ShopUp raises fresh $65m from US-based Valar Ventures

| Updated: June 29, 2022 12:41:45

ShopUp raises fresh $65m from US-based Valar Ventures

Local startup ShopUp has raised $65 million in fresh investment from the US-based Valar Ventures to expand its operations further.

The business-to-business (B2B) platform made the announcement on Monday, said a statement.

"It has raised a follow-on US$65 million round led by Peter Thiel's Valar Ventures," ShopUp said.

The Bangladesh-based startup had previously completed a $109 million Series B six months ago, with participation from Valar Ventures, Tiger Global, Prosus Ventures, Flourish Ventures, Sequoia Capital, and Veon Ventures.

Since then, the startup has been growing significantly and the existing investors are doubling down with this follow-on round, the statement added.

Local retail businesses can avail support of the ShopUp to digitise and modernise solving inefficiencies of traditional supply chain, logistics, and finance.

It offers a large B2B commerce platform, buy now pay later facility for retailers and a huge logistics network.

The platform is working to help 4.5 million neighbourhood shops grow so that they can contribute to one of the fastest growing economies in Asia.

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