Six Startups Stranded as SBK Tech Ventures Breaks $7.1M Promise
Six promising startups, including Markopolo and Fashol, are facing financial strain due to broken promises from SBK Tech Ventures. The venture capital firm, owned by Sonia Bashir Kabir, failed to deliver on a $7.1 million investment announced last year. The startups, which provided equity based on SBK's promises, have been left waiting for funds for over a year.
The startups' founders have expressed their frustration, calling the situation irresponsible and harmful to their trust in investors. SBK Tech Ventures, which received funds from the past Awami League government, has not released any money to the startups despite its public commitment. The firm is also under scrutiny for failing to repay loans totaling Tk 27 crore to a retired army officer and 'Fiber at Home Limited'.
The troubles for SBK Tech Ventures began after the student-led uprising that toppled the past government in August last year. The firm reportedly disappeared around that time, and its owner, Sonia Bashir Kabir, could not be reached for comment. The affected startups have taken legal action, but there's no public update on the status of the court documents submitted by SBK's lawyer.
The failure of SBK Tech Ventures to honor its investment commitments has left six promising startups in a precarious position. The situation highlights the importance of due diligence and transparency in the investment process. The affected startups and their founders are now left to navigate the challenges of seeking alternative funding and pursuing legal recourse.
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