ZERO deals in April and IMF Mubarak to those who celebrate
Note #051
It was another dry month. There were zero disclosed equity funding rounds. The last time a startup raised funding was on 26 December 2023.
By the way, belated Eid Mubarak to everyone except the guy who told me that Pakistani startups are raising money left and right but not announcing it. Yes, next time, I will call every bank in Pakistan to confirm that no startup received a deposit and then claim that no startups raised money in Q1. Thank you!
April was a good month for me. I celebrated my birthday, my son's birthday (born on the same day 12th April), reaching 1,000 subs on YouTube and the start of a new season of Coke Studio.
Plus, IT exports were a silver lining, cutting through the funding gloom. And at the end of the month, the IMF stepped in—checks notes—with its 24th bailout, confirming the disbursement of $1.1 billion out of a total loan of $3 billion.
These bailouts function like bandages, offering temporary economic relief. They also serve as a leading indicator of the effectiveness of reforms. Many founders have told me that investors view these bailouts positively, seeing them as a sign that the government is taking steps to stabilize the economy.
Anyways, IMF Mubarak to those who celebrate.
📄 Reports
The Role of Family Offices in Pakistan’s Startup Ecosystem
📢 Now hiring
Summer Fellowship at i2i Ventures. Check out the JD and then submit the application form.
📰 Learn
Pakistan's IT exports increased by 36% YoY to $306 million. Global venture capital heading down a rocky recovery road. IT industry seeks duty-free status. Internet services suffer brief disruption. Tania Aidrus will spearhead Pakistan's digital initiatives. Twitter is blocked in Pakistan due to “national security” concerns. sAI makes a “strategic investment” in wAI.
🧠 Think
The challenges impeding the Pakistan IT market growth. Censorship and disinformation. Fintech needs a hero. The evolution of US-Pakistan cooperation. Why SadaPay UX/UI not so sada? Cleantech Startups: A catalyst for Pakistan’s green ambitions. Are startups in misery?
🦄 Hopium
Pakistan poised to become South Asian region’s tech hub.
🎙️ Listen
My conversation with Saad Khawar, co-founder of Datacade.ai.
📺 Watch
How can Pakistan get local investors interested in startups? Are export based VCs the future of Pakistan's startup space? My conversation with Saad Khawar, co-founder of Datacade.ai and some thoughts on Q1 startup funding.
Until next month, ✌️