24SEVEN announces $6 million pre-Series A round
Founded in 2016 by Jarrar Shah, the company’s primary operations were delivering groceries to the rising middle-class population of Pakistan. In early 2021 after a pivot, the company rebranded to “24SEVEN” giving a new identity to its combined B2B and B2C model.
In this timeframe, they also launched a new initiative called Apni Dukan which onboards mom-and-pop stores, rebrands, and digitizes them as Apni Dukan resellers. Currently operational in Lahore, Gujranwala, Sheikhupura, Multan, and Faisalabad with over 2,000 mom-and-pop shop stores.
According to LinkedIn Insights, the company currently has a total headcount of 59 employees:
As first reported by Profit, 24SEVEN announced a $6 million pre-Series A to focus on their B2B and B2C segment. SOSV led the round, other participants in the round include:
- Betatron Venture Group
- Newlin VC
- Verity Capital,
- Argo’s Quest
Several angel investors also participated in the round including the founder of Nigerian fintech unicorn Kuda Bank, and the former managing partner at SoftBank’s Latin America Fund. According to Crunchbase, the total funding raised by 24SEVEN is $1.2 million, including the recent $1 million seed round led by the Betatron Venture group.
The recent pre-Series A round takes the total funding raised by 24SEVEN to $7.2 million.