On Monday, PriyoShop, a B2B retail platform catering to micro, small, and medium-sized businesses (MSMEs), announced the successful completion of a $5 million pre-Series A investment round.
Century Oak Ventures led the investment, in which Evolution Ventures, Iterative, GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity also participated.
Participating investors came from San Francisco, Dubai, Indonesia, Thailand, Africa, and India; several of them decided to make their first investments in Bangladesh, PriyoShop stated in a statement, marking an important turning point for the nation’s startup scene.
The company plans to use this round of funding to launch innovative retail supply chain solutions that will help companies in a range of industries.
PriyoShop, which debuted in July 2021, is transforming and modernizing Bangladesh’s retail supply chain in collaboration with both large brands and local retail stores.
PriyoShop’s marketplace concept facilitates the efficient sourcing of goods by small enterprises, granting them access to consistent and competitive rates, and enabling prompt delivery of items via next-day delivery.
By use of its collaboration with LankaBangla Financing, a digital financing platform, PriyoShop can also assist MSMEs in growing their enterprises by providing customized loan facilities and supply chain financing choices.
PriyoShop distribution services enable partner companies and suppliers to manage a wide variety of products, such as consumer goods, electronics, fashion items, and more.
More than 200 well-known brands, such as Pusti, Rupchanda, Teer, New Zealand Dairy, Pepsico, and Coca-Cola, have associated with PriyoShop.
Asikul Alam Khan, the chief executive officer, and Dipty Mandal, the chief marketing officer, are the leaders of the PriyoShop team.
The financing phase that follows the original seed round but precedes the Series A round is known as pre-Series A finance.
