Pakistan’s LAAM Technologies raises $5.5mn seed funding
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Pakistan-based technology-driven fashion startup, LAAM Technologies has successfully raised $5.5 million in seed funding, aiming to elevate the South Asian internet marketplace fashion platform to a global stage.
In a post on LinkedIn on Thursday, Faisal Aftab, Managing Partner at Zayn VC, said “Thrilled to announce that Zayn VC has co-led a $5.5M seed round in LAAM Technologies alongside Disrupt.com.”
This funding round also saw participation from Graph Ventures, Mentors Fund, and tech leaders from Oracle, Microsoft, Google, Salesforce and more, he added.
“LAAM’s ability to elevate South Asian fashion onto the global stage while empowering local artisans and sellers is commendable. We believe LAAM has a unique opportunity to transform how South Asian fashion is perceived and accessed globally. We’re proud to support their journey” Aftab added in the post.
Refereeing to the development at the launch of the Pakistan Startup Ecosystem Report by Invest2Innovate in Karachi, Kalsoom Lakhani, Founder at I2I & GP at I2I Ventures, said the fundraising by LAAM Technologies at $5.5 million has totaled the disclosed financing to Pakistani startups at $42.5 million in the outgoing year 2024.
Aftab further said LAAM has established itself as the premier platform for South Asian fashion, curating an unmatched collection of over 100,000 items from 1,000 plus brands – “making it the largest platform of its kind globally.”
Other officials related to startups ecosystem said the development suggests that good investment days are returning to Pakistan with return of stability in the domestic economy.
Danish Elahi, CEO, Elahi Group of Companies, said “I am bullish for startups in 2025.” He said this in the backdrop of a dramatic decline in funding to Pakistani startups at $74 million in in 2023 from a peak of $355 million in 2022.
He said the deceleration in inflation reading and cut in interest rate on bank financing to businesses would help revive investment climate in the country. Logistics and Fintech startups are expected to mobilize significant investment, going forward.
LAAM Technologies said on its LinkedIn post that building Pakistan’s E-commerce ecosystem through cutting-edge technology involves leveraging the latest innovations to create a seamless, efficient, and scalable online marketplace.
Reference Link:- https://www.brecorder.com/news/40337273
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
