ShopUp, the country’s largest business-to-business (B2B) marketing platform to support small neighbourhood shops and online sellers, is reportedly going to receive a fresh round of venture capital funding of more than $74 million from a group of investors led by USA-based venture capitalist Valar Ventures.
DealstreetAsia, a Singapore-based investment industry portal, reported on Friday that ShopUp had already secured $74.4 million in a fresh round of funding. They cited regulatory filings by the investors to the Accounting and Corporate Regulatory Authority (ACRA) of the city-state.
Earlier, in October last year, the home-grown retail tech startup raised $22.5 million of Series-A funding from a group of investors co-led by Sequoia Capital India and Flourish Ventures, which still is the highest ever Series-A fundraising by any Bangladeshi startup.
“We do not acknowledge the media report and would request you all to wait until we come up with complete facts soon,” said Afeef Zaman, co-founder & chief executive officer of ShopUp.
He, however, did not deny that the reported development was on the table.
The country head of a venture capital network told The Business Standard that there might be some modification in the investment plan, which ultimately might result in a round of $60-70 million.
He also said Sequoia is one of the world’s largest venture capital firms that historically backed technology startups and now accounts for more than one-fifth of NASDAQ market…