Bangladesh-based startup platform ShopUp raises USD 22.5 million from Sequoia India and Flourish

Dhaka: Shopfront Ltd, which operates Bangladesh-based business-to-business (B2B) commerce platform ShopUp, has raised $22.5 million (Rs 165 crore) in Series A funding.

The round in the startup has been co-led by Sequoia Capital India and Flourish Ventures (an early-stage venture fund focused on investing in startups that promote financial health and prosperity).

The investment marks the first foray on a startup in Bangladesh by Sequoia India and Flourish.

Others that participated in the Series A round include VEON Ventures, Speedinvest, and Lonsdale Capital (Singapore).