BSIC appoints Waiz Rahim as its first MD and CEO

Startup Investment Company (BSIC) PLC, the country’s first bank-backed venture investment company for startups, has appointed Waiz Rahim as its first managing director and CEO.

The appointment marks a significant step forward as the institution moves into the next phase of building Bangladesh’s leading institutional venture capital platform, reads a press release.

Under the guidance of Bangladesh Bank, BSIC was recently formed to mobilise domestic institutional capital for high-growth startups and help strengthen Bangladesh’s venture capital and innovation ecosystem.

The company has launched its first fund, “Onkur”, a $35 million (Tk 425 crore) fund that will co-invest alongside domestic and foreign investors. 

The fund size is expected to cross Tk1,000 crore in the next five years, supported by the central bank’s guideline requiring all banks to invest 1 per cent of their annual profits into the startup equity fund.

Prior to joining BSIC, Waiz served as Venture Partner for Bangladesh at Sturgeon Capital, a London-based venture capital and private equity firm managing $300 million across Central Asia, Pakistan and Bangladesh. In that role, he was involved in investment sourcing, due diligence and portfolio development.

In 2017, he founded and led Deligram, an omnichannel e-commerce platform that was converting neighbourhood grocery stores into an e-commerce fulfilment network. 

He raised more than $2.5 million in funding from institutional investors across Singapore and New York, gaining first-hand experience of the challenges of raising foreign venture capital in Bangladesh.

Waiz holds a degree in Industrial and Systems Engineering from the University of Southern California (USC).

Commenting on Waiz’s appointment, Mashrur Arefin, chairman of BSIC and chairman of the Association of Bankers Bangladesh, said, “The appointment of our first chief executive officer marks an important milestone for the company. Waiz brings a rare combination of venture investing experience, entrepreneurial perspective and institution-building capability.”