Startups raised $103.8 million in funds from a total of 22 rounds in April-June CY22. Average ticket size reduced by 58 percent to $4.94 million, from $11.5 million the previous quarter. Top five rounds were led by Dastgyr ($37 million), Abhi Finance ($17 million) and Bykea ($10.7 million).
Startups raised almost $277 million in the first half of CY22, an increase of 135 percent from $117.6 million for the same period last year, according to a report by venture capital firm Lightspeed Venture Partners (FCP) and CB Insights.
Seed funding fell the most, from $35.9 million in the previous quarter to $19 million in April-June. This was the smallest amount at this point since the first quarter of CY21. Pre-seed investments, on the other hand, remained robust, totaling $8.2 million.
E-commerce had the largest inflows during April-June. Other notable areas included fintech ($27.9 million in three transactions), healthtech ($13.3 million in two transactions) and transportation and logistics ($14.6 million in six rounds).
Since the beginning of 2022, there have also been two exits from the space. Karachi companies attracted $90.9 million over 19 deals, accounting for 87.6 percent of total investment. Lahore raised just $1 million in a single round (24Seven.pk).
Venture capital financing in Pakistan slowed down between March and May. Several high-profile players have announced huge layoffs and withdrawals from certain services or marketplaces. So far, 881 startups have laid off over 141K individuals, and Pakistan is no exception to the cutbacks.