Bangladesh Startup

Ecosystem 2021-22
Coming of Age
July 2022

BD STARTUP
FOUNDERS
Table of Contents
1. Executive Summary
2. Bangladesh’s Thriving Economy is The Next Asian Tiger
■ A Bird’s Eye View of the Global Startup Ecosystem
■ A Comparison of Startup Investments Across Asia
■ An Overview of the Bangladesh Economy
■ Economic Forces Creating Opportunities for Startups in Bangladesh

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

■ The Drivers of Startup Growth in Bangladesh
■ Public and Private Sector Support for Startups
■ The Roles of Accelerators and Incubators and Ecosystem Builders
3. The Thriving Startup Ecosystem in Bangladesh
■ Overview of the Startup Landscape in Bangladesh
■ Investment Trends in Homegrown Startups
■ Investment Breakdown By Sector, Funding Stage, and Investor Type
■ The Top 6 Sectors Raising the Most Investments Over The Decade
■ The Biggest Deals of the Decade
■ Notable Mergers and Acquisitions From The Past Year
■ The Social Impacts Created by Startups
4. Investor Trends Demonstrating Increasing Confidence
■ Increasing Local and Global Investors Investing in Bangladeshi Startups
■ Notable Investors Leading the Local Investment Landscape
■ Investors From Vibrant Investor Groups
■ Investor Participation Trends: Angel and Early Stage Investors
■ Investor Participation Trends: Corporate Investors
■ Investor Participation Trends: Venture Funds
■ Investor Participation Trends: Accelerators & Incubators
5. The Way Forward for The Startups of Bangladesh
■ Factors Fuelling the Growth of the Bangladesh Startup Ecosystem
■ Bangladesh’s Startup Ecosystem Is Heating Up, but Still Facing Challenges
■ Recommendations to Propel the Startup Ecosystem
2
6. Acronyms
Executive Summary (I/II)
Bangladesh is often overlooked with MENA funds flowing into Pakistan and India securing its own focused funds,
attributed to its country size. Additionally, Bangladesh is also isolated from ASEAN. However the country, home to
165 Mn people, is one of the fastest growing economies in Asia, with GDP per capita higher than India. In recent
times, the country has attracted global attention attributed to its remarkable economic and social progress, in past
decades. Even with the setbacks of the COVID-19 pandemic, the South Asian nation has demonstrated noteworthy

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

resilience and is on track to become a middle-income country within the next few years.
The startup scene has also surged, as businesses emerge to satisfy unmet demand across the country. This growth in
Bangladesh’s vibrant startup ecosystem is driven by three key factors:
● Booming digitization catalyzed by the COVID-19 pandemic: With a young tech adaptable population,
comprising of 48 percent smartphone usage penetration and 68.4 percent internet usage penetration,
Bangladesh is on the road to a digitally inclusive future. This momentum was further propelled by the
COVID-19 pandemic, as the need for digitization was amplified across sectors during and after the pandemic.
● Changing population demographics with increasing consumption demands: The population of 165 Mn has a
mean age of ~28, with 62% of the population under the age of 35. The country also has a growing Middle and
Affluent Class (MAC) population, which will become 35 Mn by 2025 (larger than the population of Malaysia).
As post-pandemic consumption patterns are expected to boom globally, Bangladesh is at an inflection point
fueled by a digitally savvy population with a swelling appetite for consumption, leaving many opportunities to
be seized by startups.
● Increased public and private attention to supporting the startup landscape: Through policies encouraging
investments, as well as Startup Bangladesh Limited, a flagship venture capital fund under the ICT division, the
government has displayed increasing interest in building a more enabling environment for startups. This
momentum is amplified by private sector enthusiasm, which has manifested in the form of multiple
accelerator and incubator programs for startups.

3
Executive Summary (II/II)
Bangladesh’s position as a maturing startup hotspot has also grabbed international attention. Currently, the country
boasts more than 1, 200 active startups creating drastic impacts in day-to-day Bangladeshi lives through new,
innovative products and services. The country has attracted a total investment of USD 504 Mn in 2021 and 2022 (up to
quarter 2), with a total contribution of USD 498 Mn from global investors. In 2021, bKash - the largest mobile financial
services in Bangladesh, raised USD 250 Mn from Softbank, for more than 10% stake, raising its valuation around USD

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

2Bn, making it the country’s first unicorn.
Over the past decade, the country has received an average investment of USD 2.42 Mn (excluding bKash-Softbank deal)
over 229 deals. Nearly 70 percent of all deals were made by Venture Funds and Angel Investors, with seed and
pre-seed stages making up almost 75 percent of all deals. Even excluding the bKash-Softbank deal, Venture Funds
contributed the majority of total investments raised, with around 74 percent of USD 803 Mn raised over the last 10
years coming from Venture Funds. Larger investments from Venture Funds and Corporate Investors were mostly
injected at Series-A or Series-B+ stages of startups, whereas smaller-ticket investments from Angels and Accelerators
and Incubators went into the pre-seed and seed stages.
As the startup ecosystem in the country matures, the support for startups needs to evolve. While increasing
digitization across the country and enhanced public and private initiatives are major enablers for the ecosystem, a
number of challenges slow down the growth. Inconsistencies in policy and regulatory frameworks, finite supply of
skilled labor and limited access to financial markets are significant hurdles for Bangladeshi startups. To further enable
the evolving ecosystem, there needs to be widespread advocacy for startups, supportive policy and regulatory
frameworks, stronger capacity building and continued public-private partnerships.
The way forward for startups relies on a strengthened startup policy to facilitate ease of starting and operating
startups, with streamlined regulations and requirements. Encouraging investments towards startups is also crucial,
requiring better incentives for investors as well as a fund of funds set up through public-private partnerships. In
addition, the startup ecosystem needs to be nurtured through industry-academia collaborations to encourage
innovation and talent development at school and university levels. Last but not least, the budding startup ecosystem in
Bangladesh needs continued government support through enabling policies and regulatory sandbox frameworks to
foster innovations in the country. 4
 LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22
Bangladesh’s Thriving Economy
Is the Next Asian Tiger
01 | Startup Growth Has Been Taking off All Over the World With Asian Startups Increasingly Gaining Global Traction
02 | Startup Investment in Bangladesh Grew Almost 10 Times Despite Low Investments to GDP Ratio
03 | Bangladesh Is the 37th Largest Economy in the World With a Booming Business Sector and a Tech-Savvy Population
03 | A Stable and Resilient Economy Makes an Ideal Time for Startups Despite Challenges in Business Environment
04 | Three Levers Unlocking the Startup Ecosystem in Bangladesh: Digitization, Changing Population Demographics, and Supportive Policies
05 | Government Initiatives and Private Sector Participation Is the Winning Formula for Bangladeshi Startups Right Now
06 | Increasing Number Of Ecosystem Builders Are Acting as Enablers in the Ecosystem

