LAHORE: Lahore-based e-grocer 24Seven.pk and Dastgyr, a marketplace for small retailers and manufacturers, have been selected for the US-based venture capital firm SOSV’s Mobile Only Accelerator (MOX) cohort 10.
Each startup has received approximately $150,000 in investment in addition to a six-month intensive accelerator programme, which includes cross-border market entry, sales and customer development, and fundraising readiness.
Recognised by Pitchbook as the world’s most active seed investor in 2020, SOSV had more than 1,000 portfolio companies and $855 million in assets under management as of the end of 2020. SOSV invests in Pakistan mainly through its programme Mobile Only Accelerator and plans to increase investment activities in Pakistan and the larger MENA region in the upcoming years.
“We believe that Pakistan’s buzzing startup ecosystem is under-invested in and holds much promise. With half the population under the age of 25 and 75 per cent of people owning a mobile phone, the country is ready for breakthroughs in mobile-first products and services,“ SOSV General Partner and Mobile Only Accelerator Managing Director (MD) William Bao Bean said. “The teams of entrepreneurs at Dastgyr and 24Seven.pk have shown remarkable insights into inefficiencies and opportunities across multiple sectors, and we’re thrilled to see them progress throughout the programme.”
With an economy projected to grow at 6pc per year through 2026, Pakistan is expecting significant venture capital investment in the upcoming years, reports McKinsey.
In recent years, Pakistani startups have been selected by leading global accelerators–with networks spanning Silicon Valley to Asia’s tech hubs—where programme graduates become mentors to later cohorts of aspiring founders.
Operated by SOSV, MOX is a global accelerator for consumer internet, focusing on mobile-first markets including Southeast Asia, South Asia, Middle East, South America, and Eastern Europe. Each startup in the MOX ecosystem receives approximately $150,000 investment, a six-month accelerator programme, and perpetual support through growth, business development and fundraising modules.