Just one Pakistani startup raised disclosed funding in October
Note # 033
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Deals are down to a trickle. Only one Pakistani startup raised $2.1m in disclosed funding in October.
This brings the total funding raised by startups in 2022 to $333 million - around $17 million shy of 2021.
🎃 Spooktober
Investors are spooked. Or maybe startups are struggling to raise money.
But you know, after the party's over, there's like 2-3 balloons spread around the room that slowly lose air...? Yeah, that's how it feels.
There is a 44-day gap between the most recent funding round and the one before. Since July 2019, that hasn't happened.
On average, the days between disclosed funding rounds over the years:
According to almost all investors I've spoken to over the years, it's up to the founder to announce funding rounds. The decision to announce the funding round is strategic. Sometimes it coincides with a product launch.
That’s what happened with Remotebase. It announced the funding and a subscription offering called Talently simultaneously.
In other news, NayaPay acquired Wali. And State Bank of Pakistan revoked TAG’s in-principle and pilot approvals to operate as an EMI.
Two more months to go.
Funding (disclosed)
Remotebase raises $2.1 million in Pre-Series A funding.
Funding (undisclosed)
VeGrow raised an undisclosed amount of funding from Draper University Ventures.
Acquisitions
NayaPay acquired Wali for an undisclosed amount.
📰 Learn
Techshaw is collaborating with Zayn Capital on a content series demystifying the ins and outs of venture capital specifically and startups broadly in Pakistan.
So far, we have published a primer on venture capital and an explainer on SAFE. What topic do you want us to cover next?
Collectively, startups in Pakistan are worth $2.6 billion. COLABS eyes MENA markets. SBP revokes TAG’s EMI license. Abhi expands to UAE. Saad Hassan, formerly at HBL Ventures, joins Sturgeon Capital. Can local OTT platforms diversify beyond cricket? Decoding the massive market for Islamic apps. UAE-based EMPG, the parent company of Zameen.com, raised $200 million. Pakdata is the biggest app publisher in Pakistan. Digital wallets drive Pakistan's fintech ambitions.
🧠 Think
Pakistan sees a growing culture of innovation amid the tech startup boom. Pakistan’s digital lending revolution. The story of Careem, MENAP's most important startup to date. Using TikTok to teach.
🎙️ Listen
misaal podcast: Q3 startup funding update with Nazish Hussain from Secret Stash. Conversation with Zeshan Gondal, Investor, and Head of Strategy at Zayn Capital. And a conversation with Mahad Imran, founder of Kis Uni.
📺 Watch
misaal podcast: Q3 startup funding update with Nazish Hussain from Secret Stash. Conversation with Zeshan Gondal, Investor, and Head of Strategy at Zayn Capital. And a conversation with Mahad Imran, founder of Kis Uni.
Conversation with Aman Nasir, VC at Sarmayacar.
🚀 Startup I am excited about
Taraki - A marketplace where hiring managers can post jobs and recruit semi-skilled workers for full-time employment.
Creations: A handy startup funding tracker and an interview-style podcast.
Previous issues of this newsletter can be found here.
Until next month, ✌️