ISLAMABAD: According to Dr. Umar Saif, the acting federal minister for information technology and telecommunication, Pakistani companies would be able to apply for funding starting in March 2024. To increase venture capital investment in the nation, the government has given the Pakistan Startup Fund Rs 2 billion. With venture capitalists contributing the remaining 70% of the funds, the fund is intended to provide financial support to businesses, with each receiving 30% of the total. On social media, Dr. Umar Saif emphasized that Pakistan is home to over 4,000 entrepreneurs and over 85 startup incubators.
After completing the incubation phase, he claimed, businesses struggle to obtain outside venture financing (VC) in order to develop scalable products and achieve product-market fit. The government created the Pakistan Startup Fund with the intention of helping new businesses overcome these obstacles.”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,” declared the acting minister. According to him, the goal of this program was to help Pakistani businesses expand faster by giving them easier access to capital that they need for growth and development.
