Bangladesh Venture Capital has invested an undisclosed amount of money in the seed round of AALO, a digital mediatech startup.
A deal was signed on Monday at the Dhanmondi office of the local alternative investment firm, says a press release.
The investor firm's Acting Managing Director Md Jahir Uddin, Chief Investment Officer Hamidul Haque Khan, Venture Capital and Private Equity Associate Anowar Jahid, and some of its shareholders were present at the signing ceremony where the investee firm was represented by its Chairman Shuvojit Das.
Established in 2018, AALO is a digital media platform aimed at providing digital advertising and promotion for businesses, government organisations and individuals as well.
Currently, the firm provides advertising services by setting up monitors on running buses and showing advertisements. Till now, AALO has set up 100 monitors in buses.
"When we had evaluated companies for our first ever funding earlier in 2019, we saw the persistence, tenacity and commitment of AALO founders in realising the vision of digital advertising services over the last 1.5 years," said Md Jahir Uddin.
"We want to use the technology effectively and efficiently in the marketing ecosystem to make marketing easier for a corporation to startup and even for an individual," said Arafat Shohag, chief executive officer of AALO.
The investment from Bangladesh Venture Capital Limited will be used for developing the technology platform, increasing the number of buses, including other value added services and building a well-rounded team to execute the business model.
The idea of the project first came to the founders of AALO Limited, while they were managing a nationwide network of advertising services.
AALO is aiming at facilitating marketing, promotion and branding for anyone with an easy and technology friendly system.