Lahore-based startup, Inventhub, has closed an undisclosed amount in a pre-seed funding round led by Fatima Gobi Ventures.
Other investors in the round included Ahmed Habib of Venture.d, Shehryar Hydri of Deosai Ventures, Yasser Bashir of Arbisoft and Abbas Yousafzai of ConradLabs. Returning investors also joined the round, including Shoaib Zahid, Kashif Shakoor and Anees Khawaja of Walled City Co., Tim Draper of Draper University Ventures, Taimur Rashid of Redis Labs and Tayyab Malik of UBS Hong Kong.
Over the past two years, Pakistan’s startup ecosystem has experienced exponential growth, with startups raising more than $300 million in 2021 alone. However, much of this funding was concentrated in three key sectors, namely e-commerce, logistics and fintech.
Led by co-founders, Usama Abid, hardware product designer, and Usman Maqsood, software engineer, Inventhub is a secure web-based collaboration platform for electronic product development.
This investment will help further Inventub’s goal to democratize the electronic product design process to improve product quality and provide faster time to market.
Usama Abid, stated:
The electronics industry is made up of fragmented and isolated processes, making it difficult for individuals and smaller startups to develop new products. The explosion of digital products has also brought a new level of personalization and customization. Managing the necessary steps – from component procurement and design to manufacturing, assembly and distribution – is time consuming and complex.
The CEO and co-founder added: “Inventhub is here to change the game for developers: providing remote collaboration of electronics design resources, improving productivity, and streamlining data organization and shareability. Now multiple designers, developers, and project owners can collaborate collaboratively across various project components, including bills of materials and partner resources.
Co-founder, Usman Maqsood, also noted:
With the acceleration of remote working, processes have evolved to enable a new wave of change in the way we work together. This funding for Inventhub will be used to fill the gap from proof of concept to production within the electronic design industry.
On the occasion, Ali Mukhtar, General Partner at Fatima Gobi Ventures commented:
Typically, it takes five to ten years for a startup ecosystem to attract investment in more advanced technical solutions. Just two years later, this round of funding from Inventhub is a sign that Pakistan is well ahead of that curve, thanks to the country’s vast tech talent. FGV’s support to Inventhub is, we hope, the first of many investments in Pakistan’s advanced tech space.
Inventhub’s version management with access control allows the platform to be integrated with any existing ECAD tool. Since it was first launched in 2018, the startup has seen massive active user growth with over 45 minutes of usage time per session per week. The startup’s main focus is to ramp up marketing efforts to build community and partner with B2B consumers to improve the platform.
