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Deal Flow Analysis

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Deal Flow Analysis

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Invest2Innovate's Deal Flow Tracker includes most (if not all) of the disclosed deals that occurred in the Pakistan Startup ecosystem from 2015-2020 (July). It is open-source and dynamic - if there are deals missing or as more deals occur, it will be updated.  All the investment data was vetted by our team via startup founders, investors, or secondary resources. As much as we could, we went straight to the source.

Invest2Innovate's Deal Flow Tracker includes most (if not all) of the disclosed deals that occurred in the Pakistan Startup ecosystem from 2015-2020 (July). It is open-source and dynamic - if there are deals missing or as more deals occur, it will be updated.  All the investment data was vetted by our team via startup founders, investors, or secondary resources. As much as we could, we went straight to the source.

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Deal Flow Analysis

  1. 1. Deal Flow Analysis (2015-2020)
  2. 2. What is Invest2Innovate? Invest2Innovate (i2i) supports startup communities in growth markets, markets, and has been operating in Pakistan since 2011.We believe that that startup communities are forming all over the world, but more fragile or nascent markets can disable and hinder that entrepreneurial growth. At i2i, we believe the next great innovators can and should come out of countries like Pakistan, Iran, and Nigeria, but need the resources and proper ecosystem to get there.That’s where we come in. Click Here to Learn More
  3. 3. This deal flow tracker created by Invest2Innovate's research arm, i2i Insights, is an open source and adjustable tool and will be updated as new deals and/or information is reported. It covers investment made in startups in the Pakistan startup ecosystem from 2015-2020 (July).The data was collected via both primary and secondary sources (and was thoroughly vetted and checked).We encourage founders, investors, and entrepreneurship support organizations to continue to provide us with any information that would help improve this tracker. About the Deal Flow Tracker (2015-2020) Click to Report Missing Deals and/or Inaccuracies
  4. 4. Number of Deals 2015-2020
  5. 5. 25 15 20 28 30 23 2015 2016 2017 2018 2019 2020 NUMBER OF INVESTMENTS (2015-2020) 9% 75% 15% STARTUPS THAT RAISED INVESTMENT BY FOUNDERS' GENDER Female Male Mixed-Gender Founding Team Undisclosed $178 Million (2015-2020) 122 Deals 19 Deal Amounts Undisclosed 41% 59% STARTUPS THAT RAISED INVESTMENT & THEIR ASSOCIATION WITH AN INCUBATOR/ACCELERATOR Not Associated Associated 9 19 83 9 13 1 1 6 0 10 20 30 40 50 60 70 80 90 Angel Round Seed Series A Series C NUMBER OF DEALS BY STAGE OF INVESTMENT (2015-2020) 1 11 34 12 42 23 4 7 7 0 5 10 15 20 25 30 35 40 45 Friends & Family Local Investor (Angel) Local Investor (VC) Local Investor (Syndicate/Family Office/Other) Undisclosed NUMBER OF DEALS BY TYPE OF INVESTOR (2015-2020)
  6. 6. Deal Flow Overview • Pakistani startups raised investment via 141 deals from 2015 – 2020 (as of July 2020) • Out of these deals, amounts for 19 deal amounts remain undisclosed • Therefore, a total of $178 million is attributed to 122 deals • Out of the 122 deals (that accounted for $178 millions), 3 deals added up to $7 million but the distribution of this amount across these 3 deals remains undisclosed. Due to this, any amount related analysis discounts this $7 million and uses $171 million as the total amount raised. • The areas of this analysis that refer specifically to the amounts raised in investment, do not factor in the $7 million as the individual amounts are unknown
