The vehicle was originally launched as a fund in 2010 to provide small and medium-sized enterprises (SMEs) in Bangladesh with structured capital and quasi-equity investments. At the time, it was the first company to focus exclusively on providing growth and working capital to companies of this size in Bangladesh.
SEAF Bangladesh Ventures (SEAF BV) was originally 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.”