Pakistan-based social commerce platform DealCart announced Thursday that it has raised a $4.5 million pre-seed funding round led by Shorooq Partners.
The round also saw participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and several strategic angel investors, DealCart said in a statement.
DealCart, a group buying platform that provides underserved communities with access to affordable daily essential products in a gamified and interactive manner, will use the funding to further product development and team expansion.
“Pakistan has recently seen a surge in social media users, a phenomenon that generally precedes these users transacting online for their daily needs. DealCart seeks to use this opportunity to introduce our group buying platform with the aim to enable more people to get access to their favourite brands at extremely affordable prices,
“With our target market spending upwards of 50 percent of their household income on groceries and essentials, DealCart provides the already inflation burdened Pakistani consumer much needed relief,” said Haider Raza, Co-Founder of DealCart.
DealCart Co-Founder Ammar Naveed said the firm’s focus from day one has been the long-term commercial sustainability of the company, and it wants to create a business which has solid foundations and is aligned with the new reality of the global financial markets,
“We plan to do this by having a super lean cost...
Read Full Story: https://technode.global/2022/07/29/pakistans-dealcart-secures-4-5m-funding-led-by-shorooq-partners/
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