October has been great for startups with many of them receiving huge funding in the previous weeks. The Pakistani startup industry has been growing exponentially with incubation centers and software technology parks being established in collaboration with universities.
This is helping students and professionals hone their ideas and make products that the market needs. In the uncertainties posed by the Coronavirus, startups getting funding is nothing short of a ray of hope for the startup industry. Today we will give you an overview of the startups that have broken barriers by receiving funding in October 2020:
1. Healthwire:
Funding raised: $700,000
Founders: Hamza Iqbal
Nature of funding: Seed round
Funded by: 47 Venture Investments
Healthwire is a health-tech startup focused on aggregating all stakeholders of the healthcare ecosystem on its platform allowing them to provide a seamless digital healthcare experience to patients.
Their model is based on providing patients healthcare through remote connections with doctors. It is one of the most widely deployed eHealth platforms in Pakistan. It also consists of a hospital management system allowing the digitization of health records, appointments, etc.
The startup has managed to grab a $700,000 investment from 47 venture Investments.
2. Retailo:
Funding raised: $2,300,000
Founders: Talha Ansari, Mohammad Nowkhaiz, and Wahaj Ahmed
Nature of funding: Pre-Seed round
Funded by: Shorooq Partners, 500 Startups & 92-Ventures
Retailo is a B2B e-commerce platform aiming to empower SMEs in the Middle East, North Africa, and Pakistan (MENAP) region. They offer competitive pricing and a marketplace where they can discover products and then order for their inventories.
The MENAP region is home to 700 million people and 10 million SMEs which gives their business model a huge market to play with.
Retailo received $2.3 million in a Pre-Seed round led by MENAP’s leading seed-stage VC, Shorooq Partners, along with 500 Startups and 92-Ventures.
3. MedznMore:
Funding raised: $2,600,000
Founders: Asad Khan and Saad Khawar
Nature of funding: Seed round
Funded by: Undisclosed
MedznMore is a health-tech startup hoping to tackle problems with pharmacy retail in Pakistan with an emphasis on identifying counterfeit drugs. They integrate technology to ensure that they get authentic medicine and their platform provides easy access to medicines right at your doorstep.
They have acquired $2.6 million in funding from an undisclosed source.
4. FindMyAdventure:
Funding raised: $600,000
Founders: Husnain Habib Malik, Khawaja Raza Abbas, Komail Naqvi, Shozab Naqvi and Syed Haider Raza
Nature of funding: Pre-Series A round
Funded by: Undisclosed
FindMyAdventure is a marketplace, one of Pakistan’s first, for people to search, compare, discover, and book trips, tours, and travel experiences across Pakistan at any price point. There are many travel advisors today but there isn’t a central platform that showcases all of them. FindMyAdventure hopes to tap into this market.
They have managed to get $600,000 in investment despite facing many challenges during the COVID period.
It is really good for Pakistan and its economy that the startup culture is beginning to pick up the pace. This is a widely untapped market in Pakistan which has the potential to boost our economy manifolds. This is inevitably how Pakistan can become the IT hub of Asia as we are not short of any resources.
