Caretaker Federal Minister for Information Technology and Telecommunication, Dr Umar Saif, has said that startups in Pakistan can apply for funds from March 2024.
The government has allocated Rs 2 billion for the Pakistan Startup Fund to enhance venture capital investment in the country. The fund is designed to offer financial assistance to startups, with each receiving 30% support, while venture capitalists will contribute the remaining 70% of the capital.
Dr. Umar Saif highlighted on social media that Pakistan has over 85 startup incubators and more than 4,000 startups.
He said that startups face challenges after the incubation stage, struggling to secure external venture capital (VC) for building scalable products and achieving product-market fit. The Pakistan Startup Fund, established by the government, aimed to assist startups in overcoming these challenges.
The caretaker minister said, “We will help you close your first VC round (between $1-3 Million) by co-investing with a foreign VC, without taking any equity in your business.”
This initiative, he said, aimed to support and accelerate the growth of startups in Pakistan by facilitating their access to crucial funding for expansion and development.—APP
