Pakistani based Fintech recently raised USD2 million in a seed round led by Vostok Emerging Finance (VEF) Abhi will use the funds to develop its platform’s technology and increase hiring as well as for marketing activities and other operational expenses.
Village Global, a US-based venture capital firm focused on early-stage startups, also participated in the round, marking its first fintech investment in Pakistan. Other investors include Sarmayacar, I2i Ventures, Zayn Capital, and Portman Wills, co-founder of Wagestream, a London-headquartered financial wellness platform.
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Pakistani Startups attracted USD109 million so far in 2Q 2021
Abhi provides advance salary to employees based on expected future salaries. Funds raised through this round of financing will be used for development of platform technology, increasing marketing efforts and hiring new brains. These measures will provide much needed thrust to company’s growth.
Venture Capital companies in Pakistan during the current quarter so far has attracted an amount of USD115.5 million in seed money. Average ticker size recorded at USD5 million so far during 2Q 2021, which is more than double as compared to first quarter average ticker of USD2 million.