5
Startup Growth Has Been Taking off All Over the World
With Asian Startups Increasingly Gaining Global Traction
Hot spots for startup growth have spread
Asian startup growth diverted venture African startups are projected China raised USD 37 Bn in
beyond Silicon Valley, from China to India: capital funds away as U.S. companies to receive more than investments in the first five
saw a 33 percent decrease in funds USD 10 Bn in investments months of 2021
● Venture funding worldwide soared by between 2004 and 2020 by 2025
95 percent from USD 148 Mn in 2020

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

to USD 288 Bn in the first half of 2021

● As of June 2022, there are over

1,100+ Unicorns (valuation over $1Bn),
50 Decacorns (valuation over $10Bn)
and 3 Hectacorns (valuation over
$100Bn) with a cumulative value of
USD 3.8 Tn

● The composition of top performers in

the startup ecosystem is slowly moving
away from North America to Asia and
Middle East & North Africa (MENA)

While the last decade has been favourable

for startups amidst a bull run and record
highs, the current crippling implications of
the pandemic and market slowdown might
bring this run to a halt. Amidst the looking Latin America experienced a 51 Indian startups raised
threat of an economic slump, startups may percent annual increase in USD 17.1 Bn in the first half of
face a reset in capital flows and investments, securing USD 6 Bn in 2021, with 24 new unicorns
valuations. the first half of 2021 emerging in that year
6
Source: CBInsights, Startup Genome, Global Entrepreneurship Network, Crunchbase, National Venture Capital Association, CNBC.com 6
 Startup Investment in Bangladesh Grew Almost 10 Times
Despite Low Investments to GDP Ratio

Increase in GDP at Startup

Startup
Startup Current Investment as
Country Investment
(2021)
Investment Prices % of GDP

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

(2020 to 2021) (2021) (2021)

Singapore 112 Bn 180% 397 Bn 28.21%

China 104 Bn 49% 17,734 Bn 0.59%

India 42 Bn 265% 3,173 Bn 1.32%

Philippines 1 Bn 180% 394 Bn 0.26%

Vietnam 1 Bn 330% 363 Bn 0.37%

Bangladesh 415 Mn 940% 416 Bn 0.10%

Pakistan 341 Mn 435% 346 Bn 0.10%

7
Source: World Bank, Al Jazeera, Business Times Singapore, India Times, Philstar.com, National Agency for Technology Entrepreneurship and Commercialization Development 7
 Bangladesh Is the 37th Largest Economy in the World
With a Booming Business Sector and a Tech-Savvy Population

Bangladesh is one of the fastest With an increasingly competitive And a youth-driven, digitally savvy
growing countries in the world business sector population paving the future

62%

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

165 Mn USD 52 Bn
Total Population, 2021 Exports, 2021-22 Population Under 35 Years, 2021
8th Largest In The World 34% increase from 2020-21 Compared To 56% In Philippines
Source: United Nations Source: Bangladesh Bank Source: Bangladesh Bureau of Statistics

~6.8% USD 2.9 Bn 184 Mn+

GDP Growth Rate, 2021 FDI Inflow, 2021 Active Mobile Users, 2022
Compared To 2.6% In Vietnam USD 42Bn Foreign Reserve (Jun’22) 9th Largest Mobile User Market
Source: World Bank Source: Bangladesh Bank Source: BTRC

USD 416 Bn USD 42 Bn 125 Mn+

GDP, 2021 RMG Exports, 2021-22 Active Internet Users, 2022
Compared To USD 362 Bn In Vietnam 80% Of Exports 75% of the Population
Source: World Bank Source: Bangladesh Bank Source: BTRC

USD 1,961 168th 110 Mn+

GDP Per Capita, 2021 Ease of Doing Business, 2020 Active MFS Accounts, 2020
Compared To USD 1,947 In India Compared To 63rd In India 66% of the Population
Source: World Bank Source: World Bank Source: Bangladesh Bank

8
Source: Bangladesh Bank, World Bank, BTRC, BBS, UN 8
 A Stable and Resilient Economy Makes an Ideal Time for Startups
Despite Challenges in Business Environment
Doing business in Bangladesh remains challenging for a number of reasons. In the past 50 years, Bangladesh has pulled itself out of its underdeveloped and
Lengthy bureaucratic processes, limited access to finance and markets, as well as impoverished status, graduating from its LDC status to become a middle-income
weak infrastructure, hinder entrepreneurship in the country. However, the economy.
country has also seen an immense amount of progress in these areas:
● The country has maintained a consistent GDP growth rate of over 5 percent
● Facilities in equity investments, funding and grants, accelerator and for 15 consecutive years.

