- This is the country's largest seed capital investment
- Plans to utilise the latest funds to expand operations
Pakistan's BridgeLinx has become the latest startup to successfully raise funding in a seed round.
The Lahore-based company, which commenced operation nine months ago as a digital freight network, marketplace, and solutions provider, managed to raise $10 million, the country's largest seed capital investment that beat the previous $7.2mn raised by Sada Pay earlier this year.
The investment round was led by Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital, reported Magnitt.
Others participating in the VC funding include Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital Strategic, Flexport, Magnus Rausing’s UNTITLED, and others.
BridgeLinx, founded by Muhammad Saad, Ahsan Tanveer, Abbas Hassan, and Salman Gul, plans to utilise the latest funds to expand operations.
The Pakistani startup ecosystem has been making waves recently, as a number of companies have successfully raised millions of dollars from both series and seed funding.
Just days ago, Truck It In, a Karachi-based road freight solutions platform, announced it has raised $3 million in its latest funding round, taking it pre-seed funding at $4.5 million, as the company earlier raised $1.5 million in April.
Last month, Airlift, a transportation platform, announced it has secured $85 million in the largest Series B financing in Pakistan’s startup history. The financing was about twice the size of the largest private company IPO in Pakistan’s history and the highest in the MENA region, bringing a number of implications for the country.
Based on Emerging Venture Markets (EVM) E-commerce Venture Investment Report by Magnitt, Pakistan's ecommerce startups in just the first half of 2021 raised double the capital they did in FY2020, accounting for 17% of funding deployed across Emerging Venture Markets.
Amongst Emerging Venture Markets, Pakistan was the only one to see a YoY increase in ecommerce deals in H1 2021, stated the report.