VEON Ventures Boosts Investment In ShopUp

Connectivity and internet services provider VEON Ltd VEON ramped up investment in Bangladesh's full-stack B2B commerce platform ShopUp.
ShopUp has raised $75 million through this investment round led by Valar Ventures.
The round brings ShopUp's total funding to over $110 million.
VEON Ventures division, alongside Peter Thiel's Valar Ventures, Prosus Ventures (formerly Naspers Ventures), Flourish Ventures, and Sequoia Capital India, invested in ShopUp's Series B investment round.
The proceeds will help build infrastructure, expand categories and launch new financial products to meet the needs of underserved small retailers in Bangladesh.
The investment follows the company's Series A in October 2020, where VEON participated as ShopUp's first strategic corporate investor.
VEON's investment in ShopUp reflects the Group's growing focus on digital services, which are enjoying rapid customer adoption as VEON increases the reach of its 4G networks through an accelerated investment program.
VEON held $1.2 billion in cash and equivalents as of June 30.
Price Action: VEON shares traded higher by 2.86% at $2.16 in the premarket session on the last check Tuesday.