Internet Startup Maqsad Scores Pakistan’s Biggest Edtech Round

European seed investor Speedinvest leads round by Karachi firm
Company bets on rising demand for after-school tutoring

ISLAMABAD, PAKISTAN - JANUARY18: Students attend their first day of school, at a secondary institute in Karachi, Pakistan on January 18, 2021. Pakistani schools reopened across the country after a break due to the Covid-19 pandemic. (Photo by Muhammed Semih Ugurlu/Anadolu Agency via Getty Images)Photographer: Anadolu Agency/Anadolu

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By Faseeh Mangi

March 16, 2023 at 7:00 AM UTC

This article is for subscribers only.

Pakistan’s Maqsad raised the nation’s largest funding round by an education technology provider, showing that some startups in the nascent market are attracting investors despite a global venture financing slump.

The Karachi-based company raised $2.8 million in an oversubscribed seed round led by Speedinvest GmbH, one of Europe’s largest seed investors, and existing backer Indus Valley Capital, according to co-founder Rooshan Aziz. Stellar Capital, Alter Global and angel investors also participated.