Ready-made garments (RMG) digitisation start-up Merchant Bay has raised $260,000 in a pre-seed round to develop specialised tools for the country's RMG industry.
The start-up plans to develop business intelligence solutions, smart factory management tools and multi-sided platform services, it said in a press statement on Saturday.
A pre-seed round is pre-institutional funding for a start-up at its early stage with no institutional investors. Investors in these rounds are typically friends and family or business angels.
"Merchant Bay began its journey to bring about a qualitative change in the ready-made garment sector. This investment will help us to fully implement our ideas on digitisation of the readymade garment sector," Merchant Bay Chief Executive Officer (CEO) Abrar Hossain Sayem said regarding its latest funding.
He hoped this investment will enable Merchant Bay to quickly establish itself as a major driver of qualitative change in the garment sector in Bangladesh.
Merchant Bay started its journey last year intending to digitalize Bangladesh's RMG industry, linking the supply chain, and making the sourcing of global buyers from Bangladesh easy.
Currently, the start-up has more than 1000 suppliers on its platform.