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

incubator programmes and innovation labs through initiatives such as the
● The economy has maintained a stable inflation rate of around 6 percent per
iDEA and Startup Bangladesh Limited demonstrate an increasingly
year as well as stable and low debt-to-GDP ratio and government deficit.
supportive policy framework.
● The country has made long strides in human development, with one of the
● Microfinance Institutions (MFI), Mobile Financial Services (MFS),
highest life expectancy rate in South Asia, a growing urban population, with
improved digital infrastructure, and increased funds through public and
remittance flow USD 21.03Bn in FY 2021-22 compared to USD 24.77 Bn in FY
private initiatives are transforming access to finance.
2020-21.
● The country had a 35 percent women’s participation rate in the economy in
● According to Nikkei Covid-19 Recovery Index, Bangladesh ranked 1st in South
2021, which was one of the highest in South Asia, compared to to 19 percent
Asia and 5th out of 121 countries in combating Covid-19 as of May 2022.
in India and 21 percent in Pakistan.

Bangladesh has Maintained Consistent (~5%) Bangladesh Scored 80 on Nikkei's COVID-19 Recovery Index,
GDP Growth Rate over the Past 5 Years Ranking 5th in the World

9
Source: Bangladesh Bank, World Bank, e-CAB, Statista, The Financial Express 9
 Three Levers Unlocking the Startup Ecosystem in Bangladesh
Digitization, Changing Population Demographics, and Supportive Policies

■ USD 10 Mn daily Mobile Financial Services (MFS) transactions

Increasing digitization ■ Two out of three people in Bangladesh have a MFS account
empowers communities ■ E-commerce is expected to grow to USD 3 Bn by 2023
to harness the ■ Over 650,000 registered freelancers in the country

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

potentials offered by Compared to 4 Mn in Malaysia
startups ■ 40 percent annual growth of the ICT sector in the last 12 years
Compared to over 9 percent in India

■ Middle and Affluent Consumers (MAC) population expected to double to 34 Mn people by 2026
A growing MAC Equal to the entire population of Malaysia
population and a ■ The median age in the country is ~28 years
younger, digitally-savvy Compared to 30 years in Malaysia
demographic drive ■ One in three people in Bangladesh have access to the internet
consumption Compared to ~70 percent in Indonesia
■ Over half of all unique mobile subscribers use mobile internet

Policies and public and ■ Multiple incentives in place to encourage foreign investment
private initiatives to
■ Startup Bangladesh set up in 2020 as a flagship venture capital fund of the ICT division
support startups
■ Private accelerator programs such as Grameenphone Accelerator, Banglalink IT Incubator, Biniyog
make up an encouraging
environment Briddhi, and BRAC Urban Innovation Challenge promoting startup growth

10
Source: Bangladesh Bank, World Bank, e-CAB, Statista, UNCTAD, BASIS, ICT Ministry & LightCastle Partners, Datareportal 10
Government Initiatives and Private Sector Participation
Is the Winning Formula for Bangladeshi Startups Right Now
Multiple events initiate the Ecosystem enablers, accelerators & Local & global investors bet on Govt initiatives boost the startup
entrepreneurship spirit incubators initiate the ecosystem ecosystem to come of age

2014 2015 2016 2017 2018 2019 2020 2021 2022 (Up to Q2)
Banglalink IT Biniyog Briddhi
Founder’s Institute GP Accelerator YY Goshti Bangladesh Angels Bangladesh Startup Bangladesh Women
Incubator R-Ventures

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Network Startup Bangladesh Consortium Investor Network
TiE Dhaka Makerlab Tiger Cage
YGAP Limited VC
iDEA Project Startup Dhaka Startup Bangladesh
USD 1.00 Mn: USD 7.00 Mn: USD 2.00 Mn : Bangabandhu Satellite USD 54 Mn Seed Startup Bangladesh
Launched Incubator Limited invests in 8
Priyo.com Surecash Cloudwell Launched Investment Fund By Limited – “Shoto
Startup Bangladesh Borshe Shoto Asha” Startups
USD 2.00 Mn: Pathao USD 56.00 Mn : bKash Tier-4 Dhaka Center
Innovation Extreme Digital World USD 1.30 Mn: Limited Fund” – Investment In
Launched
AjkerDeal USD 15.00 Mn: 7 Startups Startup Sandbox Scheme
Shohoz State-Owned VC 28 High-tech Parks Announced
Social Media Expo
USD 1.00 Mn : Direct Launched BIG: Bangabandhu
Startup Bangladesh
Fresh USD 10.00 Mn : Innovation Grant
Limited Launched 2,650 Unions Under
Pathao USD 2.16 Mn: Maya USD 4.00 Mn: Shikho
USD 0.83 Mn: Pathao Broadband Internet
EkSheba, EkPay and
USD 5.50 Mn: Chaldal Connectivity USD 3.00 Mn: Truck USD 2.50 Mn: Shajgoj
USD 1.50 Mn: Bongo EkShop Launched
Lagbe USD 2.00 Mn: 10
USD 5.00 Mn: Zero
Connecting Startups Gravity USD 4.20 Mn : USD 22.50 Mn : USD 5.60 Mn: Praava Minutes School
Sindabad ShopUp Health
USD 3.80 Mn: Bdjobs USD 2.10 Mn: iFarmer
Robi-Airtel M&A USD 2.00 Mn: USD 18.00 Mn : USD 6.00 Mn: Frontier
USD 1.70 Mn: USD 1.30 Mn: Arogga
Deligram Augmedix Nutrition
SOLshare
USD 13.00 Mn: Paperfly
USD 3.20 Mn: ShopUp USD 1.10 Mn : USD 11.80 Mn:
USD 1.60 Mn: ShopUp SOLshare Paperfly USD 2.10 Mn: iFarmer
Student To Startup
USD 1.00 Mn: Sheba USD 0.83 Mn : Gaze
Competition USD 10.00 Mn: USD 63.00 Mn: ShopUp
Ecosystem Enablers USD 3.60 Mn: Bongo Chaldal
Accelerating Asia Call 4 Nation
JTI-Akij M&A USD 75.00 Mn:
Government Initiatives COVID Accelerator Shikho-Bohubrihi
Shopup
LEGENDS

