Fenox Venture Capital Inc, a Silicon Valley-based global venture capital firm, started to invest in Priyo Ltd. (Priyo.com) –a internet portal in Bangladesh. Priyo.com started its journey back in 2011 with a very small team and has been able to garner good traction in internet traffic among the Bangladeshi communities around the world. This new relationship between Fenox Venture Capital and Priyo Ltd will bring new momentum in internet media in Bangladesh connecting millions of internet users globally.
At present, Bangladesh has 110M+ mobile connections with 20M+ mobile internet users, along with 10M+ smartphone users where the total population is about 160M. The number of internet users will grow significantly over the next couple of years. Internet usage cannot grow without enough local contents in local languages. Priyo.com will take that lead to provide quality contents in Bengali language for people around the world. Fenox will help Priyo.com with proper funding, right technology, access to the global market, and anything needed to make this venture successful.
Fenox VC is investing in internet, mobile, social, cloud and emerging technologies. Fenox has been rapidly expanding its operations around the world, with Priyo.com being one of the first investments of Bangladesh.
“Start-up culture is very new in Bangladesh. Our young entrepreneurs have many ideas those can solve local problems. But, getting proper funding at the right time is a big challenge for them. Bangladeshi start-ups need proper funding, management and right strategy to be successful even in the local market,” said Zakaria Swapan, founder & CEO of Priyo.com. “Fenox has already been helping start-ups in USA, Asia, Japan and Indonesia. Their foot-step in Bangladesh will redefine the local high-tech industry. I am very excited to see Priyo.com as the first investment from Fenox, creating the bridge between Dhaka and Silicon Valley.”