US-based Fenox Venture Capital Inc plans to launch a US$200 million fund to invest in technology, internet and media sectors of Bangladesh.
“Creation of the new fund marks the first time that a venture capital company from Silicon Valley has launched business operations in Bangladesh,” the company said in a statement yesterday.
The company aims to invest the fund in the early, growth-stage, and emerging technology companies in the next 10 years.
Shameem Ahsan, president of Bangladesh Association of Software and Information Services, has already been named a general partner of Fenox. “I am honoured to be a part of Fenox VC,” said Ahsan.
“This partnership will help us realise the vision of ‘One Bangladesh’ and help local IT companies become global and profitable with the help of Fenox’s strategic advice, global network and financial support.”
Fenox co-founder and CEO Anis Uzzaman said they are delighted to welcome Ahsan as the firm’s general partner. “The Bangladesh tech sector has tremendous potential and Fenox VC is creating a fund specifically to invest there,” he said.
“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.”
The global venture capital firm has already announced its investment plan in Bangladeshi internet portal company Priyo Ltd. (Priyo.com) that has been nicknamed the Yahoo of Bangladesh due to their similar business models.
Zakaria Swapan, founder and chief executive officer of Priyo.com, had earlier said the Fenox investment would be used to develop engineering software for creation of an intelligent homepage. The homepage would meet the interest of individual users, get into partnership with content developers – including leading newspapers – and work for marketing and communication purposes of the company, Swapan said.
The venture capital firm provides emerging technology companies in North America, Japan, Southeast Asia and Europe with early and growth-stage funding.
Fenox invests globally in consumer internet, new media, health technology and enterprise solutions. Its recent investments include ShareThis, Sidecar, Jetlore, Meta, TechinAsia, Lark, and Dream Link Entertainment.