10 startups from Pakistan that raised funding in 2016

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

5. BeautyHooked

6. Travly

7. PerkUp

8. RepairDesk

9. Sukoon

10. KarloCompare