Global venture funding in the second quarter of 2023 fell 18% to $65 billion, according to Crunchbase - a 49% drop compared to the second quarter of last year, when startup investors spent $127 billion.
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But how much assets, in the traditional sense, does bKash have? The value of the company is the software architecture," he added.Ģ023 has not been kind to start-ups in general. If bKash did not exist, that would be a huge loss in terms of service and convenience. "Think of bKash for example, the company has created huge value for the country. Going forward, he said, it is the start-ups which can remain cash neutral that will survive and attract investments.Ĭhaldal's Waseem noted that one problem with Bangladesh's start-up ecosystem is that local investors do not value services, instead they value assets. "That's because the start-ups and their VC investors have been chasing valuation and the top line instead of the bottom line," he explained. Syed Javed Noor, deputy managing director at IDLC Finance, which operates a Tk45 crore venture capital fund, said the funding crunch was inevitable. So success and scalability have become difficult to maintain. He went on to say that Bangladesh's start-up ecosystem has three main problems at the moment: The total addressable market is small, i.e., the problems being addressed are not large enough the solutions being provided are also not far reaching enough and poor leadership. With only a month left for Q3 to end, Bangladesh's start-ups have raised $47 million so far, compared to $125 million last year ($114 million having been raised by the end of Q3 2022).įor venture capital firms to be interested in start-ups now, a quick path to scalability and burning through less cash in the process is paramount, said an industry insider who preferred to remain anonymous to speak candidly on the matter. But here's the catch: that $30 million was raised completely through debt financing, not venture capital funding. In fact it raised $30 million this year, contributing to almost 64% of funds raised by Bangladeshi startups this year. Take ShopUp, for instance, which has raised more than $201 million from renowned investors like Valar Ventures, Prosus, Sequoia Capital, Flourish Ventures, Tiger Global, and many more. We’ve had opportunities to raise a lot more, but we’ve never felt like if we had more money we could grow faster.And Chaldal's fate seems to be the norm for the entire ecosystem now. In November, COO Akshay Kothari told TechCrunch that the company was hoping not to raise outside funding again, “So far one of the things we’ve found is that we haven’t really been constrained by money. The company’s highly customizable note-taking app allows enterprise customers to create linked networks of databases and documents. Their last raise of $10M valued them at $800 million. With this raise, the firm has amassed $67 million in total funding, the company says. Notion, a startup that operates a workplace productivity platform, has raised $50 million from Index Ve ntures and other investors at a $2 billion valuation, the company told The New York Times.Ī Notion spokesperson confirmed the raise and valuation to TechCrunch.Īs startups across the board begin looking at layoffs or raising at less than favorable terms, Notion had been in the unusual position of turning away interested investors for years.
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