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SEAF Bangladesh Ventures

SEAF Bangladesh Ventures (SEAF BV) was launched in 2010 to provide small and medium-sized enterprises (SMEs) in Bangladesh with structured capital and quasi-equity investments. This was the first company to focus exclusively on providing growth and working capital to companies of this size in Bangladesh.

SEAF BV was conceived through the International Finance Corporation’s (IFC) SME Ventures Program – an initiative designed to support risk capital financing to SMEs in underserved emerging markets.  In May of 2017, the Fund received a follow-on commitment of USD 10 million from the IFC and Climate Investment Funds-Pilot Programme for Climate Resilience (CIF-PPCR). CIF-PPCR is allocating capital in the form of grants and financing to Bangladesh, which is targeted to “enable Bangladesh to make strategic investments in critical areas of climate resilience planning and implementation in a manner consistent with its poverty reduction and sustainable development objectives.”

SEAF BV aims to capitalize on Bangladesh’s strategic geographic location between India and China and its attractive demographic trends by providing technical assistance and investment into growing SMEs in key sectors that represent strong growth opportunities but have lacked access to traditional sources of finance.


SEAF Bangladesh Ventures Placeholder
SEAF Bangladesh Ventures

Region: Asia

Location(s): Bangladesh

Start Date: Jun 2010

Status: Actively Investing

Committed Capital: $22 Million

Investor(s): International Finance Corporation (IFC), Climate Investment Funds-Pilot Programme for Climate Resilience

Managing Director: Asif Mahmood

Featured Portfolio Companies


Devnet Limited

Technology integration, business processes, customer relationships, corporate strategy, human resources…Few companies can do all of these seamlessly. This is where Devnet comes in: offering unique advice and practical solutions and services to help businesses run better.

Founded in 2000, Devnet began with imaging and archiving solutions “ProSearcher”. Four years later, Devnet released the first document management solution of the country “DocuDEX”. Since that time, it has continued to build an impressive client portfolio through its reputation for innovation, with strengths in high-speed document processing, as well as imaging, image quality, data capture, and intelligent character recognition technologies. Devnet has evolved into one of Bangladesh’s leading service providers dedicated to helping organizations streamline their document-centric business processes with workflow applications, document management, web content management and record management for organizations seeking to drive efficiency, as well as BPO services for a wide variety of business applications. Beyond these services, the Company also offers its clients cost efficiency, reduced business risk, enhanced customer service, and improved business intelligence.

With SEAF’s support, Devnet has been able to support its growth in a rapid paced environment promoting innovation, and custom business solutions for its clients. Devnet, as a major imaging service provider and state of art document imaging equipment supplier, Devnet is uniquely positioned to offer the latest technology without passing along the costs of equipment and software upgrades.

ADN Telecom Limited

Founded in 2003, ADN Telecom Ltd. is a leading IT and telecommunication service provider in Bangladesh, offering a wide range of data, voice and internet services to local and international clients. The Company became a public limited company in 2012.

The Bangladesh Telecommunication Regulatory Commission (BTRC) awarded ADN numerous important licenses and permissions, allowing them to become a nationwide internet service providers, IP Telephony service provider, and VSAT Provider with a hub. Additionally, BTRC has assigned several radio frequencies in different bands in favor of ADN Telecom, for its access and transmission networks. These have powered the company to deploy the latest wireless technologies, such as WiMAX for countrywide Broadband Services.

ADN Telecom Ltd. is one of the core entities of “ADN Group” along with ADN Technologies Ltd. Tech Valley Networks Ltd. (TVNL) and InGen Technologies Ltd (ITL). Leading telecom operators of the region, such as SingTel, Tata Communications and Orange Business Service are ADN Telecom’s strategic partners. The Company also has formed strategic alliances with British Telecom and Bharti Airtel, among others, enabling it to provide end-to-end solutions, both domestically, and internationally. ADN is also the first telco in Bangladesh to provide a toll-free telephone service.

Today, the Company owns the most diverse access network in the country, which is composed of wireless, fiber optic and satellite infrastructures. Its core competence is in the ability to converge technologies with human excellence to ensure connectivity.


Local Team

Asif Mahmood
Managing Director

Nurul Hai
Vice President

Md. Aminur Rahman
Sr. Finance Manager

Muhammad Maruf Hossain
Business Development Manager

Md. Asaduzzaman
Manager, Admin & HR

Saddam Khan Sumit