BSIC appoints first CEO and launches USD 35M Ankur Fund
Waiz Rahim Appointed BSIC CEO
- Waiz Rahim appointed first MD & CEO of Bangladesh Startup Investment Company (BSIC).
- Formed by 39 banks, BSIC introduced the $35 million 'Ankur' startup investment fund.
- The fund is targeted to expand beyond BDT 1,000 crore within the next five years.
The Bangladesh Startup Investment Company (BSIC), a specialized entity formed to accelerate institutional funding for tech-driven startups, has appointed Waiz Rahim as its first Managing Director (MD) and Chief Executive Officer (CEO). The announcement was made through an official press release.
Formed through a joint initiative of 39 banks, BSIC's board of directors features MDs from the country's top five commercial banks. Prior to joining BSIC, Waiz Rahim served as the Bangladesh Venture Partner for London-based VC firm Sturgeon Capital. In 2017, he founded the omnichannel e-commerce platform 'Deligram', raising over $2.5 million from Singapore and New York-based institutional investors. He holds a degree in Industrial and Systems Engineering from the University of Southern California.
Established under Bangladesh Bank guidelines, BSIC has already launched a $35 million (approx. BDT 425 crore) co-investment fund named 'Ankur'. The fund will invest equity in promising domestic startups alongside local and foreign investors, with plans to scale the fund size beyond BDT 1,000 crore over the next five years.
Under Bangladesh Bank's directive, commercial banks are required to allocate 1% of their annual net profits into startup equity funds, a measure expected to significantly expand the horizon for tech startup financing in Bangladesh.
//DBTech/NAP/SI//
