Pakistan’s Ministry of IT to Unveil Nation’s First Startup Fund Next Week

The Ministry of IT and Telecom in Pakistan is set to launch the country’s first startup fund on January 9, 2024. The Ignite-National Technology Fund will oversee the operations of the Pakistan Startup Fund (PSF), with a government allocation of Rs 2 billion. Private investors are expected to match this contribution, and venture capitalists have pledged an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing for successful startup graduates from the fund.

 

The PSF aims to boost investments in Pakistani startups by providing financial support, mentorship, and networking opportunities. The government has also announced a 30 percent funding boost for startups securing venture capital investments. The Ministry envisions the PSF as a transformative force, anticipating positive impacts on job creation, technological advancements, and economic growth. 

 

Through collaboration between the government, private investors, and venture capitalists, Pakistan aims to position itself as a regional hub for innovation and entrepreneurship. This initiative reflects the government’s commitment to fostering a dynamic ecosystem for startups and promoting Pakistan as a center for innovation in the region.