Evercare-Apollo M&A
USD 250.00 Mn:
Notable Investments Unilever-GSK M&A Bkash

Janata Jute Mills M&A Daraz-HungryNaki

Notable Events
Chaldal-BanglaMeds

Merger & Acquisition 11

Not an Exhaustive List* 11
 Increasing Number Of Ecosystem Builders
Are Acting as Enablers in the Ecosystem

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

12
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch Not an Exhaustive List* 12
 LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22
Bangladesh’s Startup Landscape
Is Driving the Country to Unimaginable Feats
01 | There Are Over 1200 Startups in Bangladesh Generating More Than 1.5 MN in Employment
02 | Bangladeshi Startups Raised USD 727 Mn Investments Since 2013 With Global Investors Making Up 95 Percent of All Investments Raised
03 | The Fintech Sector Grabbed Almost 70 Percent Of All Investments In The Last Decade Followed By Logistics & Mobility And Ecommerce & Retail
Startups
04 | The Top 6 Sectors Raised More Than USD USD 692 Mn In the Last Ten Years Of Which More Than USD 500 Mn Went Into The Fintech Sector
05 | The Biggest Deals of the Decade Include Startups In Fintech, Logistics & Mobility, and Ecommerce & Retail
06 | Notable Mergers and Acquisitions From the Past Year
07 | The Social Impacts Created by Startups Over the Past Decade Have Led to Multifaceted Transformations for Bangladeshi Lives

13
 There Are Over 1,200 Startups in Bangladesh
Generating More Than 1.5 MN in Employment

The Bangladeshi startup

landscape boasts 1200+ Global
Active New Startups USD Investments in USD Investments in
startups, with more than 200 1,200+ Startups 200+ Each Year Last Decade
803 Mn 768 Mn Last Decade
new startups emerging each

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

year

This booming landscape is Publicly

Alternative
gaining increasing support Disclosed USD USD SBL VC Fund Active Angels
Investment
from public and private 75% Investment
Funds
Under ICT 200+ Boosted by
Deals in the Last 80 Mn+ 65 Mn Ministry Angels Network
initiatives to access funds Registered
Decade

Startups in Bangladesh are

gaining increasing global
traction, as USD 412 Mn out Raised from Raised from
of a total of USD 415 Mn Accelerators & USD Startup USD Global Investors USD Domestic
30+ Investments in
investments raised in the Incubators 415 Mn 2021 412Mn in 2021 3 Mn Investors in
2021
past decade came from
global sources.

The impacts made by

startups makes this sector an Investment Average
Employment SMEs
economic powerhouse that USD Generated (Direct
750K+
Benefited by
60 Deals in Investment 1.5 Mn+ and Indirect) Digital
needs more support and 2021 6.9 Mn Ticket Size
Startups
attention
14
Source: Bangladesh Bank, World Bank, e-CAB, Statista, UNCTAD, BASIS, ICT Ministry & LightCastle Partners 14
 Bangladeshi Startups Raised More Than USD 800 Mn Investments Since 2013
With Global Investors Making Up Almost 96 Percent of All Investments Raised

Over the last decade, the Bangladesh startup ecosystem saw a total investment of USD 808 Mn through 231 deals. In 2021 alone, nearly USD 415 Mn
was raised in investments, including SoftBank’s capital injection of USD 250 Mn in bKash.

Since 2013, around USD 35 Mn investments were raised locally across 99 deals, with an average ticket size of USD 354 K in pre-seed, seed or

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

pre-Series A rounds. Meanwhile, global investors, mainly VCs, invested USD 773 Mn across 132 deals. With a bigger risk appetite, the average ticket
size is USD 3.99 Mn (excluding bKash) mostly put in Series A, B or venture rounds.

Overall, Around 96 Percent of Investments Raised Since 2013 Were From Global Sources In the Past Decade, Homegrown Startups Raised More Than USD 800 Mn Across 231 Deals

bKash-Softbank deal of USD 250 Mn

15
Source: Bangladesh Bank, World Bank, e-CAB, Statista, UNCTAD, BASIS, ICT Ministry & LightCastle Partners 15
 The Fintech Sector Grabbed Around 70 Percent Of All Investments In The Last Decade
Followed By Logistics & Mobility And Ecommerce & Retail Startups
Sector-Wise Investment Breakdown By Amounts Raised In The Past Decade Percentage Deals By Funding Stages Percentage Investments By Funding Stages

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Percentage Deals By Investor Type Percentage Investments By Investor Type

16
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch 16
 The Top 6 Sectors Raised More Than USD USD 692 Mn in the Last Ten Years
Of Which More Than USD 500 Mn Went into the Fintech Sector

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Fintech Logistics & Mobility Ecommerce & Retail Healthcare Consumer Services Software &
Technology

17
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch Not an Exhaustive List* 17
The Biggest Deals of the Decade
Include Startups in Fintech, Logistics & Mobility, and Ecommerce & Retail
Amount Raised (USD)*
Startup Sector Investor Types Rounds
*Between 2010 and 2022

Fintech Venture Fund Venture Round, Series A, Series B+, Seed

Fintech Venture Fund, Accelerator/Incubator Pre-Seed, Seed, Series-A, Series-B+

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Logistics & Mobility Corporate, Venture Fund Seed, Series A

Ecommerce & Retail Venture Fund, DFI, Corporate Seed, Series A, Series B+, Series C

Logistics & Mobility Corporate Seed, Series-A

Not an Exhaustive List*

Logistics & Mobility Venture Fund Seed, Series-A, Series-B+

Healthcare Angels Seed, Series-A

Sports & Entertainment Venture Fund, Angels Series A, Series B+, Seed

Consumer Services Corporate, Angels, Venture Fund, Grants/Non-Equity Seed, Series-A, Grant

