Ready-made garments (RMG) digitization start-up Merchant Bay will develop business intelligence solutions, smart factory management tools, and multi-sided platform services to digitalize the readymade garment sector.
It has raised $260,000 in a pre-seed round to develop specialized tools for the country’s RMG industry, said a press statement on 25 September.
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, according to the release.
“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 digitization of the readymade garment sector,” Merchant Bay Chief Executive Officer (CEO) Abrar Hossain Sayem said regarding while speaking on its latest funding.
Expressing hope he said that 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.
Now, the start-up has more than 1000 suppliers on its platform.