Last updated on October 26th, 2020 at 01:59 am
19 Oct 2020
Bangladeshi B2B social commerce startup ShopUp has raised USD 22. 5 million Series A funding from Sequoia Capital India, and Flourish Ventures. VEON Ventures, Speedinvest, and Lonsdale Capital participated in the funding round which was reportedly largest Series A round in Bangladesh.
Approximately 98% of Bangladesh’s retail sales are generated from the country’s approximately 4.5 million neighborhood mom-and-pop stores. ShopUp built a solution combining order management, logistics and other services with the aim of helping these small businesses expand and grow. These merchants were among the worst hit during the Covid pandemic, and ShopUp’s solution proved to be highly popular with the number of neighborhood shops transacting weekly on the ShopUp platform growing by 8.5 times between April and August 2020.