Logistics & Mobility Venture Fund, DFI Seed, Series-A

Ecommerce & Retail Venture Fund, Accelerator/Incubator, Angels Pre-Seed, Seed

Healthcare Grant/Non-Equity, Venture Fund, Corporate, Accelerator/Incubator Seed, Grant

Education Accelerator/Incubator Seed

18
Fintech Accelerator/Incubator, DFI, Angels, Venture Fund Seed 18
 Notable Mergers and Acquisitions
From the Past Year

March 2021 November 2021 December 2021 January 2022 February 2022

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Daraz acquires food Shikho acquires Chaldal acquires Shikho acquires GoZayaan acquires
delivery company, online learning e-pharmacy startup, coding platform, Pakistani travel
HungryNaki platform Bohubrihi BanglaMeds Mainly Coding tech company,
FindMyAdventure
in a move to expand the in an effort to integrate as a move to expand as Shikho’s second
country’s largest Bohubrihi’s professional Chaldal, the country’s acquisition in three becoming the first
e-commerce platform into skills training services into leading online grocery months, integrating travel technology
food delivery to serve as a Shikho’s platform for vertical, into Mainly Coding’s online platform in Bangladesh
one-stop solution for academic courses direct-to-consumer code editor into Shikho’s to take over a company
customers’ needs pharmacy services learning platform beyond its borders.

19
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch 19
 The Social Impacts Created by Startups Over the Past Decade
Have Led to Multifaceted Transformations for Bangladeshi Lives
Fintech Logistics & Mobility Healthcare Education Food & Agriculture

Raised USD 331.00 Mn Raised USD 25.00 Mn Raised USD 10.60 Mn Raised USD 5.60 Mn Raised USD 8.50 Mn
Bkash Paperfly Praava Health Shikho Frontier Nutrition Inc.

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

The country’s largest MFS platform is A platform providing businesses of all A patient-driven healthcare service An education technology platform A startup which develops and
transforming digital and financial sizes with warehousing and fulfillment provider catering to more than 5 offering self-paced learning manufactures innovative snacks,
access, serving 57 Mn customers, facilities, integrated with doorstep Mn patients through their clinic through gamification and visual preventing malnutrition at just USD
increasing per capita income for rural delivery and doorstep pickup services and the country’s first patient app, classes to over 350,000 active 0.06 per serving through more than
households, and closing the gender with 181 delivery points across 4,554 telemedicine, and e-pharmacy. users spread across 64 districts of 50,000 outlets across the country.
gap in financial inclusion. unions. Bangladesh.
Consumer Services

Raised USD 201.42 Mn Raised USD 1.00 Mn Raised USD 3.50 Mn Raised USD 2.00 Mn Raised USD 8.60 Mn
ShopUp Shuttle Maya 10 Minute School Sheba.xyz
A full-stack B2B platform providing a A mass transit startup providing A startup with 10 Mn users A web-based learning platform An online platform that provides
market of 4.5 Mn small businesses safe transportation for more than dedicated to making healthcare offering over 25,000 classes and service solutions to the users with
with B2B sourcing, logistical and 20,000 women through more than more accessible for women, skills courses to more than 3 Mn almost 10 thousand service
business support, supporting SMEs 1 Mn successful rides. especially for reproductive and learners. providers registered on the
with a USD 18 Mn annual turnover mental health. platform.
which employ close to 2 Mn people.
Software & Technology Energy E-commerce & Retail

Raised USD 2.80 Mn Raised USD 5.80 Mn Raised USD 500 K Raised USD 6.30 Mn Raised USD 30.00 Mn
iFarmer Truck Lagbe Alice Labs SOLshare Chaldal
A tech-based company that enables An application enabling businesses A startup providing multi-channel An energy-tech company An e-commerce platform with 25
small scale farmers and and individuals with smoother customer service solutions and providing ICT-based services in delivery warehouses in six cities
agri-businesses with access to finance, logistical support to over 43,000 virtual assistance in South and clean energy, energy efficiency providing around 12,000 deliveries
technology and input services. unique shippers, with over 20,000 Southeast Asia serving over 50 and e-mobility in rural and urban daily through innovative grocery
registered trucks. e-commerce stores and enterprises. areas. 20
shopping services.
20
Source: Crunchbase, Anchorless Bangladesh, LightCastle Analysis, Techcrunch, BIDS, Sturgeon Capital, Singapore Management University, Company Websites, Future Startup, The Daily Star
 LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22
Investor Trends
Demonstrate Confidence in Bangladeshi Startups
01 | Increasing Local and Global Investors Are Investing in Bangladeshi Startups
02 | Notable Investors Leading the Local Investment Landscape
03 | Investors From Vibrant Investor Groups Are Pushing the Startup Ecosystem Forward
04 | Investor Participation Trends Over The Decade: Angel Investors
05 | Investor Participation Trends Over The Decade: Corporate Investors
06 | Investor Participation Trends Over The Decade: Venture Funds
07 | Investor Participation Trends Over The Decade: Accelerators & Incubators

21
 Increasing Local and Global Investors
Are Investing in Bangladeshi Startups
LOCAL
Angel Networks

Corporates

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Investment Co. Gov. Initiative

COMMERCIAL
IMPACT

Multilateral Development Agency

Corporate Foundation

Corporates

GLOBAL
22
Not an Exhaustive List* 22
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch
 Notable Investors
Leading the Local Investment Landscape

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Startup Bangladesh Limited Anchorless Bangladesh Biniyog Briddhi
SBL, the gov. backed VC fund recently signed Anchorless Bangladesh is an early stage Biniyog Briddhi is impact investment
investment agreements with 15 startups venture investment fund focused on catalytic programme backed the embassy of
investing an aggregate USD4Mn+. advancing the local startup ecosystem and Switzerland in Bangladesh with the mission
the brilliant founders behind transformative to empower impact enterprises in
Portfolio ideas Bangladesh
Portfolio Portfolio

2323
Not an Exhaustive List*
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners
Investors From Vibrant Investor Groups
Are Pushing the Startup Ecosystem Forward
Type Source Investor Description Portfolio (*Non-Exhaustive)

Bangladesh Angels Network is the nation’s first angel investment

network nurturing innovation & entrepreneurship in Bangladesh.

List*Ecosystem 2021-22
Angel Investors Local
Omicon Group is a conglomerate based in Bangladesh with a mission to
support value-driven businesses with value driven goals and excel
across all ventures.

Ecom Express Limited is a logistics solutions company based in India

Startup
focusing on customization, scalability, and delivery service processing.

an Exhaustive
Global

| Bangladesh
Corporate Gojek is a company that provides a variety of services from payments,
Investors food delivery, transportation, and logistics.

LightCastle Partners Ⓒ 2022Not

DEKKO ISHO Group is part of the DEKKO Group venturing into
Local consumer brands in fashion-retail, furniture, lifestyle-products,
restaurants.

Biniyog Briddhi an impact investment initiative co-created by Roots of

Impact, the Swiss Agency for Development & Cooperation, and
LightCastle Partners to support highly impactful startups with impact
Development investment, match fund, and impact measurement capacity-building
Financial opportunities.
Global
Institutions
(DFIs)
International Finance Corporation is a sister organization of the World
Bank focused exclusively on the private sector in developing countries.
24
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Investors From Vibrant Investor Groups
Are Pushing the Startup Ecosystem Forward
Type Source Investor Description Portfolio (*Non-Exhaustive)

Accelerating Asia is an early stage accelerator VC fund.

Iterative is an accelerator focused exclusively on Southeast Asia.

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Accelerators &
Global
Incubators Surge is a rapid scale-up program for startups in Southeast Asia .

Google Developers Launchpad is a pre-incubation program for early

stage startups focused on areas like product strategy, UX, technology,
marketing and business development.

SoftBank Group provides venture funding and strategic support to

Not an Exhaustive List*

entrepreneurs building disruptive enduring businesses.

Wavemaker Partners is a cross-border early-stage venture capital firm.

Global
Valar Ventures is a US-based venture capital fund with investments
focused in technology startups

Anchorless Bangladesh is an early-stage venture investment fund

Venture Funds supporting the startup ecosystem in Bangladesh.

IDLC invests in early-to-mid-stage technology and technology-enabled

companies in Bangladesh with simple and scalable business models.

Startup Bangladesh Limited is a venture capital firm under the ICT

Local
Division of the Government of Bangladesh

SBK Tech Ventures is a technology fund focusing on early stage,

tech-platform companies in emerging markets. 25
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 Investor Participation Trends Over The Decade
Angels & Early Stage Investors/ Platforms
Over the past decade, angel investors have invested an average of USD 293 K in over 85 deals, with Sectors of Investment
more than 95 percent of the deals being made in seed and pre-seed funding stages. Notable local
angel investors include Bangladesh Angels Network, the largest angel network in Bangladesh, SBK
Tech Ventures, BYLC Venture, GP Accelerator and YY Ventures.
26.7% - Ecommerce & Retail
25.2% - Healthcare

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Since 2013, Angels Have Invested Almost USD 25 Mn Across 85 Deals
13.0% - Consumer Services

Rounds of Investment

73.3% - Seed Rounds

23.5% - Pre-Seed Rounds
3.2% - Series-B+ Rounds

Biggest Deals

USD 5.00 Mn - Praava Health

USD 1.70 Mn - Sheba.xyz
USD 1.50 Mn - Pickaboo

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Analysis Includes Disclosed Deals Only* 26
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch
 Investor Participation Trends Over The Decade
Corporate Investors
Corporate investors invested at an average ticket size of over USD 3.50 Mn across 28 deals, since Sectors of Investment
2013. The majority of these deals were in the series-A and seed stages of companies. These include
investments from global sources such as Ecom Express, Go-Jek, and SEEK. Notable local investors 71.5% - Logistics & Mobility
include BRAC, ACI, and Robi.
13.0% - Consumer Services

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Corporate Investors Have Invested More Than USD 98 Mn Over 28 Deals In The Past Decade
8.1% - Fintech

Rounds of Investment

68.0% - Series-A Rounds

20.9% - Seed Rounds
10.1% - Series-C Rounds

Biggest Deals

USD 23.00 Mn - Pathao

USD 11.80 Mn - Paperfly/Ecom
Express
USD 10.00 Mn - Chaldal/Taavet
Hinrikus
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Analysis Includes Disclosed Deals Only* 27
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch
 Investor Participation Trends Over The Decade
International Accelerators & Incubators
Investments from accelerators and incubators averaged at more than USD 500 K, with 20 deals in Sectors of Investment
the past ten years. All of these investments were in the seed stages of companies, with around 5
percent of total investments in the pre-seed rounds. Notable global investors include Surge,
Accelerating Asia, and ODX Flexport. 40.7% - Ecommerce & Retail
29.9% - Fintech

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Accelerators And Incubators Have Invested Over USD 10 Mn Across 20 Deals Since 2013
20.4% - Education

Rounds of Investment

94.7% - Seed Rounds

5.3% - Pre-Seed Rounds

Biggest Deals

USD 2.50 Mn - Shajgoj/Surge

USD 2.50 Mn - ShopUp/Surge
USD 2.00 Mn - 10 Minute School/Surge

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Analysis Includes Disclosed Deals Only*
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch
 Investor Participation Trends Over The Decade
Venture Funds
With an average ticket size of around USD 5.58 Mn (excluding the bKash-Softbank deal of USD Sectors of Investment
250 Mn in 2021), venture fund deals made up 74 of 229 deals since 2013. The majority of these
deals were in Series-A and Series-B+ rounds. Notable investors include Anchorless Bangladesh,
SBK Tech Ventures, Softbank, Valar Ventures, and Wavemaker Partners. 84.5% - Fintech
4.4% - Ecommerce & Retail

