ISLAMABAD – PostEx, a Pakistani fintech and courier startup, has raised an additional $7.1 million to extend its seed round, weeks after it secured $1.5 million.
“This brings the total capital secured by the company at seed to $8.6m, making it the second largest investment at this stage in Pakistan,” a statement issued by the startup said.
The seed round was led by Global Founders Capital, joined by FJ Labs, RTP Global, Youssef Salem, MSA Capital, Shorooq Partners, and Zayn Capital.
Muhammad Omer Khan, the founder of the startup, expressed excitement over the achievement.
“A huge thank you to our amazing team and all the investors that believed in our vision from day one! We’re lucky to have such talented and experienced people in our corner,” he wrote on Linkdin.
“The tremendous growth we’ve seen since launch shows no signs of stopping, which is an exciting testament to the hunger merchants in Pakistan have for better financing. With this round, we’ll be moving even faster to build the world-class product that helps our customers unlock their growth,” Khan added.
“Our focus from the very beginning has been to become the go-to growth platform for merchants looking to realise their potential. We are at the forefront of innovative technology solutions that bridge merchants’ logistics needs with their capital requirements,” the official statement quoted Khan as saying.
He said that PostEx is helping merchant grow faster by offering modern financial products.
“Other than PostEx, Rider has also secured foreign VC-led investment worth $2.3m while BlueEx went the other way and listed itself on the Growth and Enterprise Market board of the Pakistan Stock Exchange, raising around $2.5m,” the statement added.
PostEx, which is a hybrid of receivables factoring solution and courier service that pays invoice values upfront to E-commerce companies offering Cash on Delivery as one of their modes of payment, aims to utilise the funds to enhance its products.
Read more: https://pakobserver.net/pakistani-startups-raise-record-305-million-in-9-months-of-2021/
