Pakistan’s MyTM Raises $6.9 Million Seed Funding

MyTM, the first-ever startup from Pakistan to win the Supernova pitching competition at GITEX Futurestars held in Dubai in October 2021, in the ‘Creative Economy’ category, announced Thursday that it has secured $6.9 million in its seed round. Investors participated from Saudi Arabia, Canada, Mauritius, the UK, and Pakistan. Notable investors included My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International. Back in 2019, MyTM had also raised 30 million Yen in its pre-seed round from a Tokyo stock listed company named Rentracks Japan. This makes the total funding raised by MyTM as much as $7.2 million. Speaking on the occasion, CEO MyTM, Zain Farooq said, MyTM’s banking partner and settlement bank are NRSP Microfinance Bank. To secure this round, Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan have been the key drivers to help MyTM with strategizing its business plan, go-to-market strategy, and validation internationally. CEO Ignite, Asim Shahryar Husain, stated, The year 2021 was remarkable for Pakistani startups where investment in Pakistani startups grew by more than 5 times over 2020. 2022 looks even better and the investment forecast for this year is at least $500 million of investment in Pakistani startups by end of the year.