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Investments From Venture Funds Amounted To A Total Of USD 657 Mn Across 74 Deals
3.9% - Logistics & Mobility

Rounds of Investment

42.5% - Series-B+ Rounds

37.7% - Venture Rounds
11.0% - Series-A Rounds

Biggest Deals

USD 250.00 Mn - bKash/SoftBank

USD 75.00 Mn - ShopUp/Valar
Ventures
USD 5.60 Mn - Praava Health/SBK Tech
Ventures
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Analysis Includes Disclosed Deals Only*
Analysis Includes Disclosed Deals Only* 29
Source: Anchorless Bangladesh, Bangladesh Startup Founders Group, LightCastle Partners, Crunchbase, Techcrunch
 LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22
The Way Forward for Startups
Calls for a More Supportive and Inclusive Environment
01 | Factors Fuelling the Growth of the Bangladesh Startup Ecosystem Government Commitment to Entrepreneurship, Digitization, and
Public and Private Support
02 | Bangladesh’s Startup Ecosystem Is Heating Up, but Still Facing Challenges Limitations in Policies, Access to Skills Development and
Financial Markets
03 | Recommendations to Propel the Startup Ecosystem Forward: Boosted Promotion of Startups, Supportive Policies for Investment, and
Stronger Capacity Building

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 Factors Fuelling the Growth of the Bangladesh Startup Ecosystem
Government Commitment to Entrepreneurship, Digitization, and Public and Private Support

● Government commitment to developing entrepreneurship and tech-based skills promoting “Coding for Kids”:
Policy frameworks demonstrate a strong commitment from the government to support startups through ICT sector development
strategies and policies, as well as government-led facilities for investments and accelerator and incubator programs. The government is
also planning to incorporate coding for kids in the national curriculum to educate the next generation with coding knowledge to meet the

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

job market demand

● Increasing traction towards entrepreneurship and freelancing:

Cultural perceptions of youth entrepreneurship and freelancing are increasingly positive, with entrepreneurial and technology-based
skills being integrated into educational curricula to boost interest. This is driving more and more youth into online freelancing jobs and
entrepreneurial activities.

● Rise of local mobile manufacturing hubs and affordable internet costs fuel digital penetration across the country:
Phone manufacturing has grown into a massive industry in only five years, prior to which the market was entirely import-dependent.
Bangladesh has also met the affordability target on internet prices set by the United Nations Broadband Commission for Sustainable
Development in 2021.

● Public and private initiatives creating an encouraging environment for startups:

Public sector initiatives such as Startup Bangladesh Limited as well as accelerator programs by private entities are enabling more
effective access to financial resources for startups. Ecosystem builders and programs contribute to developing the budding startup
ecosystem in Bangladesh and encourage collaborative efforts to boost access to resources and network.

● Increasingly digitized markets and public and private initiatives enhance market access:
Social media platforms and B2B and B2C platforms provide more opportunities for entrepreneurs. NGO and government-led initiatives
also ensure that market access is extended to rural and marginalized communities. Trends in digitization were catalyzed by the impacts of
the COVID-19 pandemic and boosted affordability of smartphones. This, combined with government efforts towards digitization under
the banner of “Digital Bangladesh”, promoted greater access to technology which creates greater opportunities for startups to harness
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Source: LightCastle Partners 31
 Bangladesh’s Startup Ecosystem Is Heating Up, but Still Facing Challenges
Limitations in Policies, Access to Skills Development and Financial Markets

● Inconsistencies in regulatory frameworks and limitations in policies for startups:

Varying policies and regulations across ministries, combined with lengthy bureaucratic processes, hinder the ease of doing business for
startups. Legal legislations and startup policies are still absent in Bangladesh, furthering difficulties for entrepreneurs.

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

● Limited human capital, technology, and skilled labour resources:
Opportunities and support to develop entrepreneurship skills are still limited for young people, especially in rural and marginalized
communities. A gap in the skills demanded in the market compared to the skills and training taught leads to a scarcity in competent labour.
Weak infrastructure, especially for rural communities, and limited digital literacy limit businesses’ abilities to effectively harness
technology to initiate startups.

● Limited access to finance and support for business links and networks:
Due to the risky nature of startups, banks and other financial institutions are usually reluctant to provide loans or they offer loans at
unfeasibly high costs. This is amplified by the insufficient number of angel investors available in the market. Furthermore, female
entrepreneurs face a greater burden of this inaccessibility due to institutional and cultural constraints.

While the overall scale and availability of support for businesses is inadequate, there is also a disparity in the support available in Dhaka
compared to the rest of the country.

● Obstacles in accessing domestic and international markets:

Complex supply chains and value chains pose as challenges for entrepreneurs, particularly in rural and marginalized areas. Absence of a
single platform for business related formalities as well as inadequate national statistical data stand as challenges for young
entrepreneurs. Low FDI compared to peer countries as well as a low Ease of Doing Business rank holds the country back from being more
business-friendly.

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Source: LightCastle Partners 32
 Recommendations to Propel the Startup Ecosystem Forward:
Boosted Promotion of Startups, Supportive Policies for Investment & Stronger Capacity Building

● Startup Policy: With the Digital Bangladesh agenda in Government’s core, it is eminent to form a startup policy to offer multiple benefits
for the startup and ecosystem players such as ease of access to debt finance, reducing the cost of doing business, ease of doing business,
fiscal policy support - VAT/tax exemptions and rebates. An enabling policy will promote the growth of startups and the ecosystem
attracting foreign investment in the ecosystem, benefiting the country's growth and employment rate.

