Start-up funding in Jan-March drops 86.6pc
KARACHI: Pakistani start-ups raised a total of $23.1 million in eight deals in the January-March quarter, down 86.6 per cent from a year ago. However, the amount of quarterly funding rose 52.5pc from the preceding three-month period. The recovery from the trough of the last quarter of 2022 marks the reversal of a long trend. The haul of Pakistani start-ups in October-December was $15.2m, lowest since the first quarter of 2020 when the funding size amounted to just $5m. Statistics compiled by Data Darbar, a website that tracks investment flows into the country’s tech ecosystem, showed the quarterly improvement of 52.5pc was on a low base while the deal count remained flat. There was also an uptick in deal sizes as both the average and median levels posted some recovery and reached $3.85m and $3.25m, respectively. These numbers show one of the lowest gaps between average and median levels as the difference had widened significantly during the period of capital frenzy about a year ago.