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Deal Flow Analysis
(2015-2020)
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
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
Number of Deals
2015-2020
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)
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
Amounts Raised
2015-2020
$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)
• 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
Gender Disparity in Investment
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
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
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
Sector-wise Analysis
2015-2020
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)
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.
Types & Stages of Investment
2015-2020
$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
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

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Deal Flow Analysis

  • 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. 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
  • 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. 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
  • 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. • 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. Gender Disparity in Investment
  • 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. 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. 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
  • 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. 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. Types & Stages of Investment 2015-2020
  • 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. 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

  1. Change title of charts  redundant Change chart label to associated not associated -
  2. Adjust this text based on the changes made on the slide before
  3. 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