  7. 7. Amounts Raised 2015-2020
  8. 8. $23 Million (2020) $57.8M – Series A 90% Remain Active 74,585,000 7,790,000 6,187,768 11,560,289 47,570,641 23,335,024 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 2015 2016 2017 2018 2019 2020 AMOUNT RAISED IN USD (2015 - 2020) 2% 81% 16% 1% AMOUNT RAISED IN INVESTMENT BY FOUNDERS' GENDER Female Male Mixed-Gender Founding Team Undisclosed 1% 90% 8% 1% STARTUPS THAT RAISED INVESTMENT & THEIR OPERATING STATUS Acquired Active Closed Undetermined 750,000 865,000 4,001,091 19,380,000 42,457,672 91,975,000 1,305,000 2,869,959 7,425,000 0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 Friends & Family Local Investor (Angel) Local Investor (VC) Local Investor (Other) Undisclosed AMOUNT RAISED (USD) BY TYPE OF INVESTOR (2015-2020) 375,237 6,779,178 31,329,307 4,615,000 57,850,000 55,000,000 6,500,000 8,580,000 0 20,000,000 40,000,000 60,000,000 Angel Round Seed Series A Series C AMOUNT RAISED (USD) BY STAGE OF INVESTMENT (2015-2020)
  9. 9. • 2020 has already seen a total of 23 deals, worth over $23 million • While the number of deals made by female-founded businesses amounted to 9% of the total, it made up only 2% of the total investment amount raised from 2015-2020 • 90% of the startups that raised investment during this time have remained active, while 8% have shut down. • A total of $57.85 Million was raised in Series A stage funding (13/141). On the other hand, seed stage funding while making up 58% of the total deals accounted for only $31.3 Million over the past 6 years. Deal Flow Overview
  10. 10. Gender Disparity in Investment
  11. 11. Female-founded Startups Often Raise from Local Angels, Local VCs, & Accelerators/Incubators 3 4 3 2 7 22 12 32 18 3 5 7 1 1 8 5 5 1 2 0 10 20 30 40 50 Friends & Family Accelerator(s)/Incubator(s) Local Investor (Angel) International Investor (Angel) Local Investor (VC) International Investor (VC) Local Investor (Other) International Investor (Other) Undisclosed NO. OF STARTUPS THAT RAISED INVESTMENT BY FOUNDERS' GENDER & TYPE OF INVESTOR (2015-2020) Female Male Mixed-Gender Founding Team Undisclosed 0 50,000,000 100,000,000 Friends & Family Accelerator(s)/Incubator(s) Local Investor (Angel) International Investor (Angel) Local Investor (VC) International Investor (VC) Local Investor (Other) International Investor (Other) Undisclosed AMOUNT (USD) RAISED IN INVESTMENT BY FOUNDERS' GENDER & TYPE OF INVESTOR (2015-2020) Female Male Mixed-Gender Founding Team Undisclosed
  12. 12. Findings • Local VCs invested the second highest total amount in startups from 2015-2020, preceded by international VCs who accounted for $91.97 Million in the past 6 years. • Interestingly, international VCs only accounted for 23 deals, while local VCs accounted for 42 deals – establishing that the former often lead fewer but larger sizes of investmen
  13. 13. Rounds raised by female- founded startups are considerably smaller than those raised by male- & mixed-gender founded startups. Female-founded startups predominantly raise early stage investment (i.e. pre-series & earlier).They have not been part of a Series A or any other later stage deal as yet. 1 9 1 1 7 12 61 8 11 1 1 51 5 13 2 0 10 20 30 40 50 60 70 AngelRound Pre-Seed Seed Pre-SeriesA SeriesA SeriesB SeriesC Undisclosed NO. OF STARTUPS THAT RAISED INVESTMENT BY FOUNDERS' GENDER & STAGE OF INVESTMENT (2015- 2020) Female Male Mixed-Gender Founding Team Undisclosed 50,000 1,969,761 800,000 303,809 5,133,400 23,831,659 3,815,000 35,850,000 55,000,000 6,500,000 8,580,000 21,428 445,778 5,527,887 22,000,000 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 AngelRound Pre-Seed Seed Pre-SeriesA SeriesA SeriesB SeriesC Undisclosed AMOUNT (USD) RAISED IN INVESTMENT BY FOUNDERS' GENDER & STAGE OF INVESTMENT (2015-2020) Female Male Mixed-Gender Founding Team Undisclosed
