What a difference a month can make. Or an event can make.
A bumper month thanks to +92Disrupt. The premier tech event where multiple startups announced funding.
But there’s a problem.
EduFi announced a $6.1 million pre-seed round, but $4 million is debt, not equity. Krave Mart closed its $6.25 million funding round last year but announced it this year.
It is common for startups to announce fresh funding rounds at +92Disrupt, but this time, they were half-truths and stale.
And then, we have the struggling Retailo, which I discussed in the previous newsletter.
If you recall, I mentioned that the $15 million it was supposed to receive when it announced its $36 million Series A round in 2022 never materialized. It then went to look for $1.5 million in emergency funding, which it received in October. And now, finally, they also have $15 million (hopefully in the bank).
The problem is that Retailo, in all its press communications, is claiming this $15 million as a new round. And the media is parroting this claim. It is not a new round but an old commitment disguised as a new round because of new investors.
I don’t know why Retailo plays these games, but it does. I will reflect this in my tracker by reducing its $36 million Series A round in 2022 to $21 million. I think that’s fair.
Let’s do the numbers.
💰 Funding (disclosed)
EduFi raised $6.1 million in funding from Zayn VC, Palm Drive Capital, Deem Ventures, Q Business, and various angel investors.
Krave Mart raised $6.25 million in funding from Y-Combinator, JAM Fund, Rebel Fund, DeCart Ventures, ru-Net, and Zayn VC.
Voyage raised $1 million in pre-seed funding from Indus Valley Capital.
MedIQ, Umrah Companions, and Metamorph raised $180K seed funding from SOSV.*
Helpp raised $1.1 million in seed funding from E Planet Global, You Venutres, and J Holding Pakistan.
BusCaro raised $1.5 million (including $180K announced at +92Disrupt) in pre-seed funding from Orbit Startups and Wahed Ventures.
YTD startup funding currently stands at $68 million.
*My tracker doesn’t include new rounds less than $180K. MedIQ is an exception, as it has previously raised $1.8 million.
📰 Learn
+92Disrupt brings together the brightest minds in the country. Linkstar launches a wallet for freelancers. Still waiting for PayPal and Stripe. The establishment of special technology zones. 2,463 new companies registered with SECP in October. The ambitious IT export strategy was unveiled. IT exports increased by 16% in October. Metric founders relocate to U.A.E. Pakistan is launching a venture capital fund for early-stage startups. Pakistan is too big to ignore. inDrive integrates electric motorcycles into its fleet in Pakistan.
🧠 Think
Is Pakistan’s IT industry limited to services? Rethinking startups and launching a new climate fund. Adjusting Pakistan’s tech sector priorities. Are computer science graduates up to the mark? Is Pakistan replete with tech talent? IT “exports” are not what Umar Saif wants you to think. Ministry of IT’s roadmap to nowhere. How digital are Pakistan’s top big banks?
🎙️ Listen
Conversation with Haider Raza, co-founder of DealCart.
📺 Watch
Conversation with Aleena Nadeem, founder of EduFi, transforming the MSME ecosystem in Pakistan with fintech featuring Monis Rehman, founder of Dukan, transforming agriculture featuring Muhammed Bukhari, and my conversation with Haider Raza, co-founder of DealCart.
Until next month, ✌️