On Thursday, Pakistani social commerce startup DealCart announced that it has raised $4.5 million in pre-seed funding. The funding round was directed by Shorooq Partners with participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, and Alex Lazarow, and several strategic angel investors.
DealCart Provides Underserved Communities with Access to Affordable Daily Essential Products
Pakistani social commerce startup, DealCart is a group buying platform that provides underserved communities with access to affordable daily essential products in a gamified and interactive manner and will use the pre-seed funding to further product development and team expansion. This is one of the largest investments in the MENAP region for early-stage startups and comes just four months after the company’s establishment in March 2022.
According to an official press release, “The main reason being that e-commerce marketplaces today primarily serve higher income groups, offering premium electronics, fashion apparel, and various goods and services through quick commerce.” The company went on to say that this empowers customers with the ability to place larger orders as a group, unlocking lower prices for all, while providing a new, engaging, and community-centric way to shop.
The official statement also stated, “DealCart also aims to increase nationwide awareness and visibility for locally manufactured brands through its platform”. Moreover, Information Minister Marriyum Aurangzeb congratulated the Pakistani social commerce startup on its achievement. She congratulated the owners and wished them luck with their venture.
We are proud of a new and upcoming Pakistani startup @dealcart_io for bringing in $4.5 mn preseed investment after just 4 months of operations. Congratulations @Ammarnav and @Haider_Raza3 and good luck for your venture! https://t.co/HgYm3CA6eR
— Marriyum Aurangzeb (@Marriyum_A) July 28, 2022
The Recently Raised Pre-Seed Funding Will be Used to Build the Tech and Product Teams
In addition to this, the founders of the Pakistani social commerce startup DealCart say that its new pre-seed funding will be used to build its tech and product teams, as well as DealCart’s brand. “For us the core focus will be to grow in a sustainable manner whereby we grow through tech rather than aggressive discounting for the customers.”