Mangobaaz is moving ahead from being just a digital media startup to a digital media company. The popular online platform that offer myriad content for the digital generation of Pakistan has raised $115,000 in seed funding from Fatima Ventures. The news was announced during the event organized by Plan X, Punjab IT Board (PITB) accelerator that helped the digital platform to grow at Arfa Software Technology Park.
Ali Mukhtar the CEO of Fatima Ventures, said: “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.”
Mangobaaz was founded by Ali Ahsan and Ali Gul in 2014 in a bid to offer something different from the traditional news to Pakistani audience. Speaking during the ceremony, Umair Saif, chairman of PITB, said that the example of MangoBaaz indicates that diversification in Pakistan’s start-up ecosystem is increasing.
The digital media startup has grown with a rapid pace since its launch and currently boasts of one million monthly active website users (MAUs). Also, the company is focusing more towards the video content in order to entice more users to visit its website.
Speaking during the event, Ali Ahsan and Ali Gul hinted at some of the future plans they have for their company. For instance, they plan to make Mangobaaz a Global media venture. Ali Gul said that this is the right time for the people around the globe to know people of Pakistan are capable of producing creative content.
We believe that the investment will certainly help the startup by allowing it expand its operations, boost its business and invest in more resources.