Launched in Pakistan, Airlift Technologies is a pioneer in a new wave of technology firms. As part of its Series B financing, Airlift has secured $85 million in funding from some of the world’s most renowned investors. Josh Buckley (Buckley Ventures) and Harry Stebbings co-led Airlift’s $85 million Series B funding, making it the largest in the MENA area (20VC).
According to an issued statement, the following participants are also included in Airlift Technologies:
- Sam Altman (Ex-President at Y-Combinator).
- Biz Stone (Co-founder at Twitter/Medium).
- Jeffrey Katzenberg (Ex-CEO of Disney).
- Taavet Hinrikus (Founder/CEO at TransferWise).
- Seve Pagliuca (Co-Chairman, Bain Capital).
According to the Financial Times, the financing is roughly twice as large as Pakistan’s greatest private firm initial public offering (IPO), and it is the largest in the MENA area.
The aim of the corporation is to attract foreign investors in Pakistan. According to a statement, it was said that by attracting more and more foreign investors, Pakistanis will have more faith in the country’s ability to produce high-quality technology and consumer items and that this part of the world is home to some of the world’s most talented individuals.
Pakistan’s foreign direct investment (FDI) for the fiscal year 2021 has increased by 5 percent because of Airlift Express’ $85 million Series B funding. As the result of this financing round, Pakistan is on the verge of a new dawn, where technology start-ups alone can contribute to more than 10 percent of FDI in the future years.
The startup is developing a platform to transfer consumer items for consumers, drivers, and small business owners. Through its flexible supply chain, Airlift aims to create thousands of employment in Pakistan over the next five years.
Prime Minister Imran Khan also commended the efforts of Airlift Technologies on Twitter. He said that “Pakistan has huge potential and we are open for business.”
