Bangladesh-based ShopUp has hired former CICC executive director and head of Singapore M&A Vashistha Maheshwari as its CFO, while Openspace has promoted executive director Jessica Huang Pouleur as its third general partner.
ShopUp hires chief financial officer
Bangladesh-based business-to-business (B2B) commerce startup ShopUp has hired former China International Capital Corporation (CICC) executive director and head of Singapore M&A Vashistha Maheshwari as its chief financial officer.
ShopUp had raised $75 million in September led by US-based VC firm Valar Ventures in a Series B round, which was advised by Maheshwari while at CICC.
“While advising ShopUp on the Series B capital raise, it became evident to me that they are building something special in a country that is about to see a massive ramp up in digitisation,” Maheshwari told DealStreetAsia.”With 98% of their [Bangladesh’s] total consumption taking place through 4.5 million fragmented small neighbourhood retailers, a full stack digital B2B platform that can optimise the entire value chain will be quite impactful…I hope to be playing a part from the inside in this journey going forward.”
“A lot of people who have worked with him describes him as a sharp, strategic, and energetic leader in this space,” ShopUp’s LinkedIn post on the appointment said, noting that Maheshwari oversaw deals in the consumer space, fintech, and logistics at CICC.
ShopUp was founded in Dhaka in 2016 by Afeef Zubaer Zaman, Siffat Sarwar, and Ataur Rahim Chowdhury. It provides B2B sourcing, logistics, and financial services to micro, small and medium enterprises (MSMEs) through its mobile-first digital platform, and last-mile logistics service RedX.
Openspace appoints third general partner
Singapore-based Openspace has promoted its executive director Jessica Huang Pouleur as the venture capital firm’s third general partner, joining co-founders Shane Chesson and Hian Goh.
Pouleur, who joined the firm in 2020, leads investments for Openspace’s mid-stage growth fund, OSV+, and sits on the boards of GoPlay and JIWA Group, and as an observer at the Singaporean SME financing platform Validus and the Philippines-based video streaming app Kumu.
OSV+ is already showing top-tier returns on the back of six existing portfolio companies, Openspace said in a statement.
Before Openspace, Pouleur was with The Walt Disney Company and Providence Equity Partners.
“Hian and I have known Jessica since 2005,” said Chesson in a statement. “As Openspace moves into a new stage of development, with two new funds closed and 10 new team members in 2021 alone, she is the ideal addition to partner to help the firm address the vibrant Southeast Asian opportunity.”
Openspace is an early investor in notable firms like Gojek, Finaccel, Halodoc, Love Bonito, and Biofourmis.