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Collyer Law advises on largest Series A round for technology venture investment into Bangladesh

Collyer Law advised ShopUp, Bangladesh’s leading B2B platform for neighbourhood shops, on a USD22.5 million fund-raise, marking it largest Series A round for a Bangladesh-origin technology venture investment. The Series A round was co-led by Sequoia Capital India and Flourish Ventures, for both of whom this was the first investment in Bangladesh. Veon Ventures, Speedinvest, and Lonsdale Capital also participated in the four-year-old company’s Series A financing round. With 4.5 million neighbourhood mom-and-pop shops, Bangladesh has one of the most fragmented retail markets in Asia. With more than 73% of all their sales relying on credit instead of cash or digital payments, such small retailers faced a massive liquidity crunch. ShopUp is a clear market leader in its category in the country, and the ensuing global pandemic has strengthened its position as more physical shops explore digital offerings to stay afloat.

ShopUp has raised about $28 million to date, and Collyer Law has been involved as legal advisor in Singapore from its seed round, when it was a participant in a Singapore-based accelerator, Muru-D, in 2017.

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