# Shopfront

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/shopfront

- Industry: Internet
- Headquarters: Dhaka, Bangladesh
- Website: www.shopup.com.bd
- Total disclosed funding: $183M
- Latest round: Series B (Dec 28, 2021)
- Investors on record: 17

## About

Shopfront Limited is a technology-driven company that empowers small businesses in Bangladesh by providing efficient logistics and financing solutions, enhancing their operational capabilities and market reach.Founded in 2017 by Afeef Zaman, Asif Faiyaz, Ataur Chowdhury, Mushfiqur Rahman, Navaneetha J, Samanta Tira, and Sujayath Ali, Shopfront Limited operates primarily from Dhaka, Bangladesh. The company specializes in offering integrated solutions for small businesses and has successfully completed 8 deals as of February 2, 2023. Its recent funding round, a Venture Debt, raised USD 30.00 mn from City Bank Capital Resources Limited and Lendable, contributing to a total funding raised of USD 82.58 mn.Shopfront Limited offers a suite of technology-driven solutions aimed at supporting small businesses in Bangladesh. Its key products include Mokam, a B2B commerce platform that connects mills and manufacturers with small retail shops ensuring a consistent supply of essential food and household items. REDX serves as the country’s largest last-mile logistics network, efficiently delivering goods across 493 sub-districts in 64 districts. Additionally, Briddhi caters to underserved communities by providing innovative financing solutions, enabling shopkeepers to access stock on credit and enhancing their sales capabilities.Shopfront Limited generates revenue through a diverse transaction structure that includes business models catering to small retailers and wholesalers. Transactions typically involve direct sales facilitated through the Mokam platform, where retailers access products at competitive prices, with REDX managing logistics to enhance efficiency. Briddhi contributes to revenue by offering credit solutions that allow shopkeepers to replenish stock without immediate financial outlay, thus promoting continuous business operations and growth within the region.In February 2023, Shopfront Limited secured USD 30.00 mn in Venture Debt funding aimed at supporting its expansion initiatives. The company plans to enhance its supply chain operations and tackle the food waste issue in Bangladesh. Specific upcoming products and market expansions have not been detailed, but the recent funding will bolster these efforts, further solidifying its presence in the local market.

## Funding rounds

- Series B, Dec 28, 2021, $83M — Tiger Global Management, Valar, Naspers Limited, Omidyar Network, Ohana Holdings, Prosus Ventures, Flourish Ventures, VEON Ventures, Lonsdale Capital
- Series B, Sep 1, 2021, $74M — Hong Shan, Valar, Ohana Holdings, Prosus Ventures, Flourish Ventures, VEON Ventures, Lonsdale Capital, KDV Capital
- Series A, Oct 21, 2020, $7.8M — VEON Ventures
- Series A, Sep 1, 2020, $15M — Hong Shan, Speedinvest, Zilingo Pte. Ltd., Flourish Ventures, Surge, Lonsdale Capital, KDV Capital
- Seed, Jul 31, 2019, $3.4M — Bill & Melinda Gates Foundation, Omidyar Network, Muru Digital, Flourish Ventures, Surge, Doha Tech Angels, KDV Capital

## Investors

- Bill & Melinda Gates Foundation — Seed
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Seed, Series B
- Muru Digital — Seed
- Flourish Ventures (https://capitalatlas.ai/funds/flourish-ventures) — Seed, Series A, Series B
- Surge (https://capitalatlas.ai/funds/surge) — Seed, Series A
- Doha Tech Angels (https://capitalatlas.ai/funds/doha-tech-angels) — Seed
- KDV Capital (https://capitalatlas.ai/funds/kdv-capital) — Seed, Series A, Series B
- Hong Shan — Series A, Series B
- Speedinvest (https://capitalatlas.ai/funds/speedinvest) — Series A
- Zilingo Pte. Ltd. — Series A
- Lonsdale Capital — Series A, Series B
- VEON Ventures (https://capitalatlas.ai/funds/veon-ventures) — Series A, Series B
- Valar (https://capitalatlas.ai/funds/valar) — Series B
- Ohana Holdings — Series B
- Prosus Ventures (https://capitalatlas.ai/funds/prosus-ventures) — Series B
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B
- Naspers Limited — Series B