Shohoz one of the most well-funded startups
Local digital service provider Shohoz has featured on the list of most well-funded startups in Asia-Pacific in the US-based research organisation CB Insight’s recent report titled Startup Continent.
The analysis excluded debt funding and considered only those tech companies that have raised at least $1 million of equity funding since 2014, according to the website of the tech market intelligence platform.
Shohoz raised $15 million funding from Singapore-based investment firm Golden Gate Ventures last year and ranked higher than Nepal’s CloudFactory, Myanmar’s Oway and Sri Lanka’s oDoc, which raised $10 million, $5 million and $1 million respectively, according to the report.
The most well-funded startup is Chinese payments company Ant Financial Services Group, with over $19 billion, according to CB Insight, which evaluates millions of data to help companies take best business decisions.
While the list focuses on the recent round of funding raised by Shohoz, it is worth mentioning that the company has raised a sizable amount of funding previously as well, Shohoz said in a statement yesterday.
“As of yet, it is the largest disclosed funding round for any Bangladeshi tech company.”
Shohoz started its journey as an online ticketing platform and later expanded its operation to ride-sharing and food delivery services and achieved massive success.
Maliha M Quadir, founder and managing director of Shohoz, said they are backed by global institutional investors and prominent angels, who believe in the story of Bangladesh, a country of 160 million young, passionate and hard-working people.
“It is also a country of responsible entrepreneurs, with a track record of promoting growth through technology and access to finance,” the press release quoted Quadir as saying.
“Collectively, we believe in the government’s vision of a Digital Bangladesh. We are rapidly emerging as a role model of inclusive growth in emerging economies.”
Shohoz began operations with a simple vision of making lives easier by solving the logistics challenges in Bangladesh, she added.
“I can proudly say that we touched 15 million people through our online ticketing, rides, and food delivery services. But our journey has just started and we want to bring more products and services online.”
She said they want to set the benchmark for excellence in user experience.
The Asia and Pacific region is home to 19 countries where five companies have raised over $1 billion, according to Startup Continent.