Staff Reporter :
Unfulfilled funding commitments by SBK Tech Ventures Ltd have pushed several Bangladeshi startups into severe financial distress, leaving their growth plans derailed and investments at risk.
In a joint statement issued Wednesday, the affected startups said such incidents are undermining trust and stability in the country’s startup ecosystem.
According to the statement, at least five early-stage ventures faced major setbacks after waiting months for promised investments from SBK Tech Ventures, owned by Sonia Bashir Kabir, known for her close association with the previous government.
Founders reported that they were shortlisted for investment, signed agreements, and even received verbal assurances to scale their businesses in anticipation of funds. However, despite repeated follow-ups spanning more than a year, no disbursements were ever made.
One founder described the financial shock of expanding operations based on SBK’s assurances:
“The disappearance after a year of commitments without releasing a single penny is deeply irresponsible and damaging,” said Sakib, founder of Fashol.
“This has shaken credibility not just for us but for the entire startup ecosystem globally.”
Tasbin, founder of Markopolo, echoed similar frustration:
“It felt like she (SBK) had an agenda to destroy startups. She even used us for PR without permission. After this trauma, it’s hard to trust any Bangladeshi VC again.”
These accounts sharply contrast with SBK Tech Ventures’ public announcement last year, when the firm claimed to have invested $7.1 million in six startups-Markopolo, Fashol, Jatri, 10 Minute School, Arogga, and Solshare-as part of its pledge to boost local tech entrepreneurship.
Controversy deepened as SBK Tech Ventures came under scrutiny for allegedly defaulting on multiple loans. The company is accused of failing to repay Tk15 crore borrowed from a retired army officer, Tk12 crore from Fiber at Home Limited, and Tk20 crore from a leading local conglomerate despite repeated commitments.
SBK is also facing cases over loan defaults with banks and non-bank financial institutions, including Bangladesh Finance Limited. Several legal battles are ongoing in both Bangladesh and Singapore.
These allegations of financial misconduct and unfulfilled promises have raised broader concerns about SBK’s credibility and the accountability of venture capital operations in Bangladesh.
Repeated attempts to contact Sonia Bashir Kabir for comment went unanswered.
In response to the scandal, affected founders and ecosystem leaders are urging stronger regulatory oversight, stricter investment protocols, and better safeguards for entrepreneurs.
