Agroshift, a Bangladeshi agritech startup, which enables businesses to source directly from farmers announced raising $1.8 million in funding on Tuesday.
The fundraising marks the largest ever pre-seed round for any Bangladeshi startup to date.
The round was co-led by UAE-based Shorooq Partners, a Middle East-focused technology investor, and Anchorless Bangladesh, a New York-based, early-stage venture capital firm active in the local startup ecosystem.
The round also saw participation from global investors including Ratio Ventures, Sabr Capital, Sketchnote Partners, and Julian Shapiro, the founder of Demand Curve.
Founded in 2022, Agroshift helps farmers and traders sell their produce to businesses and consumers.
“We’re excited to back Agroshift in its vision to serve millions of people working in the agri and textile sectors across Bangladesh. Agroshift’s customers are the driving force behind these sizeable economic sectors, and we’re humbled to support the team’s ambition to cater to their daily needs by offering affordable and convenient means to procure high-quality food & agri products,” said Omer Zabit, Principal at Shorooq Partners in a statement.
“Agroshift’s micro logistics model is the most effective that we have seen in helping drive value for both producers and consumers—especially those in one of the country’s most valuable sectors: the garment industry. While Bangladesh has already built a significant role in international supply chains, we also see tremendous opportunities in domestic supply chain optimisation,” said Rahat Ahmed, founding partner and CEO at Anchorless Bangladesh.
