i2i Ventures, the first venture capital business led by women in Pakistan, has successfully closed its first fund with support from the International Finance Corporation (IFC).
The development finance organisation said in a statement that IFC has committed $3 million under its Startup Catalyst Program, which sponsors incubators, accelerators, and seed funds in underserved markets.
The funding comes from two sources: the Women Entrepreneurs Finance Initiative, which encourages firms managed by women, and up to $1 million from IFC’s own account.
The VC firm raised an undisclosed amount for its first fund.
“It has been very challenging raising investment for a Pakistan-focused venture fund, especially given the tight global macroeconomic climate of the last two years and the uncertain political situation in Pakistan until recently,” Misbah Naqvi, co-founder and partner at i2i Ventures, said.She added that the fund’s global limited partner br consisted of individuals, family offices and some institutions, including a tier-1 Silicon Valley venture capital fund.
Prior to the fund’s establishment, i2i Ventures made investments under a special purpose vehicle framework. The fund will continue to write checks for initial investments ranging from $300,000 to $500,000.
According to Naqvi, the fund would make eight to ten additional investments.
Gaming and artificial intelligence (AI) present prospects for the general partner, despite the firm’s focus on fintech, e-commerce, logistics, and corporate SaaS.
Read also- Singapore-Based Funding Societies has Secured Around $64.22 Million in Funding
Fintech startup Oraan, electric bike-sharing firm ezBike, earned salary access portal Abhi, logistics company Truck It In, group buying site DealCart, agritech company Tazah, and online tutoring startup Edkasa are a few of the companies in i2i Ventures’ portfolio.
“There is tremendous potential in Pakistan for startups to develop and scale up new technologies and tech-enabled business models that address issues such as climate change or help increase access to quality education, healthcare, and financial services, among others,” said Zeeshan Sheikh, country manager for Pakistan and Afghanistan at IFC. he added that there were “significant challenges” for early-stage entrepreneurs, particularly women founders, to launch and grow their businesses.
Invest2Innovate was formed in 2011 by Kalsoom Lakhani, who along with Naqvi co-founded i2i Ventures, aims to link local entrepreneurs with investors and offer business help.
Lakhani and Naqvi established i2i Ventures to assist regional business owners in their early stages after observing the difficulties faced by Pakistani entrepreneurs in growing their enterprises despite their resilience.
Read also- Pakistan-Based ZYP Technologies has Secured $1.5 Million in Pre-Series A Round Funding
The venture capital business prioritises gender equality, pushing its clients to increase the number of women in senior management positions and establish more gender-neutral work environments.
According to the IFC statement, women-led companies make about one-third of the firm’s portfolio.
About i2i Ventures
At i2i Ventures, they make investments in Pakistani early-stage, high-growth, technology-enabled companies. Using a shrewd investment strategy, we work with dynamic founders and their teams to develop businesses that are positioned for growth.
