Islamabad-based startup Markaz Technologies on Tuesday announced it had secured $ 2.4 million in seed funding from Indus Valley Capital (IVC).
The investment cycle will be joined by angel investors, including Kyane Kassiri from Suya Fund and executives from Careem, Deloitte, Amazon and Gojek, Markaz said in a news release.
Markaz Technologies is a Y-Combinator-backed – acclaimed US accelerator – a startup that provides an online marketing platform for anyone in Pakistan to find products for sale nationwide and sell them profitably in their social media stores, without any investment – money that belongs to them.
Markaz says in a mission “to trade more e-commerce lines and make it accessible to more Pakistanis by empowering these small business owners”.
“Markaz built the whole of Pakistan, with the desire to allow those in small towns and villages to receive products directly from retailers and suppliers,” a press release quoted IVC Founder and Managing Partner Aatif Awan as saying.
Awan said the launch would create “hundreds of thousands of small entrepreneurs” along the way and introduce them to the financial system. “We, at IVC, are happy to work with Markaz to help them understand their purpose,” he said.
The foundation was founded in the last quarter of 2021 by Shoaib Khan, Fawad Hussain, Sameel Hayat and Umair Aslam – who have worked in Pakistan and around the world on major tech organizations such as Telenor, Amazon, Easypaisa and Alipay.
Markaz will use the investment from the successful funding cycle to further scale and develop its portable platform and improve user experience by improving delivery services, payments and customer service.