Pakistani startups raise $21.5 million in August
Note # 031
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Pakistani startups raised $21.5 million in disclosed funding across four deals in August. Two Pakistan-based tech companies got acquired. And one startup acquired a local business in a vertical merger.
This brings the total funding raised by startups in 2022 to $337 million - around $13 million shy of 2021.
🤯 $350 million
Let’s forget about funding this month. August was about acquisitions.
First, DigitalOcean acquired Cloudways for $350 million, PostEx acquired Call Courier for an undisclosed amount, and TecBrix acquired DevOps Pakistan for $1 million.
DO’s acquisition of Cloudways is a BFD.
Acquisitions are not common in Pakistan’s tech ecosystem but are crucial for the liquidity and growth of alumni ventures. It also helps validate talent and operations.
And it’s turning out to be a good year for acquisitions - six already.
Did I mention Peter Thiel invested in PriceOye?
Probably nothing.
Okay, let’s do the numbers.
Funding (disclosed)
OneLoad raised $11 million in Series A funding.
Mahaana raised $2.1 million in pre-seed funding.
PriceOye raised $7.9 million in seed funding.
Funding (undisclosed)
Remoty raised an undisclosed amount in an angel round.
Acquisitions
DigitalOcean acquired Cloudways for $350 million in an all-cash transaction.
PostEx acquired Call Courier for an undisclosed amount.
TecBrix acquired DevOps Pakistan for $1 million.
📰 Learn
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🧠 Read
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🎙️ Listen
Hassan Bhatti, operator and angel investor, talks to Alex Banks on Through the Noise.
misaal podcast: Conversations with Shershah Hassan, CEO of KalPay, Mutaher Khan, Co-founder of Data Darbar and writer at DAWN, Sennen Desouza, co-founder of Investors Lounge, and Sarfraz Hussain, co-founder and CEO of YPay.
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Fireside chat with Abrar Ul Haq, co-founder of Tazah.
misaal podcast: Conversations with Shershah Hassan, CEO of KalPay, Mutaher Khan, co-founder of Data Darbar and writer at DAWN, Sennen Desouza, co-founder of Investors Lounge, and Sarfraz Hussain, co-founder and CEO of YPay and Shehryar Hydri, managing partner at Deosai Ventures.
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