In an effort to boost venture capital investments in Pakistan and establish Pakistani entrepreneurs as important participants on the international scene, Pakistan established the first-ever “Pakistan Startup Fund“ (PSF).
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The Government plans to allocate up to Rs 2 billion for the PSF annually, according to Dr. Umar Saifs, Caretaker Federal Minister for Information Technology (IT) and Telecommunication. The Fund is designed to assist a startup in closing a venture capital round without requiring any stock.
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The implementing entity will be Ignite National Technology Fund, which will guarantee transparency by having an impartial steering committee in control of the activities. PSF will provide opportunities for new partnerships and offer doors to a more affluent and inventive future. Venture capitalists, investors, and creative companies will be connected via the fund.
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“With PSF we hope to create a value of at least Rs 50 billion per year in the startup ecosystem in Pakistan,” Caretaker Federal Minister for Information Technology (IT) and Telecommunication Dr Umar Saifs said.
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About Ignite National Technology Fund
Founded in 2006, Ignite focuses on fourth industrial wave tech and on ecosystem development initiatives to fulfil its mission of creating knowledge economy in Pakistan. Our national network of incubators nurtures startups, while our tech innovation grants are offered to innovate deep tech projects and startups, National Grassroots ICT Research Initiative funds FYPs of ICT graduates. Digiskills program is for capacity building of freelancers.
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