Roehl Niño Bautista · · 1 min readPeter Thiel’s Valar Ventures leads Bangladeshi ecommerce firm’s $65m raise
ShopUp, a B2B ecommerce platform based in Bangladesh, has raised US$65 million in a series B follow-on round led by Valar Ventures, the VC firm of Paypal co-founder Peter Thiel.
Photo credit: ShopUp
This comes months after ShopUp raised US$109 million in series B money from Valar Ventures, Tiger Global, Sequoia Capital, and three other investors.
ShopUp provides full-stack services for small businesses in Bangladesh. Its suite of products includes Redx for logisitics services and Baki for digital financing. It also offers Mokam, a B2B ecommerce platform for neighborhood shops with over 10,000 products available.
In additiona, ShopUp offers a buy now, pay later service through its app, allowing small businesses to acquire stock through credit.
See also: Why Bangladesh’s rising star has big-name VCs hooked
Founded in 2017 by its CEO Afeef Zaman, ShopUp says it has reached 4x growth while aiming to reach 4.5 million neighborhood stores through its services.
Valar Ventures has led funding rounds of Indian financing platform Velocity and backed Japan-based Coral Capital’s fund.
Editing by Miguel Cordon and Eileen C. Ang
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