ISLAMABAD: Airlift Technologies has announced $85 million Series B financing led by some of the most iconic investors on the globe.
This is the largest single private funding round in Pakistan’s history, according to a data tracker from venture capitalist fund Invest2Innovate.
The Lahore-based online shopping delivery firm’s $85m Series B financing marks the largest in the MENA region, co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC).
Other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter/Medium), Jeffrey Katzenberg (ex-CEO, Disney), Taavet Hinrikus (Founder/CEO at TransferWise), and Seve Pagliuca (Co-Chairman, Bain Capital).
The financing is 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.
Airlift has set a new precedent that will bring world-class investors to invest in Pakistan. It will garner confidence that great technology and consumer products can be built in Pakistan, and
that this region of the world has some of the best talents.
Airlift Express alone with its series B funding of $85 million has added 5% to Pakistan’s FDI for the fiscal year 2021.
This financing round lays the foundations of a new dawn in Pakistan where technology startups alone can contribute to more than 10% of FDI in the upcoming years.
Within the first 12 months of launch, Airlift has been able to reduce its cost of blended customer acquisition to $5 and unit costs to $2.50.
The team at Airlift is on a mission to enable self-empowerment in the region by reducing individual dependency on others through safe, reliable, and affordable logistics solutions. Airlift is building a platform for consumers, drivers, and small business owners to move consumer goods.
With an agile supply chain, Airlift is best positioned to succeed and eventually create thousands of jobs within Pakistan. Airlift is on a mission to create 200,000 jobs in Pakistan within the next five years.
Copyright Business Recorder, 2021