Pakistan’s start-ups received an estimated $10 million in 17 venture deals for the first half of the year, with B2B e-commerce the biggest winners.
The $10 million is split between $6 million of disclosed funding and $4 million that is an estimate of undisclosed funding, according to start-up data platform Magnitt in a new study released this week. This is a 9% drop compared to the $11 million start-ups received in venture deals in the first six months of last year.
Still, the Dubai-based Magnitt says there are “many positive indicators for the future” as the momentum for start-up funding continued in the second half with a $22 million deal for mobility start-up Airlift.
Key stats from Magnitt’s Pakistan Venture Snapshot H1 2020:
- 2019 = $39 million, 2018 = $97 million, 2017 = $17 million
- Average ticket size of disclosed deals in H1 2020 = $0.6 mln, down 14% compared to H1 2019
- Compared to other MENASA countries, Kuwait = $8 million, Jordan = $10 million, Saudi Arabia = $95 million, Egypt = $126 million, UAE = $385 million
- E-commerce = 65% of total value of deals, multimedia 15%, healthcare 10%, advertising and marketing 3%, data analytics 1%
- Biggest: Tajir, B2B marketplace, Seed round, $1.8 mln from investors including Matt Caspar, Fatima Gobi Ventures, Pioneer Fund, Golden Gate Ventures, YCombinator
- 2nd biggest: Bazaar, a B2B e-commerce marketplace, Pre-seed round, $1.3 mln from Alter, Indus Valley Capital
- 25 institutions invested. International investors = 76% of all activity
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