On Tuesday, the Federal Minister for Information Technology, Dr. Umar Saif, officially launched the Pakistan Startup Fund with the goal of stimulating investments in local startups. The launch event was attended by both local and international venture capitalists, diplomats, and prominent technology companies.
During his address at the ceremony, Dr. Saif revealed that the government has allocated Rs 2 billion to the Pakistan Startup Fund, aiming to expedite venture capital investments within the country.
He emphasized that the Fund would offer financial assistance to startups, with each receiving 30% support, while the remaining 70% of the capital would be contributed by venture capitalists. Dr. Saif expressed confidence in the Startup Fund’s potential to play a pivotal role in Pakistan’s economic development.
He reiterated the Ministry of Information Technology’s commitment to providing facilities and support to startups, foreseeing the Fund’s positive impact on the startup ecosystem, leading to increased technological advancements and economic opportunities.
Dr. Saif highlighted the current robust state of the startup scene in Pakistan, with over 4,000 active startups supported by eight National Innovation Centers. Over the past four years, these startups have attracted nearly $800 million in foreign investments.
The minister anticipated that the Fund would generate a value of at least Rs 50 billion annually in the startup ecosystem, showcasing its potential to significantly contribute to the economic landscape of Pakistan.
