FabriCare , an app which aims to revolutionize the laundry industry to make it more convenient, affordable and efficient, has raised $100,000 in a seed investment round against a 16% equity stake.
The investment was shared among all three judges of the show, Idea Croron Ka.
Sheharyar Ali (Treet Group of Companies), Rabeel Warraich (Sarmayacar), Abdul Rehman Talat (Orient Group of Companies) contributed in excess of Rs. 7.5 million. An additional $25,000 is coming from external investors based out of the Middle East (Emerging Ventures).
The sign-off ceremony held in Lahore in presence of the show host Mr. Nabeel Qadeer, FabriCare CEO Fahad Saif, CTO Hassan Rafique Awan, COO Muhammad Amir and the investors.
Fahad Saif, CEO of FabriCare, said:
We are ecstatic to see the investor confidence in the idea and overall approach towards the entire venture. Having already raised in excess of $100,000 in the early launch phase, the team has surely gotten its dose of morale boost as we look forward to an extensive roll-out.
It’s definitely a great day for the Pakistani startup eco-system – but now starts the real test of scaling up for us. But we’re confident of our product, and our team’s ability to rise up to the challenge.
The app is available for both iOS and Android.
Currently, FabriCare operates in Islamabad & Rawalpindi. However, it plans to expand to Lahore and other cities across Pakistan in the very near future.
Services are pathetic. It is all talk and zero professionalism. I feel bad for the investors who have clearly wasted their money. I have numerous friends and acquaintances who have used their service and have similar complaints.