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The leading Ed-tech startup Shikho has raised an investment fund worth US $ 900,000 from three new and one existing investors in a strategic funding round.
The funding will help the company on its mission to democratize access to high-quality education in Bangladesh, said a press release.
The startup got the funding from four investors. Three of the investors are international venture capital funds - Goodwater, Sturgeon Capital and Black Kite Capital while the existing investor is a philanthropic organization - Sajida Foundation.
With the funding, the total funding of Shikho rose to a total of $6.5 million till date, the highest for any education technology startup in the country.
The investment from Goodwater, Sturgeon Capital and Black Kite Capital, three globally recognized investors, is a testament to the growth potential of Shikho.
Shikho already has some well-known global names backing it. They are Learn Capital from Silicon Valley and Wavemaker Partners from Singapore.
On the other hand, Sajida Foundation, a respected philanthropic organization, has further strengthened Shikho’s connection to the community and its deep focus on social impact.
Shikho has already made significant strides in advancing the quality of education in Bangladesh.
The startup claims that it had reached over two and a half million students in 2022 and its learning platform currently offers a data-centric, personalized and engaging learning experience that empowers students to learn at their own pace and in their preferred style whilst creating access to some of the best teachers in the country.
According to the LightCastle data, of the $823 million funding in 12 years, $777 million came from foreign investment and the rest from local sources.
More than 95 per cent of investments in startups is from foreign sources. In 2021, 99.07 per cent of the funding was foreign, which was the highest till then.
Investment in 2020 was $40 million, which jumped to $415 million in 2021. Of the 2021 figure, bKash secured $250 million from Softbank. In 2022, investment dipped to $100 million.
More than 69.59 per cent of investments in startups went to fintech in the last 12 years, followed by 11.44 per cent to logistics and mobility, 7.08 per cent to e-commerce and retail, 2.53 per cent to healthcare, 2.21 per cent to consumer services, and 1.88 per cent to software and technology.
The top five companies that received funding in 2022 were ShopUp ($63 million), Paperfly ($13 million), GoZayaan ($4.6 million), and 10 Minute School ($3.8 million).
