Last month, I shared the list of startups that raised funding in 2023. Here’s a follow-up with my thoughts on how the year played out and when we will escape the ‘Trough of Disillusionment.’
There wasn’t much coverage (linked below) about the slump in funding in 2023. And honestly, there isn’t much to discuss or dissect, as any comparison to the prior year looks futile. Maybe that’s why Business Recorder decided to plagiarize Data Darbar and Techshaw.
🍺 Dry January
There were ZERO deals in January - not a great start to the year. Even worse, Cheetay is on the verge of closing, while Dastgyr has laid off 85% of its staff.
Internet disruptions are becoming routine as the country prepares for the polls.
The Government claims the disruptions are due to “technical issues” and not because the opposition party is organizing a virtual rally. I doubt there will be a country-wide internet shutdown before or on the day of the elections, but you never know.
What I do know is that every time there’s internet disruption, it makes headlines globally and dampens the spirits of those who want to build in an increasingly volatile macro environment.
Anyways, amidst all this, the Government announced a startup grant that will invest 30% of a priced round if you can convince a VC to cough up the remaining 70%. It’s a 3rd world country’s version of the Yozma Program, minus the engineering talent, R&D capabilities, or equity share.
It's either they're incredibly stupid, or they don't care. The decision-makers, that is.
💰 2023 Funding Roundup
Data Darbar, Invest2Innovate, Arab News, ProPakistani.
📢 Now hiring
sAi Venture Capital is looking for an Investor Relations Analyst, Operational Investment Analyst, and Executive Assistant. Apply here.
📰 Learn
Internet disruptions. But why? $7 million startup fund launched by caretaker government. IT exports reach 23% annual growth. Elevate enters Pakistan. Alipay and NayaPay shake hands. The digital payment spurt. Sorry, PayPal not coming. Pakistan’s aggressive EV goals hit a roadblock.
🎙️ Listen
Conversation with Adeel Raza, co-founder of eLearning Evolve.
📺 Watch
Kassim Shroff, founder of Krave Mart, on the Discover Beings podcast and my conversation with Adeel Raza, co-founder of eLearning Evolve.
Until next month, ✌️