DealCart, a social commerce company, announced that it has secured $4.5 million in a pre-seed round led by Shorooq Partners, barely four months after it began operations.
According to a press statement, Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and many strategic angel investors also participated in the round.
The financing will be used to support product development and team expansion, according to the startup, which sees itself as a group buying platform that offers underprivileged communities with access to inexpensive daily necessary items in a gamified and participatory manner.
“This is one the largest investments in the Middle East North Africa and Pakistan (MENAP) region for early-stage startups and comes just four months after the company’s establishment in March 2022,” the press release said.
According to the handout, e-commerce usage remains low among the medium and lower-middle income categories, which account for the bulk of Pakistan’s 220 million people.