ShopUp, a Bangladesh-based business-to-business (B2B) commerce startup, announced on Thursday that it has secured a $30-million debt financing from global debt provider Lendable and local lender The City Bank.
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The funding, which marks a significant milestone for ShopUp and the entire startup ecosystem in Bangladesh, follows the company’s $65-million follow-on round in June 2022, anchored by Peter Thiel’s Valar Ventures.
The company had previously completed a $109-million Series B round, with participation from Valar Ventures, Tiger Global, Prosus Ventures, Flourish Ventures, Sequoia Capital, and Veon Ventures. (more)