Metric, a Rawalpindi-based digital accounting startup, raised $900,000 in pre-seed funding from i2i Ventures, Ratio Ventures, Deosai Ventures, Kinnow Capital, Outliers Venture Capital, and Augmentor Capital.
Elevator Pitch: Easy financial management for small businesses and startups.
Tell me more: There are over 30 million SMBs and startups in the MENAP region.
Bookkeeping is a significant problem faced by SMBs and startups. The founders are either not able to manage their financials or just cannot afford good accountants.
Also, the available account software solutions are too expensive or are specifically designed for accountants to use.
This can be a significant setback for businesses and their growth.
With metric, founders can access real-time dashboards, professional reports, and insights. The interface is user-friendly and can help young businesses in financial management.
Early-stage founders can use the app for free without worrying about spending resources on accounting. Later, they can upgrade to the paid version, which provides access to “fully digitized, auditable accounts.”
You should know: Metric was launched in 2021 by Meenah Tariq and Omar Parvez Khan. In their previous life, they were both VCs.
The startup claims to have reached $20 million in annualized recorded transactions within five months of its launch.
Zoom Out: Metric plans to use this round to grow across Pakistan and expand to other markets in the MENA region.
Big Picture: SMBs and startups in the MENAP region contribute $2 trillion to the region’s GDP. Metric can make bookkeeping and managing finances easy for them, contributing to their revenue growth and an increase in GDP.