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![Bangladesh Startup Investment Report Q’1 2023: Embracing The Uncertainty [Readable Version]](https://lightcastlepartners.com/wp-content/uploads/2023/04/Bangladesh-Startup-Investment-Report-Q1-2023-Featured-Image.webp)
“Changing cost structures, currency uncertainty, and global macro insecurity are challenging every company, especially startups, in different ways. The startups that manage to survive the challenges of 2023 will be best positioned for the future – the discipline required to survive and thrive will help us to stand the test of time. It is absolutely critical to focus on embedding sustainability and resilience into our business models. Bangladesh has always struggled to attract foreign capital, especially in venture, and during a global recession, this is even more difficult – if you didn’t invest in Bangladesh prior to 2020, you’re unlikely to do so now. As such, survival is the name of the game. The good news is that emerging markets in fact are the only ones whose economies continue to grow during global recessions. For us operating in healthcare, we are also lucky that the healthcare sector is relatively recession-proof, and we have not seen a fall in demand for services as other consumer businesses are facing.”
Sylvana Q. Sinha
Founder Chair, and CEO,
Praava Health
“We have seen significant growth and traction over the past year for Arogga, as we focus on solving for access to affordable, genuine medicine. We have delivered over 10 million medicines across Bangladesh and 69X our revenue. It’s really exciting to see progress being made in the ecosystem as a whole with passionate founders solving for key problems in Bangladesh, be it education, agriculture and health.”
Rosina Mazumder
Co-Founder and CEO,
Arogga
“In Q’1 Sturgeon invested in Shikho, our second investment in Bangladesh to follow on from GoZayaan last year. As other investors pull back from emerging markets to “safe haven” developed markets, we see now as the prime opportunity to be doubling down in category-defining businesses. Bangladesh is by no means immune from the global macro headwinds, but we believe it is still well placed to ride this storm, and that technology can and will play an important part in that journey.”
Robin Butler CFA
Partner & Head of Impact,
Sturgeon Capital
“We are incredibly excited to create new partnerships with investors who believe in Shikho’s mission and are committed to helping us realize the dream of a Smart Bangladesh. Grateful to have the support of international venture capital firms, Sturgeon, Goodwater, and Black Kite Capital, who are investing against the backdrop of an uncertain global economic climate. I am also particularly proud of SAJIDA Foundation’s involvement as we now have a trusted partner on the ground, who is as passionate about social impact as we are.”
Shahir Chowdhury
Co-Founder and CEO,
Shikho
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