Merchant Bay, a Dhaka-based RMG startup, has raised USD 260,000 pre-seed fund to develop specialised business intelligence solutions for the RMG industry of Bangladesh.
The company aims to produce smart management tools for factories and production houses and multi-sided platform services for the local industry.
A pre-seed round is a fund that startups raise during their earliest stage, usually from non-institutional investors i.e. family, friends, acquaintances, etc. The fund for Merchant Bay came through angel investment from several angel investors, said the company in a statement.
The CEO of Merchant Bay, Abrar Hossain Sayem, believes that the fund will help the company in attaining its goal-- bringing a qualitative change in the RMG industry through digitisation.
“This investment will help us to fully implement our ideas on digitisation of the readymade garment sector. We hope this will enable us to quickly build Merchant Bay as a major driver of qualitative change in the garment sector in Bangladesh,” said Mr Sayem.
Merchant Bay is a marketplace and software service provider that started its journey in 2020 with a dream to digitise the apparel sector in the country.
It produces smart RMG management tools and solutions to ease the sourcing process of global buyers, enhance supply chain systems and bring overall qualitative change in the production and distribution process.
As of now, Merchant Bay has more than 1000 suppliers on its platform.