Photo credit: awaiskhan / 123RF.
The funding landscape in Pakistan remained relatively flat in 2016, with a smattering of seed investments and just a handful of later-stage rounds.
But with GDP growing at a healthy 4.7 percent, the best performing equity index in Asia, and over 35 million 3G and 4G connections, the stage is set for investors to look at internet businesses more seriously.
Foreign firms currently dominate tech in the country. Rocket Internet’s the leading player in online shopping and food delivery through Daraz, Kaymu, and Foodpanda. Uber and Dubai-headquartered Careem battle it out for ride-hailing supremacy, with no homegrown apps in contention.
This dynamic is unlikely to change until institutional investors back Pakistani founders with serious cash to help them up the ante. There have been some indications of that happening in 2016, with further growth expected in the new year.
In no particular order, here are 10 notable startups from Pakistan that raised funding this year.
1. Zameen
Online property portal Zameen continued its strong growth momentum with a US$20 million series C round in January followed up by an undisclosed sum in October.
It’s now valued at US$83 million, making it arguably the most valuable startup in Pakistan.
The company competes with Rocket Internet-backed Lamudi and boasts investors such as Patrick Grove’s Catcha Group, Malaysia-headquartered Frontier Digital Ventures, and Sweden’s Vostok New Ventures.
Zameen’s team. Photo credit: Twitter.
2. Slide
Android lockscreen app Slide, which rewards users with free mobile phone top-ups if they click on ads or view content, raised US$3.6 million in series A funding in November. It’s now funded to the tune of US$4.6 million.
The app already has 5 million downloads despite launching barely a year ago. Armed with a hefty war chest, it’s now aiming to launch in the Middle East, where the concept is relatively new.
3. Well
Health and lifestyle store Well closed a seed round of “nearly US$1 million” led by angel investors Nadeem Hussain and Noor Abid. It started off by selling things like fitness supplements, vitamins, and herbal products but now also offers home appliances and medical devices.
4. Finja
Finja, which is trying to get more people using mobile wallets in Pakistan, raised US$1 million in a bridge round to help it build more products and expand the team.
The startup is still in private beta, with sparse details about its upcoming product. All it said in August was that it’s aiming to launch a mobile wallet app in collaboration with a microfinance bank.
5. BeautyHooked
BeautyHooked, an online marketplace for spa and salon services, accepted a US$280,000 seed round to help it accelerate expansion into other cities.
Sahr Said, co-founder of BeautyHooked, told Tech in Asia in September that the startup’s already profitable. Its future plans revolve around unlocking new markets in the Middle East.
If it does eventually go down that route, it’ll come head-to-head with Rocket Internet’s Vaniday.
BeautyHooked founders Sahr Said (right) and Sidra Talha (left). Photo credit: BeautyHooked.
6. Travly
Travly fashions itself as an Uber for tuk-tuks. It hooked US$200,000 in seed funding from CresVentures in July but was rocked after one of its co-founders announced his departure to a rival company shortly after.
With Uber itself now offering three-wheelers to commuters in Pakistan, the jury’s still out on Travly.
7. PerkUp
PerkUp is trying to assist small businesses in embracing the digital age. It does so by helping them understand consumer preferences, such as how often existing customers visit and what they purchase, and tries to lure them back via flash discounts and targeted promotions.
It closed a US$150,000 seed round earlier this year.
8. RepairDesk
RepairDesk helps mobile repair shops manage inventory and customer orders with relative ease.
It allows technicians to manage repairs, sales, customers, and suppliers all in one place. The team believes that technicians should focus on tasks that maximize productivity – and this software allows them to do so.
It nabbed a US$40,000 seed round from a US-based investor.
9. Sukoon
Sukoon, an on-demand marketplace for home repair and maintenance services, pocketed an undisclosed amount of seed funding in January.
The startup’s trying to regulate the informal labor market in Pakistan. It conducts background checks and assesses the technical skills of workers before they’re added to its database.
10. KarloCompare
KarloCompare helps users in Pakistan compare financial products such as credit cards, auto loans, mortgages, broadband internet packages, and personal loans.
It trousered an undisclosed amount of seed funding in July.
This post https://www.techinasia.com/startups-funding-pakistan-2016 appeared first on Tech in Asia.
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