Pakistani startups have raised $328m in funding so far in 2022

Despite numerous reports of startup failures in Pakistan, entrepreneurs have raised $328 million in capital in the first nine months of 2022. This amounts to 87% of the total funding in 2021, as per Alpha Beta Core’s Deal Tracker.

DBank closed the largest deal at $17.6 million, followed by OneLoad at $11 million, PriceOye at $7.9 million, and DealCart at $4.5 million.

“The third quarter of 2022 has had more early-stage deals with total seed and pre-seed level rounds accounting for 90% of the total deals. The average deal size in the third quarter of 2022 clocked in at $60 million versus $7.3 million last quarter,” said Khurram Schehzad, CEO of Alpha Beta Core (ABCore).

“Most investments are within B2B or B2C e-commerce, fintech, and logistics. This is a trend that can be observed in a lot of emerging markets as the ecosystem starts to grow,” he added.

“The total deal value in the third quarter was recorded at $48.6 million with a total of 11 deals,” said ABCore CEO Schehzad.

“The top deals closed were DBank at $17.6 million, OneLoad at $11 million, PriceOye at $7.9 million, and DealCart at $4.5 million. Other notable deals this quarter were Neem and SnappRetail at $2.5 million each and Mahaana at $2.1 million,” he added.

Kumar explained the impact of startups closing in Pakistan, saying, “The closing of tech startups in the last six months is alarming.” This will have a significant impact on the entire startup ecosystem in Pakistan, which is unfair to the many startups that are operating and creating jobs.”

“The success of some startups is being fueled by the country’s growing human capital and rising investments in technology startups,” he added.

“We look forward to a better closing of 2022 as compared to that in 2021. Pakistani startups still have much better survival rates (both in terms of size and numbers) than the rest of the region or the world,” Kumar commented.

“Owing to our massive population, we have an incredible potential for growth within us,” said Noman Ahmed, CEO of SI Global Solutions.