Pakistani startups raise $35 million in April

Zahid Lilani
Pakistani startups raise $35 million in April

Pakistani startups raised $35 million in disclosed funding across 5 deals in April.

This brings the total amount of funding raised by Pakistani startups in 2022 to $209 million across 22 deals.

2018 - 2022 Startup Funding and Deals
2018 – 2022 Startup Funding and Deals

Highlights

  • Startups: 5
  • Sector with the most funding: Fintech; $28 million.
  • Startup with the biggest round of funding: Abhi; $17 million Series A.
  • Stage with the most deals: Pre-seed; 3 deals worth $7.2 million.
  • Most active investor: +92 Ventures; 2 deals.

The List

  • Zaraye raised $2.1 million in pre-seed funding from Tiger Global, Zayn Capital, +92 Ventures, and multiple angel investors.
  • Abhi raised $17 million in Series A funding from Speedinvest, Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi Ventures, Sarmayacar, and i2i Ventures.
  • SadaPay raised $10.7 million in seed extension from Recharge Capital, Kingsway Capital, and Raptor Group. Previously, it raised $7.2 million in seed funding from the same investors.
  • MedIQ raised $1.8 million in pre-seed funding from Amaana Capital, Cordoba Ventures, Seraph Group, TAJDEED, APPNA, and House of Habib.
  • Oware raised $3.3 million in pre-seed funding from Flexport Fund, Ratio Ventures, Seedstars International Ventures, Sketchnote Partners, The Osiris Group, Swiss Founders Fund, Reflect Ventures, +92 Ventures, and Walled City Co.

🚀 No slowdown yet.

At the beginning of the month, there was a great deal of uncertainty due to the political turmoil in the country. But that didn’t stop startups from announcing their funding rounds.

Global startup valuations have declined in the last month, as indicated by the recent decline in public market valuations.

A downturn in the world’s biggest economy can create ripple effects as venture capital gets more global.

That said, April was still smooth sailing for Pakistani startups. But there’s a storm brewing.


📰 Learn

SparkLabs Fintech launches a $5 million fund for Pakistani startups. Retailo acquires DXBUY. SECP eases rules for GEM investors. Digitally identifying and filling health gaps. EdTech startup Qureos expands to Pakistan. Empowering small businesses to compete with the big guys. Realized crypto gains reach $605 million for Pakistan. DigiKhata partners with PayFast to provide digital payments. Rise of the Planet of the Super Apps.


🧠 Read

Kalsoom Lakhani on the recent funding boom’s good, bad, and ugly. PayPal may not come to Pakistan, but these global Fintechs are. Central Bank Digital Currency (CBDC) explained. A mirage of growth in the tech sector. Debt financing: the fuel startup ecosystems need? Regulation hype train.


🎙️ Listen

Helping offline businesses go online with Chikoo featuring Raza Matin, Founder, and CEO of Brandverse. What is fueling Pakistan’s emerging startup ecosystem featuring Aatif Awaan.


📺 Watch

A conversation on early-stage investing with Harry Stebbings (Founder, 20VC) and Aatif Awan (Founder and Managing Partner, Indus Valley Capital). It was moderated by Yousuf Khan (Partner, Ridge Ventures).

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