He made these remarks as the chief guest at the inauguration ceremony of the 'Fund of Funds' organised by Startup Bangladesh Limited at the ICT Tower in Agargaon, Dhaka, today.
Fakir Mahbub Anam said the Fund of Funds will be managed with utmost priority given to skill, good governance, and professionalism. Startup Bangladesh has already invested around Tk 111 crore in 36 tech-based startups. However, instead of relying solely on government funding, the private sector must also come forward to invest in startups.
The Minister said that initiatives must not remain limited to paper; their benefits must be ensured through practical implementation. Through the Fund of Funds, along with bringing more private and international capital into the country, opportunities will be created for Bangladeshi startups to access international markets.
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The Minister further said, "The Bangladesh Fund of Funds is a game-changing initiative for our startup ecosystem. It is one of the most significant steps taken by the current government to support the country's startup sector. Through this, promising entrepreneurs will get access to the necessary capital, skills, and international networks. We believe that innovation-driven enterprises will create employment, attract investment, and make significant contributions to the country's future economy."
Speaking as a special guest, Prime Minister's Adviser Rehan Asif Asad said that the venture capital and startup sectors will play a vital role in diversifying Bangladesh's future economic growth. Along with funding, startups also need mentorship, skills, market access, and technical support. Through the proposed Fund of Funds, these supports must be ensured alongside investment. He also noted that the government is committed to protecting the interests of domestic and foreign investors in Bangladesh and ensuring smooth repatriation of legitimate profits and capital. He expressed confidence that a strong startup ecosystem can be built through collective efforts.
In his presidential address, Chairman of Startup Bangladesh Limited Md. Mamunur Rashid Bhuiyan said the government wants to ensure an environment where venture capital and innovation can flourish naturally. If the Bangladesh Fund of Funds is successfully implemented, it will not only increase investment in startups but also build a strong investment infrastructure for the country's future economy.
During the event, Startup Bangladesh Limited's Managing Director and CEO Nurul Hai presented a detailed overview of the fund's structure, investment strategy, fund manager selection process, co-investment mechanism, and potential impact. He said that under the proposed structure, investments will be made in selected local and international venture capital funds with strong governance, professional fund management, and credible investment strategies.
The formal process of inviting eligible venture capital fund managers through a 'Request for Expression of Interest' (REOI) was also initiated at the event.
While Bangladeshi startups have attracted approximately $1.2 billion in investment over the past decade, local investors accounted for only about 7 percent of that total. The Bangladesh Fund of Funds will work to address this disparity by strengthening local institutional capital, attracting foreign investment, developing the venture capital industry, and creating a sustainable startup financing framework. This initiative will further strengthen the path to supporting startups at various stages, enhancing the capacity of local fund managers, improving investment management standards, facilitating knowledge and technology transfer, creating employment, and establishing Bangladesh as an attractive destination for venture capital and innovation.
It may be noted that Startup Bangladesh Limited (SBL), the government's flagship venture capital and fund management company under the ICT Division, has formally launched the government-backed 'Bangladesh Fund of Funds' to increase the flow of local, international, and development partner investments into Bangladesh's startup ecosystem and to encourage private investment. The initial size of the fund is Tk 400 crore.
The event was attended by Japan International Cooperation Agency representative Morikawa Yuko, senior government officials, development partners, investors, and relevant stakeholders from the ecosystem.