Startups draw extensive investors interest

Drone tech firm set to secure $1m investment from US venture capitalist

DUBAI:

Pakistani startups made a remarkable impression at the four-day Extend North Star international startup show, which concluded in Dubai on Wednesday.

Showcasing their innovative solutions, these startups garnered significant attention from international investors, signaling robust growth potential for Pakistan's emerging tech ecosystem. The event provided a global platform for Pakistani startups to present solutions across the areas of fintech, health tech, e-commerce and sustainability.

Tech fund Ignite Project Director Muhammad Umar Akram praised the event's impact on Pakistani startups, saying "our startups held productive meetings with investors and other startups, allowing them to evaluate whether their direction is correct. In the Investor Lounge, many contacts were made that will help raise future investments".

He noted that Cargo Tech made it to the top 10 in a competition with Nigerian startups and Robotech engaged in key meetings with healthcare startups. "They learnt their solutions are 10 times cheaper than the international market offerings. They have come to know whether their direction is right or needs some adjustment," he added.

Highlighting the growing fintech interest, Umar mentioned that local companies and venture capital firms visited Gitex Berlin and Gitex Africa, both of which invited Pakistani startups to participate in their events.

"UAE banks also showed interest in Pakistani fintech startups, and last year, a fintech raised $6.9 million. Next year, we plan to expand our participation with a larger space and more startups, especially in fintech," he said. One standout participant was Skytech Inn, a drone-making startup. Its CEO Muhammad Muzammil Shahzad shared, "A US-based venture capital firm has approached us and we are set to secure $1 million investment for a 5% stake. Final meeting will be held on October 28."

This investment will allow the company to expand its workforce and increase production capacity. Muzammil also highlighted the leads they received from Saudi Arabia.

Meanwhile, Porter Pakistan, a travel startup, attracted interest from EU, US and UAE investors. Co-founder Aurangzaib said they aimed to raise $100,000 to grow in Pakistan before expanding to Saudi Arabia and the UAE, and got hints of raising the investment at the event.

"Technology and market potential are the main attractions for investors and we've built strong connections here to enhance our startup," he said.

At Pakistan pavilion, GrowUp Tech Solution received considerable attention. CEO Muhammad Shahmir shared their delight at receiving praise from Japanese tech companies. "After securing investment at Gitex London, our presence here attracted more interest from investors and tech experts," Shahmir revealed, adding that the company has now been registered in Dubai to facilitate international growth.