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Pakistani startups raised $28 million in disclosed funding across three deals in July, and Airlift announced that it would shut down.
This brings the total funding raised by Pakistani startups in 2022 to $304 million across 37 deals.
Funding (disclosed)
24SEVEN raised $6 million Pre-Series A funding from Betatron Venture Group, Newlin VC, Verity Capital, and Argo’s Quest.
Dbank raised $17.6 million in seed funding from Sequoia Capital, Kleiner Perkins, Nubank, Askari Bank, RTP Global, and Rayn.
DealCart raised $4.5 million in pre-seed funding from Shorooq Partners, Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, and Rally Cap Ventures.
Funding (undisclosed)
Linkstar raised an undisclosed amount in pre-seed funding from SOSV, Sarmayacar, and K3 Diversity Ventures.
Shut down
Airlift announced it would shut down permanently.
Layoffs
JOVI has suspended operations and laid-off all employees. However, confirming the layoffs, it said it is not shutting down entirely and will resume operations soon.
Dukan announced that it would lay off 25% of its workforce.
💀 A month to forget
Yaar, Airlift.
After announcing layoffs in May, we knew it was in trouble, but few people saw it coming. According to Airlift's co-founder Ahmed Ayub, it appeared they had things under control a month before the shutdown.
Life comes at you fast, especially if you are running a startup.
Yesterday, I shared my thoughts and reacted to the reaction of Airlift shutting down. It’s long, but I have written it dil se. Read karlein, please.
Dbank finally disclosed the seed funding it raised earlier this year. It's included in the July tally since I track announcements, not when the term sheet is signed.
Oh, and, Sequoia led the round. Probably nothing.
Keep an eye on this post by Data Darbar. It diligently tracks layoffs and will help you scoop up talent.
Bye, July. You won’t be missed.
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📺 Watch
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Techshaw Notes is a monthly newsletter covering Pakistan’s startup ecosystem, focusing on startup funding. If you haven’t already, please subscribe and join 368 readers.
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Until next month, ✌️