Welcome to the invest2innovate’s Insights Newsletter: Graph of Pakistani startup funding trends Q2 2022
We are excited to share the first issue of the invest2innovate’s Insights newsletter with you. In this Q2 2022 roundup, we’ll spotlight the latest deal flow activities in the Pakistani startup ecosystem.
Breaking News: Airlift’s Shutdown
Before we dive into our Q2 recap, we need to address some major news from Q3: Airlift, Pakistan’s most funded startup, is shutting down. This development has sparked considerable discussion, but as Kalsoom, GP of i2i Ventures, mentioned in her tweet:
“While Airlift’s closure is a significant event, it’s crucial to remember that it doesn’t reflect the entire Pakistani startup ecosystem. Many startups are thriving, growing robustly, and adhering to sound business fundamentals. Failure is part of any startup journey. Embracing this reality allows room for future successes.”
Pakistani Startup Funding Q2 2022: Top Deals & Trends
Funding Highlights:
- Total Amount Raised in Q2: $102.7M across 15 deals
- Year-to-Date (YTD) Amount Raised: $274.7M across 37 deals
Top Deals by Amount Raised:
- Dastygr: $37M Series A
- Abhi: $17M Series A
- MedznMore: $11.5M Pre-Series A
Leading Sectors:
- E-Commerce: $40.4M across 3 deals
- Fintech: $27.7M across 2 deals
- Healthtech: $13.4M across 2 deals
Note: Bykea, categorized as a Super-App, raised $10M in Series B.
Explore All Deals: For a comprehensive list of all Q2 deals, check out the i2i Dealflow Tracker. It’s open-source and always available!
Pakistani Startup Funding Q2 2022: Insights and Trends
- Funding Comparison: Q2 saw a decrease of nearly 40% in funding compared to Q1 ($172M vs. $102.7M). However, YTD 2022 has already captured around 80% of the total funding raised in 2021 ($350M in 2021 vs. $275M in 2022 so far).
- Major Contributor: Dastygr’s $37M Series A constituted just over 30% of the total funding raised this quarter.
- Network Cluster Startups: About 65% of the total Q2 funding went to startups from the Network Cluster (NC). NC startups are those led by founders who previously worked at notable startups like Careem or Swvl.
Network Cluster Startups in Q2:
- Bykea — Formerly Daraz
- Dastygr — Formerly Careem, Airlift
- MedznMore — Formerly Careem, Zameen, Dawaai
- Markaz — Formerly EasyPaisa
- Oware — Formerly Careem, Daraz
- Zaraye — Formerly Careem, Swvl, Dawaai
Stay Updated
Thank you for reading the i2i quarterly update. Stay tuned for more updates and insights in our next quarter!