Four months after launching, social commerce company DealCart said on Thursday that it has secured $4.5 million in a pre-seed fundraising round headed by Shorooq Partners.
The round also featured participation from Julian Shapiro, Rally Cap Ventures, Alex Lazarow, Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, and a number of strategic angel investors, according to a news statement.
The business said it will utilize the investment to advance product development and staff expansion. It touts itself as a group purchase platform that gives marginalized communities access to inexpensive daily necessary items in a gamified and engaging way.
“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.
“DealCart co-founders Haider Raza and Ammar Naveed are addressing this unmet eCommerce need through its ‘buy together and save together’ model, which allows users to buy in groups and share deals on messaging platforms and social media,” sources said. “DealCart recognizes that the majority of the population values and prioritizes the affordability of daily essential products,” they added.
The business went on to add that by giving consumers the power to place bulk purchases together, everyone can benefit from cheaper costs while also enjoying a fresh, entertaining, and community-focused shopping experience.
“DealCart also aims to increase nationwide awareness and visibility for locally manufactured brands through its platform,” it added.
Marriyum Aurangzeb, the information minister, praised the firm for its success. She wished the owners well in their endeavor and congratulated them.
To read our blog on, “ezBike is the first electric mobility startup in Pakistan to raise $1 million in a pre-seed round,” click here.
