Three local startup companies, BD Recycle and Technologies Limited (BRTL), Inventus and Textone have received investment from Bangladesh Venture Capital Limited (BVCL), a subsidiary of the Daffodil Group.
Investment checks have been recently handed over to the start-ups by Mohammad Nuruzzaman, CEO of Daffodil Group, alongside others at a fundraising event on Thursday.
“We will always stand by BRTL, Inventus and Textone with full cooperation to take their business to the next level,” Mohammad Nuruzzaman said as the chief guest of the event.
He also advised entrepreneurs to be uncompromising in terms of product quality and services by emphasizing building distribution networks and business automation.
As per the company website Md Jahir Uddin the MD of BVCL states, Bangladesh has experienced a great transformation in society in recent years. The rapid economic growth in the last two decades created a generation of confident leaders and a new generation of the business community.
It further reads: “The millennium generation is growing with online connectivity and taking advantage of the virtual world for infinite knowledge and entertainment. Priority of professionals is shifting along the line of the global phenomenon. The young generation is more interested in becoming entrepreneurs rather than looking for jobs.”
“As a result, many startups are trying to use the digital technological revolution in solving societal problems into a business model and many successful startups have already attracted funding from the local source and internationally reputed companies. Bangladesh Venture Capital Ltd is investing in this new generation of startups to create a better future and rapid economic development of the country. Through appropriate mentoring and funding, BVCL would like to change the landscape of alternative financing in Bangladesh.”
As per the company it (BVCL) aims to create an alternative investment opportunity for the business with high-growth potential.
“We want to foster a healthy environment in the investment ecosystem to make the funds available for potential startups in Bangladesh and other countries. We encourage entrepreneurs and high growth businesses to take advantage of equity financing. We give the highest value to the potential business that offers the solution to an existing problem and makes a positive social impact. BVCL is teaming up with leading business leaders and highly skilled mentors and advisors. We inspire young entrepreneurs to take a risk and back them until their business becomes successful,” states its official website.
The VC has also sought permission from the central bank to invest $10,000 to acquire a 0.85% stake in BrioAgro, a Spanish agro-tech based startup.
On January 27, the central bank in a gazette notification permitted Bangladeshi businesses to make overseas equity investments, subject to an adequate balance in their export retention quota (ERQ) – a portion of export earnings they have saved as foreign currency.
