Startup Bangladesh cancels Tk 5cr fund for Ayman Sadiq’s 10 Minute School

Startup Bangladesh Limited has announced today that it has canceled an investment proposal of Tk 5 crore for 10 Minute School, Bangladesh's largest edtech platform.

Startup Bangladesh Limited is the first and only flagship venture capital fund of the ICT Division sponsored by the Bangladesh Government.

"An investment proposal of Tk 5 crore for 10 Minute School has been canceled by Startup Bangladesh," Startup Bangladesh Limited said in a Facebook post today on its verified account.

The reason for the cancellation of the investment proposal is not yet known, as 10 Minute School and Startup Bangladesh Limited have not responded to The Daily Star's queries.

State Minister for ICT Zunaid Ahmed Palak, on his official Facebook profile, shared Startup Bangladesh Limited's post with the same information in the caption.

The move comes amid an ongoing movement with protesters demanding reform of the quota system in government jobs.

Ayman Sadiq, co-founder and CEO of 10 Minute School, endorsed the ongoing movement by supporting the protesters' demand for reform of the quota.

"Two days earlier, on his verified Facebook page with nearly 7 million followers, Sadiq posted: 'We want quota reform. Merit should be the biggest quota,' hashtagging #QuotaMovement."

The post went viral, generating over 2 lakh likes, 38,000 comments, and nearly 6 thousand shares.

As Chhatra League activists attacked quota protesters on Dhaka University campus yesterday, triggering fierce clashes that left at least 300 people injured, Sadiq posted: "Dhaka University is bloodied. Why is there blood on my campus? I protest."

He is also a former student of the university.

10 Minute School also used a black profile picture on its verified Facebook page after yesterday's incident.