Bangladesh's Full-stack B2B Commerce Platform ShopUp Secures $75 Million in Funding

Bangladesh's ShopUp has secured $75 million in Series B funding. The round was led by Peter Thiel’s Valar Ventures. The Series B round also saw participation from Prosus Ventures, and existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures.

The funding round for the largest full-stack B2B commerce platform in South Asia went oversubscribed. The company has raised $110 million in total funding till date.

"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," said Afeef Zaman, CEO and co-founder of ShopUp.

Bangladesh has one of the largest fragmented retail markets in Asia. 98% of retail consumption in the country happens through the small mom-and-pops stores. These stores often struggle while procuring goods from multiple suppliers, distributor and wholesalers. They also encounter many other problems such as unreliable delivery, lack of price transparency. ShopUp is looking to help these retailers by removing the inherent blockers within traditional supply chain, logistics, and financing.