Private Equity Fund Investments
Sequoia-backed Bangladesh B2B e-commerce startup ShopUp attracts $75-M from Valar, others
Dhaka-based ShopUp, a business-to-business commerce startup in Bangladesh which merged with India's fashion focused e-tailer Voonik in 2020, has raised USD 75 million in a new round of funding led by US-based Peter Thiel's Valar Ventures, with participation from Prosus Ventures (the investment unit of South Africa's Naspers). Existing investors Sequoia Capital India and Flourish Ventures, for which ShopUp was also their first investment in Bangladesh, also participated in the round. The startup plans to digitise the fragmented retail market and solve issues across supplies, lending and logistics. The new capital will be used to expand heavily across the country in more cities.
From the Venture Intelligence PE-VC Deal Database: In Oct-20, Flourish Ventures, Speedinvest, Sequoia Capital India and Others had invested USD 22.5 M in ShopUp.
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