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 mobilize 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.
Founders said they were selected for investment, signed agreements, and even received verbal assurances to expand operations in anticipation of funds. However, no disbursements ever came despite repeated follow-ups for over a 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@Home Limited and never repaid the money.
The firm is also facing cases at home and overseas.
Another founder admitted to suffering a major financial blow after allocating resources for expansion based on SBK’s assurances.
“The disappearance after a year of commitments without disbursing a single penny is deeply irresponsible and damaging,” said Sakib, founder of Fashol. “It has harmed trust and credibility for the entire ecosystem on the global stage.”
In the wake of this scandal, many affected founders and ecosystem builders are calling for stronger regulatory oversight, stricter investment protocols, and protections for entrepreneurs.
“We don’t just need capital—we need trustworthy partners,” said another founder. “This is a wake-up call for the ecosystem.”
