LAHORE: MangoBaaz, a digital media start-up, raised on Wednesday seed funding of $115, 000 from Fatima Ventures.
MangoBaaz is a project of the Punjab IT Board’s technology accelerator PlanX. The start-up focuses on creating digital content for its millennial audience along the lines of BuzzFeed.
Speaking at a ceremony, Punjab IT Board Chairman Dr Umar Saif said the example of MangoBaaz shows the start-up ecosystem in Pakistan has diversified in the past few years.
Within a year, MangoBaaz has reached over a million monthly active website users, with its video content audience increasing at an even faster pace, he added.
With the announcement of $115,000 seed funding from Fatima Ventures, MangoBaaz has become Pakistan’s first new digital media company that is backed by a venture capitalist.
Co-founder Ali Ahsan said the investor analysed all business aspects of MangoBaaz and identified it as an attractive investment opportunity, which is a validation of the start-up’s business model.
Co-founder Ali Gul said the investment will profoundly impact the start-up by allowing it to expand operations, scale up its business and invest in more initiatives.
Published in Dawn, December 15th, 2016