Pakistan is gearing up to launch its inaugural local currency venture capital fund, a move aimed at bolstering the nation’s technology sector and nurturing startups. Leading this endeavor is Lahore-based Sai Venture Capital Private, with plans to secure $10 million in funding primarily from domestic investors.
As reported by Bloomberg, Ahsan Jamil, co-founder of Sai Venture Capital, noted that the fund is already 40% committed and recently gained approval from the Securities and Exchange Commission of Pakistan (SECP). The emphasis on local investors is critical to the ecosystem’s development, especially given waning foreign interest in Pakistan.
Sai Venture Capital has already invested in companies catering to developed markets and startups across various sectors, including health, agriculture, and education.
Furthermore, the Pakistani government, through the ‘Pakistan Startup Fund,’ is actively working to attract venture capitalists and promote a thriving startup culture in the country. This fund will be established using resources from IGNITE, supported by telecom industry revenues. These initiatives mark significant strides in stimulating local investment in Pakistan’s tech sector and nurturing startups, contributing to the nation’s economic growth and technological progress.
