As per recent reports, female startup founders account for a meagre 15% globally. This number is significantly lower in the emerging markets. Despite this, a considerable number of female-led startups raise VC investments.
The latest one to get funded is a female-founded, Dhaka-based healthtech startup Arogga. The company just snapped $4 million in the second phase of its seed funding round. This adds to the $1.5 million funding raised last year and closes the seed funding round at $5.5 million. It is claimed to be the largest seed round in the healthtech space in Bangladesh.
The investment round was led by US-based female-backed The Venture Collective (TVC) known for its recent investment in Lopay. Other participants in the round were The Blue Collective, Iterative, Stella Maris Partners, and returning investors Ratio Ventures, Sketchnote, and Epic Angels, and local investors IDLC Finance and Startup Bangladesh Limited.
Furthermore, prominent European angel investor, and exited unicorn founder, Alex Rittweger also participated in the round. Over 37 women angels across 8 countries syndicated a follow-on investment in Arogga.
With this funding, Arogga plans to develop into a holistic health super app that gives access to good primary healthcare for the people of Bangladesh. It intends to evolve beyond online pharmacy to encompass a spectrum of healthcare services like lab testing, doctor consultations, and health insurance
Healthcare at your doorstep
Founded in 2019 by Fahad Hossain, Rosina Mazumder, Shamim Hasan and Yawar Mehboob, Arogga is the first Bangladeshi app that brings prescription and healthcare services to your doorstep. It is easy and efficient to use with just a click of a button. Users need to upload your prescription and it will ensure safe delivery of their medicine at the earliest possible time.
Arogga brings complete prescription and healthcare products from a complete range of medicines and over-the-counter items. It intends to be the number one healthcare services app for Bangladesh.
Commenting on the investment, Cat Middleton, Partner at TVC said, “We were excited to lead this round of funding, in what is our first investment in Bangladesh. For me and/or TVC, investing in Arogga means partnering with an underrepresented entrepreneur and founding team with a clear view of the impact they want to make in one of the fastest growing economies in the world.”
Maaike Doyer, founder of Epic Angels said: “From our very first interaction, Epic Angels, as the largest global female-only investment collective investing in APAC, recognized the unparalleled drive and vision of Arogga, steered confidently by their female CEO. Arogga’s story with Epic Angels began in 2021. It was a leap of faith based on a shared vision and mutual trust. Today, with our follow-on investment, that leap has propelled Arogga to be our largest investment, reflecting their undeniable growth and relentless commitment to health innovation.”
CEO of Arogga, Rosina Mazumder said: “It is amazing to have female funders backing female founders. We are few and far between, although it is encouraging to see women in Bangladesh starting to make strides into the startup space using tech to solve fundamental problems. It is great to have the institutional backing from Cat at TVC and wonderful that Epic Angels continue to believe in our mission with their follow-on investment in the round.”
