The amount was in stark contrast to the funds attracted in 2021 and 2022 when they stood at $365.8 million – the highest ever – and $332.4 million, respectively.
Experts said the decline in startup funding was not just restricted to Pakistan, attributing the fall to a global phenomenon amid rising interest rates as the world started to recover from the pandemic from 2021 onwards.
Startup funding in Pakistan continues to have a bad run, with investments falling to $75.6 million during 2023, according to data released by Data Darbar.
This reflects a 77.2 percent year-on-year (YoY) decline from the same period last year. Over half of the funds were raised in Q4 2023, with 15 investments totaling $38.6 million. Ten of these announcements were made at Katalyst Labs’ +92 Disrupt.
Meanwhile, the deal count for the full calendar year was 37, down 47.9 percent YoY. The average ticket amount fell to $2.4 million, a 60 percent decrease from the same period last year.