Bangla firm raises $260,000 in pre-seed funding to digitise RMG units

28 Sep '21

1 min read

Pic: Shutterstock/Mamunur Rashid

Dhaka-based readymade garments (RMG) start-up Merchant Bay recently raised $260,000 in pre-seed funding to develop specialised business intelligence solutions for the country’s RMG industry. The company aims to produce smart management tools for factories and production houses and multi-sided platform services for the domestic RMG industry.

A pre-seed round is a fund that start-ups raise during their earliest stage, usually from non-institutional investors, i.e. family, friends and acquaintances. The fund for Merchant Bay came through angel investment from several angel investors, a company statement said.

Merchant Bay chief executive officer Abrar Hossain Sayem believes the fund will help the company attain its goal of bringing a qualitative change in the RMG industry through digitisation.

“This investment will help us to fully implement our ideas on digitisation of the readymade garment sector. We hope this will enable us to quickly build Merchant Bay as a major driver of qualitative change in the garment sector in Bangladesh,” Sayem was quoted as saying by a Bangladesh newspaper.

Merchant Bay is a marketplace and software service provider that started its journey in 2020 with a dream to digitise the apparel sector in the country. It has more than 1,000 suppliers on its platform now.

Fibre2Fashion News Desk (DS)

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