Six startups are caught in trouble because of a venture capital firm’s default to deliver on investment promises.
The affected startups—Markopolo, Fashol, Jatri, 10 Minute School, Arogga, and Solshare—alleged in a joint statement issued on Wednesday that the venture capital company, SBK Tech Ventures Ltd, apparently disappeared.
The venture capital firm, which received funds from the past Awami League government for promoting startups, has been accused of not releasing any money at all.
The startups, which provided equity based on SBK’s promise to mobilise necessary investments, said that they were in a serious predicament after the SBK Tech Ventures apparently disappeared after a student-led uprising toppled the past AL government in August last year.
SBK Tech Ventures is owned and led by Sonia Bashir Kabir, who could not be reached for a comment on the matter.
The startups said that they have been waiting for funds to be released for the last year.
Last year, SBK Tech Ventures, however, announced that they had invested $7.1 million in the startups.
“It felt like she (Kabir) had an agenda of killing all startups. She did a PR stunt,” Tasfia Tasbin, founder of Markopolo.
SBK Tech Ventures is also reportedly under scrutiny for other reasons. One of them is the company’s failure to repay Tk 15 crore borrowed from a retired army officer. SBK had also allegedly taken Tk12 crore from ‘Fiber at Home Limited’ and never repaid the money.
The firm is also facing cases at home and overseas.
“The failure to disburse a single penny in a year is irresponsible and damaging,” said Sakib Hossain, founder of Fashol.
“Such an incident has harmed trust,” he added.
