IDLC VC Fund I co-led an investment with the International Finance Corporation (IFC) last week in Truck Lagbe, a trucking technology platform in Bangladesh.
IDLC VC also facilitated an additional investment from one of its foreign investors, Millville Opportunities, in the round, said a press release.
This is the second investment in which IDLC, IFC and Millville have worked together to invest in the local startup ecosystem.
They previously invested together in Chaldal, a grocery delivery company, which recently raised a $10 million Series C.
Venture capital is a relatively new industry in Bangladesh; however, the IDLC VC Fund has managed to attract investors from both large foreign and local institutions and high net worth individuals.
Samad Miraly, Partner at IDLC VC Fund I said, "Having professionally managed venture capital locally is important to build the industry. We hope our participation can signal confidence to foreign investors to come and invest in Bangladesh. We will do whatever we can to push our startups to grow into tremendous successes and bring returns to our investors."
Managed by its three partners, Syed Javed Noor, Mustafizur Rahman Khan, and Samad Miraly, the fund is actively investing in early-stage technology companies solving large problems.
The fund intends to invest in 6-8 more startups by the end of 2022.
Previously, the fund invested in Intelligent Machines Limited, a retail AI startup. It has and plans to continue to leverage the fund and IDLC group infrastructure to support its startups on an otherwise unprecedented level locally.