Pakistan’s Startup Funding Fell by a Staggering 92% in H1 2024

The venture capital funding continues to decline globally, and its effects could also be seen in Pakistan. The startup funding in Pakistan has declined by a whopping 92%, according to the data released by Magnitt. Pakistan startups only managed to secure $3 million in the first half of 2024. The report ‘H1 2024 Emerging Venture Markets Venture Investment,’ showed that the decline in Pakistan startup funding was the largest drop in emerging markets that are covered by Magnitt. Moreover, the Pakistani startups only closed five deals in the six months, a substantial decline of 77% in comparison to the H1 of 2023.

According to the report, in H1 2024, Emerging Venture Markets (EVM), including the Middle East, Africa, Pakistan, Turkiye, and South East Asia, witnessed a decline of 34% as compared to the first half of 2023, reaching $3.469 billion. The report further said,

“The number of deals also declined across EVMs, with a total of 618 deals, representing a 34% decrease YoY,” read the report, adding that exits declined by 51%. Fintech stood out as the leading sector, securing $1.097 billion in funding across 128 deals while Singapore led the region, capturing 38% of the total funding.”

South East Asian region stood out with a total of $2,209 million in funding, capturing 64% of total H1 2024 EVM funding. The region also witnessed the highest deal activity with a total of 235 deals. However, it still faced a decline of 31% decline as compared to the first half of the previous year.

The MEPT region comprising of Middle East, Pakistan, and Turkiye managed to secure $665M in funding, registering an 18% YoY decline, while their deal count fell by 14%, as per the report.

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