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

● Fund of Funds: Startup Bangladesh and ICT Ministry can form a fund of funds through a public private collaboration to invest in
Startups. The fund of funds makes downstream investments in venture capital and alternative investment funds that in turn invest in
startups.
● Startup Sandbox Scheme: The government can offer a "startup sandbox" for new entrepreneurs to help them come into more
prominence using their full potential in a smooth process with reduced tax rates, allowance to carry forward losses, amnesty to penalties
for tax rules and compliance processes to explore new innovation and business models.
● Investor Benefits: The government needs to ensure an investment friendly environment in Bangladesh. Recommendations would be to
update Foreign Exchange Regulation Act 1947, reduce entry barriers, introduce TAX benefits and ease repatriation of profits of foreign
investors to attract foreign investments.
● Ease of Doing Business: Business processes, policies, and regulations have to be streamlined and more comfortable to start and operate
startups/SMEs. A way forward could be to use technology and fintech platforms to make tax payments seamless, transparent and secure.
● Industry-Academia Collaboration: Industry-academia is mandatory to set up the right kind of infrastructure to nurture innovation and
talents at school/university level as well as leverage knowledge remittances from NRBs all over the world through incentivized
initiatives.
● Corporate Venture Capital: Corporates investing in Startups would provide viable exits for early-stage investors and founders as well as
accelerate capital from both local and international markets. Also, this portrays confidence in the ecosystem to the international
audience.
● Continued GoB Support: The ICT ministry has championed startup growth be it in setting by the flagship venture capital fund Startup
Bangladesh Limited or supporting ecosystem building initiatives across the country. It continues to advocate infrastructure, policies and
regulations, and bringing in other ministries onboard in the process.
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Source: LightCastle Partners 33
In Partnership With Invest Bangladesh
Promoting International Investments in Bangladesh

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Facilitates inflow of foreign
investments by connecting
our ecosystem partners with
international investors

34
34
Acronyms

API Application Programming Interface LDC Least Developed Country

a2i Aspire to Innovate M&A Mergers and Acquisitions

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

BB Bangladesh Bank MAC Middle and Affluent Class

BBS Bangladesh Bureau of Statistics MENA Middle East and North Africa

B2B Business to Business MFI Microfinance Institution

FDI Foreign Direct Investment MFS Mobile Financial Service

FY Fiscal Year RMG Ready-Made Garments

GDP Gross Domestic Product SBL Startup Bangladesh Limited

GoB Government of Bangladesh SME Small and Medium-Sized Enterprise

GSMA Global System for Mobile Communications Association UN United Nations

HDI Human Development Index USD United States Dollar

ICT Information and Communications Technology VC Venture Capital

IT Information Technology WB World Bank

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Key Partners

Startup Bangladesh Limited is the flagship venture capital fund of ICT Division and Anchorless Bangladesh is a New York-based early stage venture capital fund
the first and only venture capital fund sponsored by the government of the people’s dedicated to investing in fundamentally critical businesses required to empower

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

republic of Bangladesh. Starting its journey on March 2020 with an allocated capital Bangladesh's socioeconomic growth. Led by a diverse team of internationally
of BDT 500 crores (USD 65 million) , this effort aims to enable the nation to innovate experienced investors working with exceptional founders, the fund activates unique
faster, create new jobs, develop technical skills, and realize the vision of Digital opportunities across the country by harnessing global capital to deliver outsized
Bangladesh. The fund supports technology-based innovations to create new financial returns while optimizing for social impact. They invest across industries,
employment opportunities, promote under-represented tech groups, foster with a focus on fintech, healthcare, agriculture, garments, education, logistics and
entrepreneurship culture and bring transformational changes to lives of millions SaaS, primarily at the seed stage, and work actively with local partners to further
accelerate the quality and growth of the ecosystem.
Know more @ www.startupbangladesh.vc
Know more @ www.anchorless.vc

BD STARTUP
FOUNDERS

Bangladesh Angels is the country’s first angel investing platform, founded with a BD Startup Founders Group is the leading startup community of Bangladesh that
mission to elevate the country’s startup entrepreneurs to the highest level. To be connects the prominent active startup founders and ecosystem builders in the
registered as an independent, not for profit company, it is a collaborative endeavor country. The group strives to serve as a common platform for all startups, aiming to
bringing together the leaders in the local entrepreneurial ecosystem and global be the voice of the startup community and support founders in their journey as well
partners – who share a passion to create value and growth for the startups. as connect to key private and public stakeholders.

Know more @ www.bdangels.co

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 LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22
At LightCastle, we take a data-driven approach to creating opportunities for growth and impact. We consult and
collaborate with development partners, public sector and private organizations to promote inclusive economic growth
that positively changes the lives of people at scale.

Our services include Management Consulting, Entrepreneurship Ecosystem & Investments, Market Entry Advisory and
Digital Transformation. Till date, we have consulted for 150+ development partners & private organizations on 250 +
projects, collaborated with 500+ SMEs & startups, mobilized USD 50 million+ in investments and supported 40+
accelerator/ incubator programs across Bangladesh.

LightCastle also hosts the largest market and industry datasets in Bangladesh across 30+ industries.

Know more @ www.lightcastlebd.com

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Authors and Editors

LightCastle Partners Ⓒ 2022 | Bangladesh Startup Ecosystem 2021-22

Fariha Kabir Sami Ahmed Mohi Zaman
Business Consultant Managing Director Principal
LightCastle Partners Startup Bangladesh Limited Anchorless Bangladesh
[email protected]

Mustafa Hamid Rahat Ahmed Mehad ul Haque

Business Consultant Founding Partner & CEO Project Manager & Sr. Business
LightCastle Partners Anchorless Bangladesh Consultant
[email protected] [email protected] LightCastle Partners
[email protected]

Raidah Morshed Nirjhor Rahman Bijon Islam

Business Analyst Chief Executive Officer Chief Executive Officer
LightCastle Partners Bangladesh Angels Network LightCastle Partners
[email protected] [email protected]

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