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| IT minister Umar Saif launched 2 billion startup fund Picture: Umar saif official twitter handle |
Dr Umar Saif. the caretaker IT minister, Formally launched the Pakistan Startup Fund in an event attended by local as well as global venture capitalist, diplomats, and leading technology firms. the fund which is worth approximately 2 billion, aims to boost the start on investment in Pakistan and perform a significant part in the economic growth of the nation.
Dr. Umar Saif was accompanied at the inauguration ceremony by the Secretary IT Hasan Nasir Jami and Ignite CEO Asim Shehryar. The minister of IT highlighted that the PSF's main objective is to accelerate start investment by offering important financial support to startup. Each startup backed by the PSF will be given 30% funding through the fund, with the rest of the funding coming from investors.
Dr. Umar Saif IT minister stated the government's intention to promote and speed up the development of creative starts in Pakistan via the PSF, which not only provides financial support as well as aims to establish an ideal atmosphere for startups to flourish. The IT Ministry is working hard to deliver support and infrastructure for IT startups as part of its broader approach to strengthen the local technology ecosystem.
Minister of IT highlighted the achievement of Pakistani startups, stating that they had garnered more than $800 million in international investment over the last four years, demonstrating increased worldwide support for Pakistan's innovative ecosystem.
In a tweet, the interim Caretaker Minister said that if a foreign venture capitalist is looking at a Pakistani startup for a 1-million-dollar investment, the venture capitalist only requires $700,000, and the Pakistan Startup Fund will provide an award of $300,000 in order to close the financing round, highlighting a PSF's contribution to reducing the risk for foreign investors while encouraging the growth of Pakistani startups.
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Today we launched the Pakistan Startup Fund (PSF) which will invest up to Rs 2 Billion every year in Pakistani startups. The fund is structured as an equity-free capital to help close a VC round for a startup. PSF is designed to help a startup raise its first external investment.… pic.twitter.com/I0CGdZ9Js1
— Umar Saif (@umarsaif) January 9, 2024