During Q3 2020, eight Pakistani startups raised $16,025,000 in disclosed funding.
Compared to Q3 2019, that’s an increase of 58% from $10,170,000 and 22% increase over the previous quarter from $13,100,000.
This brings the total amount raised by Pakistani startups year-to-date to $30,390,000.
2020 Q3 Funding
Q3 was no different. The deal count doubled from the previous quarter and for the first time since 2015, there was a Series B investment in a Pakistani startup. More on that later.
Let’s do the numbers.
GrocerApp, the Lahore-based grocery delivery startup, raised $1,000,000 in Seed investment from Jabbar Internet Group, Karavan, Nama Ventures, Nader Group, 7Vals, Walled City Co, LeanBricks, Sheharyar Ali, and Asif Keshodia.
Bykea, the Karachi-based transportation and logistics startup, raised $13,000,000 in Series B investment from Prosus Ventures, Sarmayacar, and Middle East Venture Partners. This is the biggest Series B investment in a Pakistani startup. Previously, the record was held by Zameen with $9 million in funding from Vostok Ventures in 2015.
To date, Bykea has raised $18.7 million in disclosed funding.
Nothing is normal this year. And like you, I am pleasantly surprised at the number of deals plus dollar amount attracted by the startups. And the year isn’t over yet.
Historically, the majority of the funding announcements are made in Q4 during two major tech events; 021 Disrupt and Startup Grind Pakistan. Due to COVID, that might not be the case this year.
But you never know. I recently learned that 021 Disrupt is still going to happen.
One more thing
P.S. If you are interested in accessing the entire spreadsheet that powers the app, you can download it by naming your own price (min $2). Includes lifetime updates.