Bangladesh-based business commerce platform ShopUp has raised $75m of series B funding from investors including telecommunications firm Veon and consumer internet group Prosus.
Venture capital firm Valar Ventures led the round, which also included fellow VC firms Sequoia Capital India and Flourish Ventures. Veon and Prosus invested through respective corporate venturing units Veon Ventures and Prosus Ventures.
ShopUp operates a full-stack, business-to-business commerce platform for small enterprises. Its offering includes a marketplace platform for ordering inventory as well as a last-mile logistics service and digital financing product.
The series B capital will be used to develop ShopUp’s infrastructure and enable the business to address additional categories and launch new financial products.
Afeef Zaman, co-founder and CEO of ShopUp, said: “Our mission is to put 4.5 million small retailers in the driving seat of Bangladesh’s economic growth. We are building best-in-class infrastructure to support retail operations all over the country, adding new categories to serve the underserved small retailers and launching new financial products to meet the unarticulated needs of the retailers we serve.”
ShopUp has raised $110m since it was founded in 2017. It raised $22.5m in a series A round in October 2020 that was co-led by Sequoia Capital India and Flourish Ventures. Veon Ventures also contributed that round alongside Speedinvest and Lonsdale Capital.
Sequoia Capital India’s Surge programme invested $1.5m in ShopUp in March 2019, after the company had picked up $1.6m in seed funding from Omidyar Network, assorted angel investors and unspecified banks the year before.