Social commerce startup DealCart raises $4.5m in pre-seed funding.

DealCart, a social commerce startup, said on Thursday that it raised $4.5 million in a pre-seed funding round led by Shorooq Partners just four months after starting operations.

According to a press release, the round also included participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and several strategic angel investors.

The company, which describes itself as a group buying platform that provides underserved communities with access to affordable daily essential products in a gamified and interactive manner, said it would use the funding to further product development and team expansion.

"This is one the largest investments in the Middle East North Africa and Pakistan (MENAP) region for early-stage startups and comes just four months after the company's establishment in March 2022," the press release said.

The handout noted that adoption of e-commerce remains low among middle and lower-middle income segments, which constitutes the majority of Pakistan's 220 million population.

"The main reason being that e-commerce marketplaces today primarily serve higher income groups, offering premium electronics, fashion apparel, and various goods and services...