Pakistan’s Top 3 2021 Funding Rounds until May
Pakistan is witnessing a positive year so far in terms of venture capital invested in local startups. Up until May 2021, the country’s startup ecosystem already amassed 67% of the venture investment deployed in full-year 2020. Between April and May, 2021, just five deals garnered 18% more funds that 13 deals in Q1 2021. While this indicated a considerable increase in ticket size, it also pointed to an advancing ecosystem in Pakistan where startups seem to be steadily progressing through funding stages.
With the help of MAGNiTT’s last published data on Pakistan, within the May 2021 Venture Investment Dashboard, we have identified the three largest transactions to be closed in the country until May in 2021:
Founded in 2019, Enterprise Software startup Jabberwock Ventures is on a mission to support technologically driven solutions that solve real world problems. The startup raised a series B round in April 2021 worth $20M, the largest in the year thus far.
Previously in 2020, the startup had raised a large Series A round. For more details on this, visit their profile here.
Financial services platform Finja, providing a range of service for both SMEs and employees, established itself in the country’s startup scene as it raised $10M in May 2021. The Series A round was backed by five investors, four of which were based overseas. Finja had already closed three deals prior to this one, the first dating backing to 2016.
3. Sada Pay
A digital bank serving millions of unbanked customers across Pakistan, Sada Pay is a leading Fintech startup in the country. In its Seed round in March 2021, the startup raised $7M. It was backed by four foriegn investors, three of which were based in the USA. Prior to this round, the venture raised a Pre-seed round in 2019.
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