ShopUp’s unique sourcing and logistics capabilities” would improve finanical inclusion for micro and SMEs (MSMEs).
Veon noted “significant” opportunity to “develop mobile financial services” for the “large portion” of local businesses which use ShopUp.
Afeef Zaman, co-founder and CEO of ShopUp, said: “An investment from a leading international digital player such as Veon is an important step in our ongoing support of the MSME community, allowing us to increase our reach with retailers, suppliers and manufacturers.”
Speedinvest and Lonsdale also participated in the funding round.
Veon holds a majority stake in local operator Banglalink.
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