  14. 14. Sector-wise Analysis 2015-2020
  15. 15. E-commerce  30 Deals  $76.6M Mobility  11 Deals  $31.5M 2 5 1 2 30 1 11 4 2 3 10 1 3 18 2 2 8 11 1 7 1 11 1 4 0 10 20 30 40 AgriTech/Agriculture CleanTech E-commerce EdTech/Education Entertainment Fintech/Finance Gaming Housing/Construction/Coworking/… MarTech/Marketing Online Community/Portal Social Media Travel/Tourism/Hospitality SECTOR * DEALS MADE (2015-2020) 1,871,400 1,400,000 Undisclosed 115,000 76,674,761 2,000,000 4,015,778 2,500,000 2,450,000 100,000 8,545,000 142,700 494,000 4,975,024 7,500,000 2,675,000 2,000,000 6,769,291 6,500,000 1,374,959 1,600,000 31,530,809 800,000 4,995,000 0 40,000,000 80,000,000 AgriTech/Agriculture Automotive CleanTech Content E-commerce E-Tourism/Tourism EdTech/Education Energy Entertainment Fashion/Lifestyle Fintech/Finance Food/Foodtech Gaming HealthTech/Health Housing/Construction/Coworking/Real… IoT MarTech/Marketing On-Demand Online Community/Portal Other Social Media Transportation/Mobility Travel/Tourism/Hospitality Web-based apps SECTOR * AMOUNT (USD) RAISED (2015-2020)
  16. 16. 0 10 20 30 40 AgriTech/Agriculture CleanTech E-commerce EdTech/Education Entertainment Fintech/Finance Gaming Housing/Constructio… MarTech/Marketing Online… Social Media Travel/Tourism/Hosp… Number of Deals Startup Sector * Stage of Investment Angel Round Pre-Seed Pre-Series A Seed Series A Series B Series C Undisclosed E-commerce, mobility, edtech, fintech, healthtech & gaming particularly have made more deals through local VCs than any other commerce & healthtech accounted for 33% of the seed investments.
  17. 17. Types & Stages of Investment 2015-2020
  18. 18. $91.9M was invested in Pakistani startups by International VCs Deals Made = 23 $42.4M was invested by Local VCs Deals made = 42 0 5 10 15 20 25 30 35 40 45 Friends & Family Accelerator(s)/Incubator(s) Local Investor (Angel) International Investor (Angel) Local Investor (VC) International Investor (VC) Local Investor (Other) International Investor (Other) Undisclosed Number of Deals TYPE OF INVESTOR & STAGE OF INVESTMENT Angel Round Pre-Seed Seed Pre-Series A Series A Series B Series C Undisclosed 0 40,000,000 80,000,000 Friends & Family Accelerator(s)/Incubator(s) Local Investor (Angel) International Investor (Angel) Local Investor (VC) International Investor (VC) Local Investor (Other) International Investor (Other) Undisclosed Amount (USD) TYPE OF INVESTOR & STAGE OF INVEStMENT Angel Round Pre-Seed Seed Pre-Series A Series A Series B Series C Undisclosed
  19. 19. Where is This Data From? Due to the major information asymmetry in the startup ecosystem in Pakistan, it is difficult to find accurate information through reliable sources. Although our team has made a significant effort in checking our current data, we know this tracker might be missing deals or may have inaccuracies.We will continue to adapt it as we receive additional information. Click Here to Access the Tracker Click Here to Report Deals or Inaccuracies

Editor's Notes

  • Change title of charts  redundant
    Change chart label to associated not associated -
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  • Raising from International angels & VCs is not very common among female-founded startups

    Male-founded startups  More choices while raising investment

    Male- & Mixed-gender founded startups behave somewhat similarly in terms of the types of investment they raise

    International VC investment is much more prevalent among male- & mixed-gender founded startups compared to female-founded startups
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