ShopUp, a Dhaka, Bangladesh-based provider of a full-stack B2B commerce platform, raised USD30M in Debt funding.
The round was comprised of $20M from Lendable. and $10M in debt financing from The City Bank.
The company intends to further its efforts in building critical supply chain infrastructure, partnering closely with mills and manufacturers, expanding its financial services products to support underserved SMEs in the food value chain, and implementing a distribution system that reaches 50% of the population, ensuring food security for all.
Led by Afeef Zaman, CEO and Founder, ShopUp is a company providing B2B commerce platform that offers a range of services to small businesses and consumers. Its commerce platform, Mokam, partners with manufacturers, brands, and mills to streamline the distribution of food and household necessities to small shops. Currently, 20 million people in Bangladesh access food and essentials through Mokam’s network of shops. The company operates a large last-mile logistics network in Bangladesh, REDX, and is committed to addressing gaps in the country’s food supply chain infrastructure.
FinSMEs
02/02/2023