ShopUp, Bangladesh business-to-business (B2B) commerce startup has raised an additional $62.89 million in Series B4 funding from Valar Ventures and Flourish Ventures, according to regulatory filings seen by a trusted source.
The shares are being issued at about $56 apiece, the same as the company's Series B3 round, filings with Singapore's Accounting and Corporate Regulatory Authority (ACRA) show.
ACRA filings only reflect equity funding received so far in a round, and the overall round could be larger or have other components such as debt.
The startup closed a $34 million Series B extension round in January this year, as first reported by DealStreetAsia, following its Series B round in September 2021. Sequoia Capital India and Flourish Ventures co-led ShopUp's $22.5m Series A round.
Founded in Bangladesh's capital Dhaka in 2016 by Afeef Zubaer Zaman, Siffat Sarwar and Ataur Rahim Chowdhury, ShopUp provides B2B sourcing, logistics and financial services to micro, small and medium enterprises through its mobile-first digital platform and last-mile logistics service RedX.
Its financial services product provides small shops with access to digital credit through partnerships with local financial institutions.
ShopUp's B2B commerce app, Mokam, also helps mom-and-pop shops by giving them access to the nation's largest catalog of products with 24-hour doorstep delivery, all via a single app.