Fenox VC launches $200m Bangladesh fund

It is the first US-based VC firm to launch business operations in Bangladesh and the fund will be one of few in the country. Earlier this year, the International Finance Corporation (IFC) said it back Frontier Bangladesh II, a $100 million vehicle being raised by Swedish alternative asset manager Brummer & Partners.

Shameem Ahsan, a serial entrepreneur, angel investor and president of the Bangladesh Association of Software & Information Services (BASIS), has been named a general partner at Fenox. He will lead investment activities in Bangladesh.

"The Bangladesh tech sector has tremendous potential and Fenox VC is creating a fund specifically to invest there. Fenox will play a catalytic role in promoting the advanced practices of Silicon Valley to Bangladeshi entrepreneurs, while also helping them through the global network of Fenox Venture Capital," Anis Uzzaman, co-founder and CEO of Fenox, said in a statement.

Founded in 2011, Fenox invests in start-ups on a global basis and has backed a number of companies in Southeast Asia. Last year, the firm teamed up with Japan's IMJ Corporation to support mobile, internet and software start-ups in Southeast Asia, Japan and the US. IMJ Fenox is headquartered in Singapore with offices in Jakarta and Tokyo.

Brummer's first Bangladesh fund, which closed at $88 million in 2009, is said to be the first-ever private equity vehicle dedicated to the country. Leopard Capital and SEAF Ventures Management have also raised capital for Bangladesh funds.

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• Topics
• Venture
• South Asia
• Fundraising
• Technology
• Fenox Venture Capital
• Bangladesh
• Fundraising
• Venture
• TMT