Pakistani E-Commerce Platform PriceOye Raises $7.9 Million Seed Round

PriceOye, an Islamabad-based e-commerce platform, has raised a $7.9 million Seed round from Beenext, DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital, and Atlas Ventures. Existing investors Fatima Gobi Ventures, SOSV, and Artistic Ventures also participated in the round, alongside several angel investors.

Founded in 2020 by Adnan Shaffi and Adeel Shaffi, PriceOye is a managed marketplace that provides a wide range of electronic products including smartphones, TVs, and home appliances.

The founders opted for a managed marketplace model to ensure that only brands and their official representatives are permitted to sell products on the platform to avoid common instances of fraud, which have become prevalent in online marketplaces.

The new funding will be used to expand the team, increase the startup’s reach across Pakistan, and introduce new products to the platform.

The e-commerce sector has had a record first half of the year in the Middle East, Africa, Pakistan, and Turkey (MEAPT) region. According to Magnitt’s E-Commerce H1 2022 Venture Investment Report, the sector has raised $501 million in H1, recording a YoY growth of 89% in funding compared to H1’21.

Some Pakistani e-commerce startups receiving the lion’s share of funding this year include Bazaar, which raised $70 million in a Series B round; Markaz Technology, which raised $2.4 million in a Seed round; and Zaraye, which raised $2.1 million in a Pre-Seed round.