US based tech co invests in local logistics startup

Anchorless Bangladesh is an early stage venture investment fund focused on advancing the local startup ecosystem with access to global resources Anchorless Bangladesh, Venture Capital based in US, has debut here by investing £6,00,000 to Loop Freight, a Bangladeshi technology-enabled logistics startup. Anchorless Bangladesh is an early stage venture investment fund focused on advancing the local startup ecosystem with access to global resources.

"At Anchorless Bangladesh our goal is to identify early stage startups best-suited to take advantage of such large, unique opportunities in Bangladesh. Loop is a company on that exact mission, re-imagining the movement of commercial goods for next generation shippers and carriers," said Rahat Ahmed, founding partner and CEO of the VC firm, in an introductory post on Medium on Monday. We are thrilled to announce a seed investment in Loop and look forward to working closely with this brilliant, passionate team in contributing to a better Bangladesh -- and beyond, he added. Loop's centralized platform provides an asset-light solution by digitizing the process for both shippers and carriers end-to-end, all while reducing freight costs and providing a better user experience.

With the growing consumer demand in a high-density market creates an industry worth over £10 billion a year in truck freight alone. "After analyzing our ideas and business plan, which is based on the technology and innovation to reduce cost and time, the Anchorless Bangladesh were satisfied and funded us £600000," Fahim Salam, Co-Founder of Loop Freight.

Loop Freight is all set to improve the Logistics Performance Index of all manufacturing and distribution heavy countries in Asia, starting with Bangladesh.

We can make it happen by having a lean and data-driven approach to moving commercial goods, said Fahim. With the innovative centralized and digitized system, within a month, the Loop Freight was able to reduce the asset management cost of a feed mill client by 27% using reverse logistics. Consequently, they've already shown success with agriculture, ceramics and FMCG clientele, it added.

As venture investors, we understand that our relationship with companies may last five years, even a decade. We also know that the money we invest today is just the beginning, with hopefully more rounds to come, said Rahat. "We're open to all industries and are more interested in the problem they're solving and how large the scale is, especially if it can expand beyond Bangladesh, Rahat told Dhaka Tribune. .

"A key tenet in our investment philosophy is the potential to expand beyond Bangladesh.

With the country being positioned strategically as a gateway between India and China, two of the world's largest economies, Loop has the ability to harness local Bangladeshi talent and resources to naturally engage in cross-border operations."

Expansion eastwards to Myanmar allows Loop to engage in the East-West Economic Corridor, ending up in Vietnam and into the Pacific.

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