Aditya Hadi Pratama · · 1 min readPeter Thiel, Beenext join $7.9m seed round of Pakistani electronics marketplace
PriceOye, a Pakistan-based marketplace for electronic products, has raised US$7.9 million in a seed round led by Jam Fund and joined by Beenext and HOF Capital, among others. It also saw participation from PayPal co-founder Peter Thiel, marking his first investment in Pakistan.
PriceOye’s founders Adeel Shaffi (left) and Adnan Shaffi / Photo credit: PriceOye
Founded in 2015, PriceOye is a marketplace for authentic and original consumer electronics that can give recommendations to buyers based on their requirements. The company said that its recommendation engine has attracted more than 2 million monthly users.
Without going into specifics, the company also said that its revenue grew 6x in the last 12 months.
Serial entrepreneur Adnan Shaffi established PriceOye along with his brother Adeel Shaffi. They are aiming to capitalize on the country’s consumer electronics market, which was valued at US$8.5 billion in 2020.
The firm plans to use the fresh funding to acquire more customers, add new products, and expand its network of partners.
See also: Fintech a bright spot in Pakistan’s breakout year
Other investors in this round include:
- DG Daiwa
- Mantis VC
- Palm Drive Capital
- Atlas Ventures
- Fatima Gobi Ventures
- SOSV
- Artistic Ventures
- Mercury Bank founder Immad Akhund
- Zip24 co-founder Asif Keshodia
Editing by Miguel Cordon and Lorenzo Kyle Subido
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