Pakistan’s startups nearly tripled the total funding received in the first eight months of 2021 as compared to last year, while international investment in the sector ramps up.
The startup sector raked in $258 million in investment since the year started as compared to the $77 million it attracted throughout 2020, according to a press release by the Ignite National Technology Fund.
Thirty-seven startups have raised $228 million of funding so far this year, with Airlift Technologies, Bazaar Technologies, Cheetay, Tajir, Educative, and Finja scoring more than $10 million each.
Airlift secured $85 million in Series B financing in August, marking Pakistan’s largest private funding round in history.
The boost in investment focuses on the e-commerce, transport and logistics, financial technology, health technology, retail technology, and educational technology sectors.
The CEO of Ignite, Asim Shahryar Hussain, spoke at the International Conference on Innovation and Entrepreneurship held by the Federation of Pakistan Chambers of Commerce & Industry and said,
Over the last five years or more, government, academia, and industry have launched many incubators which have produced more than a thousand startups in different verticals. Many of these startups are generating revenue and are ready for acceleration. When you have leading VCs like Kleiner Perkins and 20 VCs investing in Pakistani startups, then it means that you are getting ready for the global stage. Pakistani startups are the next big thing and many are ready for acceleration and lift off now.
Sectors that are attracting investment include e-commerce, transport/logistics, Fintech, Healthech, Retailtech, and Edtech.
A shift towards series A and B funding by many startups shows that they are growing and planning a national and international expansion of their operations.
