E-commerce platform raises $7.9m in funding

Country’s consumer electronics market saw estimated spending of $8.5b in 2020

KARACHI:

Pakistan’s eCommerce platform PriceOye.pk, on Tuesday, announced that it has raised $7.9 million in a seed funding round to consolidate its position as the leading electronics marketplace in the country. The round was led by US-based JAM Fund, said PriceOye Co-Founder and CEO, Adnan Shaffi.

Additional investors include Beenext, an early investor in Indonesian decacorn eCommerce platform Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital and Atlas Ventures, among others. Moreover, angel investors Peter Thiel, Immad Akhud of Mercury Bank and Asif Keshodia of Souq also participated in the round, as well as previous investors including Fatima Gobi Ventures, SOSV, and Artistic Ventures.

Reflecting on Pakistan’s startup ecosystem having recently struggled with dried up venture capital funding and difficult decisions, including downsizing and closure, SI Global Solutions CEO Noman Ahmed said, “The joyous news of Pakistani tech startups receiving an outpouring of foreign funding is certainly a cause for celebration and marks the hopeful onset of brighter horizons and is very welcome news in the current economic distress that Pakistan is facing.”

The global community is encouraging technopreneurship, investments and social innovation, which has helped startups raise about $70 million since January 2021. “Owing to our massive population, we have an incredible potential of growth,” he added. “PriceOye is a managed marketplace for electronics, with recommendations based on the consumer’s requirements, helping them make informed purchasing decisions,” explained Adnan Shaffi.