Bangladeshi ed-tech startup Shikho, on Tuesday (29 March) announced it has raised $4 million in new seed funding, in addition to the $1.3 million it raised in August 2021, bringing its total round to $5.3 million, the largest seed funding a Bangladeshi startup has raised to date.
The investment was led by Wavemaker Partners, a leading venture capital firm in Southeast Asia, with participation from seven other global investors. These include returning investors LearnStart, the seed fund of Learn Capital, Anchorless Bangladesh, and Vibe Capital, said a press release.
The company has also added new backers in DSG Consumer Partners, Black Kite Capital, Ratio Ventures, and Julian Shapiro, the Founder of Demand Curve.
Shikho launched the first version of its mobile learning app in November 2020 and already has over 350,000 learners spread across all 64 districts of Bangladesh, with paid subscribers currently spending an average of 68 minutes on the app daily.
It provides academic courses for the Bangladeshi National Curriculum Secondary School Certificate (SSC), Higher Secondary School Certificate (HSC), and competitive University Entrance Exams.
The company plans to use the fresh funding to now cover classes 6, 7, and 8, as well as add a more comprehensive and enhanced offering for vocational and language skill building.
In addition, Shikho is already working on relaunching Bohubrihi, a well-known Bangladeshi professional courses platform it had acquired, with new and improved features.
"Shikho is a purpose-driven company focused on enabling access to exceptionally high-quality learning content and instruction and transforming how Bangladesh learns by leveraging modern technology. We are very proud to have pioneered the introduction of animated video content to aid visual learning and for launching the first and only personalized, data-driven learning-app available in Bangladesh," Shikho Co-Founder and CEO Shahir Chowdhury said.