Breaking promise by SBK Tech Ventures Ltd for funding commitments has left several Bangladeshi startups in deep financial trouble and their investment is at risk now.
The victim startups in a joint statement on Wednesday said this type of incident is shaking confidence in the country's startup ecosystem.
According to victims' statements, at least five early-stage startups have faced setbacks after months of unfulfilled promises from SBK Tech Ventures, a firm owned and led by Sonia Bashir Kabir, known for her close ties to the previous government.
The founder investors said they were selected for investment, signed agreements, and even received verbal assurances to expand operations in anticipation of funds.
However, no disbursements ever came despite repeated follow-ups for over a year.
One founder admitted to have suffered a major financial blow after allocating resources for expansion based on SBK's assurances.
"The disappearance of the SBK after a year of commitments without disbursing a single penny is deeply irresponsible and damaging," said Sakib, founder of Fashol.
"Such an incident has harmed trust and credibility for the entire ecosystem on the global stage," he pointed out.
Echoing the same Tasbin, founder of Markopolo, said, "It felt like she (SBK) had an agenda of killing all the startups. She did a PR stunt without our permission. After the trauma, we cannot trust any Bangladeshi VC."
This reality starkly contrasts with SBK Tech Ventures' public announcement last year, when it claimed to have invested $7.1 million in six startups-Markopolo, Fashol, Jatri, 10 Minute School, Arogga, and Solshare-as part of a broader commitment to boost local tech entrepreneurship.
Adding to the controversy, SBK Tech Ventures is reportedly under scrutiny for defaulting on significant loans.
Allegations include failing to repay Tk 15 crore borrowed from a retired army officer, and Tk12 crore from 'Fiber at Home Limited'. Also, from a leading local conglomerate she (SBK) has taken Tk20 crore and is not returning the amount despite several commitments.
The firm is also facing cases over defaults with banks and non-bank financial institutions, including Bangladesh Finance Limited. Legal battles against SBK are ongoing in both Bangladesh and Singapore. These allegations of financial misconduct and deceit have raised broader concerns about SBK's credibility and the overall accountability of venture capital operations in the country.
Despite repeated attempts, Sonia Bashir Kabir could not be reached for comment.
In the wake of this scandal, many affected founders and ecosystem builders are calling for stronger regulatory oversight, stricter investment protocols, and protections for entrepreneurs.
