KARACHI: The startup sector recorded a modest recovery in equity funding in 2025, though activity remained well below levels seen during the market’s peak years, according to data compiled by consultancy Data Darbar.
Startups raised about $36.6 million in disclosed equity funding across 10 rounds during the year, based on press and social media announcements. A further four transactions did not disclose amounts, bringing the total number of equity deals to 14.
The funding total marked an improvement from $22.5 million raised in 2024, even as dealflow edged slightly lower from 15 transactions. The increase was driven largely by bigger ticket sizes rather than a broad-based rebound in activity, with funding concentrated in a small number of larger rounds.
The average disclosed equity deal size rose to about $3.7 million, up sharply from a year earlier. Actual activity may have been higher, as undisclosed deals were more common at the seed and angel stages, Data Darbar said.
Female-led startups raised $8.8 million in disclosed equity funding, accounting for roughly a quarter of total capital deployed, despite representing a larger share of deal volume. The shift marks a notable improvement from 2024, although year-on-year comparisons are magnified by the low funding base of the past two years.
Fintech remained the dominant sector by both deal count and capital raised. Activity was led by Haball’s pre-Series A round backed by Zayn VC and Meezan Bank, alongside Metric’s $1.3 million seed round supported by an international investor syndicate. Consumer-facing fintech saw more selective funding, with Qist Bazaar raising $196,000 in debt as part of its Series A financing from Bank Alfalah.
Healthtech ranked as the second most active sector, supported by MediQ’s $6 million Series A round led by Rasmal Ventures and Joa Capital, as well as Xylexa’s $1 million seed raise. Early-stage and accelerator-backed companies also contributed to deal volume, reflecting continued investor interest in digital health and wellness businesses.
Beyond equity, 2025 was marked by a growing role for alternative capital and consolidation. Haball secured $47 million in debt financing from Meezan Bank, the largest single capital deployment of the year, while Bazaar Technologies’ acquisition of Keenu underscored ongoing consolidation in fintech infrastructure.
Although such transactions fall outside traditional equity funding metrics, Data Darbar said they signal a gradual shift towards balance-sheet-led growth and greater platform integration within Pakistan’s startup ecosystem. deal count and capital raised. Activity was led by Haball’s pre-Series A round backed by Zayn VC and Meezan Bank, alongside Metric’s $1.3 million seed round supported by an international investor syndicate. Consumer-facing fintech saw more selective funding, with Qist Bazaar raising $196,000 in debt as part of its Series A financing from Bank Alfalah.
Healthtech ranked as the second most active sector, supported by MediQ’s $6 million Series A round led by Rasmal Ventures and Joa Capital, as well as Xylexa’s $1 million seed raise. Early-stage and accelerator-backed companies also contributed to deal volume, reflecting continued investor interest in digital health and wellness businesses.
Beyond equity, 2025 was marked by a growing role for alternative capital and consolidation. Haball secured $47 million in debt financing from Meezan Bank, the largest single capital deployment of the year, while Bazaar Technologies’ acquisition of Keenu underscored ongoing consolidation in fintech infrastructure.
Although such transactions fall outside traditional equity funding metrics, Data Darbar said they signal a gradual shift towards balance-sheet-led growth and greater platform integration within Pakistan’s startup ecosystem.
