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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.
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?
Okay, let’s do the numbers.
Safepay gets pilot approval as a Payment Service Provider (PSP). Enhance Ventures announces $30 million fund for MENAP region. Five more companies headed to the GEM board on PSX. IT exports decreased 27% compared to April 2022. SBP orders TAG to refund customers. Webx launches Webx Pay and Bykea launches Bykea Car. More startups will emerge from the downturn. CarFirst shuts down. Internet goes down.
The mystery of the missing seths. Micro and macro indicators are encouraging. Pirates of khadda market. Cautious optimism from a Pakistani technologist. Certain factors help a startup succeed. Bykea’s battle for survival.
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.
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.
Techshaw Notes is a monthly newsletter covering Pakistan’s startup ecosystem, focusing on startup funding. If you haven’t already, please subscribe and join 384 readers.
Until next month, ✌️