Pakistan Unveils First Local Currency Venture Capital Fund to Boost Tech Sector
As per Bloomberg's recent report, Ahsan Jamil, co-founder of Sai Venture Capital, has revealed that the fund has already secured 40% of its target funding and recently obtained approval from the Securities and Exchange Commission of Pakistan (SECP). The emphasis on local investors is crucial, particularly in light of declining foreign interest in Pakistan.
Karobar
In a significant move aimed at fostering the growth of Pakistan's technology sector and supporting startups, the country is gearing up to launch its very first local currency venture capital fund. Spearheading this initiative is Sai Venture Capital Private, a Lahore-based firm with ambitious plans to secure $10 million in funding, primarily from domestic investors.
Sai Venture Capital has already demonstrated its commitment to fostering innovation by investing in companies serving developed markets and startups spanning various sectors, including health, agriculture, and education.
In a parallel effort to bolster the startup ecosystem in Pakistan, the government is actively engaged in promoting venture capitalism through the 'Pakistan Startup Fund.' This initiative will draw resources from IGNITE, supported by revenues from the telecom industry. These combined efforts are significant steps toward stimulating local investments in Pakistan's tech sector, nurturing startups, and contributing to the nation's economic growth and technological advancement.
