Fenox VC launches $200 mln Bangladesh fund. Fenox Venture Capital, a Silicon Valley-based global venture capital, is set to invest in the countrys IT sector. As part of its investment, the organisation is looking to put together a $200m fund – with the help of local and global entities – to invest in startups emerging out of Bangladesh. State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak attended the programme with Prof Abdullah Abu Sayed in the chair. Founder and Chief Executive of priyo Zakaria Swapan moderated the programme while Vice-President of Fenox Venture Capital Kyle Kling and Anis Uzzaman, general partner and CEO of Fenox VC spoke. According to Kling, the portal sees over 1,000,000 unique visitors and 915,000 pageviews per day. “They are working with several content partners and newspapers to share and syndicate news.” “Bangladesh has a large, young population, an outstanding internet and mobile growth with an unexplored entrepreneurial system which all make Bangladesh a place of innovation, discovery, change, disruption, creation and investment,” said Kyle Kling. Zakaria Swapan believed that the entry of Fenox will “redefine the local high-tech industry.” “Start-up culture is very new in Bangladesh. Our young entrepreneurs have many ideas [that] can solve the local problems. But, getting proper funding at right time is a big challenge for them. Bangladeshi start-ups need proper funding, management and right strategy to be successful even in local market,” he explained. Anis Uzzaman said: “Priyo is a perfect example of a Bangladeshi startup in which Fenox VC sees stunning potential. Being the top news portal in Bangladesh, backed by an outstanding team, coupled with Bangladesh’s explosive internet and mobile growth, makes Priyo a very exciting venture.” Palak said that with a view to making the country digital, the government was working relentlessly. With the investment, priyo will open a unique service to give solutions to questions and answers of users through posting on the site. A 30-member panel, including State Minister Zunaid Ahmed Palak, TV presenter Shaikh Siraj, actor Afzal Hossen, Managing Director of Microsoft Bangladesh Sonia Bashir Kabir, journalist Golam Murtaza and Director of Symphony Rezwanul Haque, will give solutions to the problems posted by users on the site. As part of their collaboration with Priyo, Fenox is already in the midst of negotiations with premier mobile phone operator Grameenphone and cell phone manufacturer Symphony for a joint venture. Once the deals are finalised, Symphony’s smartphones will come with Priyo’s app pre installed in the devices along with its logo. Grameenphone will also allow free browsing access to the internet portal. With the huge number of mobile and internet subscribers and the increase in new users, the company expects the only way to go will be upwards. According to the speakers, this will “undoubtedly encourage talented Bangladeshis to come forward with their million dollar ideas and hopefully make millions out of it.” News Link: dhakatribune/bangladesh/2014/nov/25/fenox-venture-capital-invests-200m-fund-bangladesh
Posted on: Sat, 06 Dec 2014 05:37:14 +0000
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