Airlift achieve biggest series-A funding of $12M

Pakistan base transportation company Airlift, has achieved $12M in Series A financing.

Airlift achieve biggest series-A funding of $12MThe round is led by First Round Capital, a leading US venture capital firm with notable investments in Uber, Square, Roblox, Looker and Notion. The round marks one of the largest financings in South Asia this year and the first time that a US based VC has led a round in Pakistan.

Airlift is spearheading the third wave of ride-sharing, in which higher capacity vehicles are playing an increasing role in enabling urban commute. With this financing, Airlift is looking to invest in technology and operations to scale its vision for a decentralized mass transit system, initially focusing on the developing world.

interesting reading:  7 biggest technology trends that will alter telecoms in 2020

Airlift’s co-founder and CEO Usman Gul said “In the future, mass transit systems will be dynamic in nature, catering and adapting to the changing needs of the urban population. Our vision for a decentralized mass transit system is a new concept, one that will fundamentally redefine how people commute in urban centers,”

interesting reading:  Aqsa Kausar 1st Pakistani achieve Google developer expert in machine learning

Prior to moving to Pakistan, Usman Gul previously worked at DoorDash, the largest food delivery platform in the US. Tony Xu, Founder/CEO at DoorDash, which was valued at $12.6 billion in the last round, was among the first few angel investors to support Airlift.

In August, just five months after launching operations, Airlift closed seed financing of $2.2M with Indus Valley Capital and the Fatima Gobi Ventures, a JV between one of Pakistan’s leading conglomerates Fatima Group and Gobi Partners, co-leading the round.

interesting reading:  TelloTalk jumping USD 1,600,000 from seed round funding

In October, only two months later, the Company has secured Series A financing, increasing their total capital to $14.1M and setting a new precedent for startups based in Asia.

Press Desk
Author: Press Desk

Support us by sharing this content :)
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply