iDEA Project to provide Tk 430m to Startup Bangladesh Ltd for seed development
The iDEA of the ICT Division will provide Tk 430 million (43 crore) to Startup Bangladesh Ltd for the development of seed and growth-stage startups.
Through this company, startups have the opportunity to get investment in the seed stage up to a maximum of Tk 10 million (1,0 crore) and in the growth stage up to a maximum of Tk 50 million (5.0 crore) per round sharing a maximum of 49 per cent equity.
In this context, for the equity investment of startups, the “iDEA Project” has provided Tk 70 million (7.0 crores), Tk 100 million (10 crore) and Tk 60 million (6.0 crore) in 3 steps i.e a total of Tk 230 million (23 Crore).
The project will provide the remaining Tk 200 million (20 crore) to the company in the next 2021-22 financial year.
The Innovation Design and Entrepreneurship Academy (iDEA) Project under the ICT Division of Bangladesh has been working since 2016 to create a startup ecosystem in Bangladesh by encouraging new innovative ideas of startups.
With the able guidance of the Honorable Prime Minister's ICT Affairs Adviser Sajeeb Wazed and the able leadership of the State Minister for ICT Division Zunaid Ahmed Palak, the project has been undertaken in many initiatives.
So far, 179 innovative startups have been nominated for BDT 10 Lakh grants each at the pre-seed stage through an expert selection committee of the iDEA project, as per a statement.
To provide equity funding to seed and growth level startups, 'Startup Bangladesh Limited' the country's first fully state-owned venture capital company, was formed in March 2020 through the iDEA project.
The Project Director & Joint Secretary of iDEA Project Md. Abdur Rakib, handed over a cheque of Tk 60 million on the 14th June 2021 to Startup Bangladesh Ltd at the office of iDEA project of ICT Tower, Agargaon, Dhaka.