Monday, February 26, 2024

Pakistani Startups Raised Funding of Over $70 Million in 2023

In 2023, Pakistani startups experienced a significant decrease in funding, as independent monitoring firms reported a total of over $70 million raised. This marked a substantial drop of over 70 percent compared to the previous two years. The decline is linked to political and economic challenges both within the country and internationally.

While different reports provide varying statistics for the year, there was a noticeable improvement in the fourth quarter. During this period, startups secured $38.6 million across 15 deals.

Alpha Beta Core (ABC) reported a 553 percent increase in funding for startups in the last three months of 2023. Some notable rounds came from companies like Retailo, KraveMart, Edufi, Sehat Kahani, and Blink.

Despite the challenges faced in 2023, monitors of Pakistani funding express optimism for 2024. The expectation is that the startup funding market will pick up, driven by political and macroeconomic clarity following general elections in February 2024 and the implementation of key structural reforms.

Analysts anticipate a more promising year ahead for local startups, with increased fundraising activities and renewed investor confidence in Pakistan’s startup ecosystem.

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