InterApp, Pakistan’s first augmented reality (AR) startup, said that it raised $1.2 million in a pre-seed funding round.
According to a press release, the purpose of the funding by a US-based capital firm was to “make AR a necessary consumer tool and an opportunity for creators to sell their NFT (non-fungible token) on the InterApp marketplace that is currently in beta phase.”
The press release said that
InterApp changes how people interact with print designs by making them “live using AR in real time”. Creators can turn their designs into NFT and make them interactive with zero coding experience, the statement added.
InterApp said its vision was to bridge the gap between the digital and physical realms in the consumer industry. Adding that the investment would be used to boost marketing efforts and acquire 10% of the total addressable market within a year.
“The value this project can bring to brands and consumers can be a game-changing improvement. This step marks it as a landmark in the venture capital landscape of the digital world.”
Ahmed Malik, Ali Ahmed, Jameel Qureshi, and William Class are the founders of the startup. And it is based out of Lahore and Austin.