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Popular online platform MangoBaaz has secured major funding from a domestic investor
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Pakistan’s popular online platform MangoBaaz has raised $115,000 in seed funding from Fatima Ventures. This news was shared at an event organized by Punjab Information Technology Board (PITB)’s project PlanX at Arfa Software Technology Park. The startup has raised seed funding worth $115,000 from Fatima Ventures, a subsidiary of the Fatima Group.
Mangobaaz is an emerging online media company, similiar to Buzzfeed or Vice, which generates original and curated digital content for their audience.
Ali Mukhtar, CEO of Fatima Ventures, explaining why they haven chosen a new media startup MangoBaaz to their venture portfolio, aid “With prior investments in startups from Interactive Broadcast and Beauty industries, our investment in MangoBaaz is quite simply a logical progression and strategic choice. We believe that our startup ecosystem can greatly benefit from collaborative growth and shared value creation.”
Speaking to the ceremony Dr. Umar Saif Chairman PITB and Adviser to the CM Punjab praised that young generation of Pakistan has vast capability to grab investment through modern and innovation technology. As MangoBaaz a newly startup grabbed a huge amount investment, by using their creative skills and innovative ideas clearly denotes that the investment ecosystem in Pakistan has diversified in the past few years.
On this occasion, Hafsa Shorish, the Director at PlanX MIT Enterprise Forum Pakistan (MITEFP) said that “They were always a high performing startup and their success has made all of us extremely proud”.
Speaking to the media, co-founder MangoBaaz Ali Ahsan, said “The investment means that one of Pakistan’s largest companies analyzed MangoBaaz, on all business aspects and identified it as an attractive investment opportunity which serves as a significant validation of the company’s business model.”
Ali Gul, co-founder of Mangobaaz, added, “This investment will profoundly impact the startup as it will allow us to expand our existing operations, scale the business and invest in more business initiatives that will diversify the services offered by MangoBaaz to both its audience and business partners.”
Just one year back, both founders of MangoBaaz Ali Ahsan and Ali Gul were serving high paid job in USA which they left and launched MangoMaaz startup in august 2015. In a short span of time, MangoBaaz with the sponsorship of PlanX (Pakistan’s largest accelerators) reached over a million monthly active users on their website. Further, the website traffic for their video contents is increasing fast every day and they have grown almost half a million likes on Facebook on their official account.
Since its launch, MangoBaaz became Pakistan’s first new media entrepreneur that is supported by a venture capital firm. Its global media venture includes Coca Cola, Nestle, Unilever, YouTube, Reckitt Benckiser, Samsung, Uber and Telenor among others. MangoBaaz has also been to work with other business partners such as OMD and GroupM, the world’s largest media investment group.
MangoBaaz has also recently launched a web portal called MangoBaaz Campus for university students in Pakistan.