Pakistani startups raised $6.8 million in disclosed equity funding across five deals in Q3 2023.
That’s 87% less than the $55 million raised in Q3 of 2022 but 40% more than the $5 million raised in Q2 of 2023. Deals decreased by 44% YoY and 29% QoQ.
Check out the blog post for the list of startups that raised funding in Q3 and related charts.
💵 Who is getting funded?
Ever wondered what makes a startup founder in Pakistan 'fundable'?
Last month, I dug into the startup funding data and looked at 76 active startups started by 142 founders who have received $617 million in combined venture capital funding. Here’s what I found:
Local Education: Most founders got their education in Pakistan.
Top-Tier Schools: Most founders attended Pakistan’s most prestigious institutions.
Field of Study: Most founders studied Economics and Computer Science.
Local Experience: Most founders had experience working in Pakistan.
Corporate Stepping Stones: Companies like Swvl and Careem appear to be common launching pads for these founders.
Check out the blog post for more insights and pretty charts.
📰 Learn
Gong ceremony to formally mark the listing of the Symmetry Group. Qist Bazaar secures Shariah Compliance Certificate. AsiaPak Investments acquires Bol Network. Walee partners with Cheetay Pakistan, and Oraan partners with State Life. OPay is confident it has the muscle to tap Pakistan’s market. Government-sponsored venture capital fund to seek $1b investment. IT exports rise by 10% MoM, but the sector is grappling with brain drain. Navigating the Indolj security breach.
🧠 Think
Startups should follow their North Star. Secondhand sellers are seeing big business as they build an e-commerce market. Improving Pakistan’s IT services trade model. Why are Pakistani startups incorporating HoldCos abroad? Breaking down Pakistan’s Digital Payments trends in FY23. Finja is worth $1.2 million, a fraction of its funding of $25 million.
🎙️ Listen
Conversation with Michel Friedman, Partner at Reflect Ventures.
📺 Watch
Conversation with Asim Kidwai, co-founder of LOKAL, and with Michel Friedman, Partner at Reflect Ventures.
Until next month, ✌️