Bangladesh Angels Network (BAN) has closed a pre-seed investment round into Nitex, a software-as-a-service (SaaS) platform that digitizes the garment procurement process and allows buyers of all sizes around the world to seamlessly manage their supply chains in countries like Bangladesh.
BAN completed the official signing of the investment deal virtually, said a press release issued by BAN on Tuesday.
Accelerating Asia, an investment firm and accelerator based in Singapore, along with SputnikATX, an accelerator based in Austin, Texas, also participated in this round and invested in Nitex.
The investment from BAN, Accelerating Asia and SputnikATX are being used to develop the technology platform and fund a well-rounded team to execute on the business model, the release said.
Chief Executive Officer (CEO) of Bangladesh Angels Nirjhor Rahman said, "Despite being one of the major driving forces of Bangladesh's economy, there is a glaring gap between indigenous startups in Bangladesh that are introducing digital innovation at scale in the garment value chain."
"Through their unique combination of backgrounds and skills, Nitex is well-positioned to drive the next phase of growth in the garment industry for Bangladesh and across the region," added Nirjhor.