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Wednesday, September 28, 2022

Pakistani startups raise record $305 million VC funding in 2021

Pakistani startups got $305 million of venture capital funding from across the world in the first nine months (January-September) of 2021.

According to details, as many as 52 startups have raised a total of $305 million in initial and advanced level financing in sectors including transport & mobility, logistics, e-commerce, fintech, heath and freight in the first nine months of 2021.

Among the prominent ones were Airlift and Bazaar which fetched $85 million and $30 million, respectively, in advanced level Series B and Series A fund raising, according to Arif Habib Limited.

Besides, QisstPay, TAG and Oraan got $15 million, $12 million and $3 million, respectively, in initial level seed financing.

As many as 17 startups have raised $172.6 million in the third quarter (July-September) 2021 compared to 12 new enterprises that attracted a total of $28.3 million in the same quarter last year.

Accordingly, the average size of the financing has increased 4.3-times to $10.15 million per deal in July-September 2021 compared to $2.36 million in the same quarter of last year.

Furthermore, 33 startups received $100.7 million in seed financing, five startups got $56 million in Series A financing and two startups raised $103 million in Series B funding in the current year to date.

E-commerce startups have fetched the single largest investment of $117 million in the third quarter of 2021 alone. This was followed by fintech startups which received $35 million during the quarter, digital trucking platform attracted $13.6 million and martech/marketing got $2.7 million financing in 3Q2021.

The development was also shared by Abdul Razak Dawood, adviser for commerce and investment to Prime Minister Imran Khan.

“I am very pleased to see that during the period Jan-Sep 2021, Pakistani startups raised a record USD 305 million of investment globally. The sectors include e-commerce, fintech, health and freight,” Dawood said on Twitter.

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