Peter Thiel’s VC fund, Sequoia join $75m round of Bangladesh B2B commerce firm

[Bilal9]

ShopUp, a business-to-business (B2B) commerce platform based in Bangladesh, announced that it has raised US$75 million in its latest funding round.

More funding details​

• Lead investor: Valar Ventures, a venture capital fund established by billionaire investor Peter Thiel
• Existing investor: Flourish Ventures, Sequoia Capital and Veon Ventures
• Other investors: Prosus Ventures
• Stage: Series B

More company updates​

• This round pushes ShopUp’s total amount raised from investors to US$110 million so far.
• The company says that the investment is the largest series B funding for a B2B commerce startup in South Asia. This also means that it’s the best-funded startup in Bangladesh.
• In February 2020, ShopUp opened up its logistics service RedX to online sellers. Four months later, it has became the largest third-party provider of last-mile logistics services in the country, according to the company’s statement.
• Over the past 12 months, ShopUp recorded more than 13x growth in revenue and 11x growth in the number of total shipments.

ShopUp ​

ShopUp is a social commerce platform that helps micro-entrepreneurs in Bangladesh set up and run their businesses on Facebook. It provides tools for sourcing, cataloging, payments, shipping, and accessing business loans.

LOCATIONBangladesh
FOUNDED2016
WEBSITEshopup.com.bd
LATEST FUNDINGSeries B

 

[Bilal9]

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