Ignite Announces Winning Startups of First Pak Impact Invest Event

TechnologyIgnite Announces Winning Startups of First Pak Impact Invest Event

ISLAMABAD, Pakistan: Pak Impact Invest is an investment platform launched by Ignite National Technology Fund in partnership with Accelerate Prosperity this year.

The first pitching competition of Pak Impact Invest was held online on May 22 and 23 in which 29 startups from Ignite’s National Incubation Centers, Ignite funded projects and AP’s network pitched their business plans to national and international investors from North America, Europe, and Pakistan.

50 individual & institutional investors and 6 top business incubators & accelerators from 14 Countries participated in the two-day event.

Pak Impact Invest is an initiative of Ignite – National Technology Fund – and the Ministry of IT & Telecom in collaboration with Accelerate Prosperity. It is a national investment platform to connect local startups and national/international investors including commercial and impact investors, venture capitalists, donors, and philanthropists.

Earlier through a rigorous selection process, top 30 startups and growth businesses’ representing various verticals were selected for this two-day online pitching event.

These pitching sessions were evaluated by a judging panel comprising of the Head Venture Capital HBL Yusuf Hussain, the Chairman The Shams Group Kamruddin Shams, and the CEO Accretif Capital Inc Shanul Haq.

In his message, the Federal Minister for IT & Telecom Syed Amin Ul Haque congratulated the winning entrepreneurs who are making a contribution to the socio-economic landscape of Pakistan through new jobs, revenue, and investments.

In his inaugural speech, the Secretary IT & Telecom Shoaib Ahmad Siddiqui said that it is heartening to see the young entrepreneurs contesting to raise investments for scaling up their businesses in these testing times of COVID-19.

Shoaib Ahmad Siddiqui also reminded the audience of a recent feather in the cap of the Ministry of IT & Telecom and Ignite whereby Ignite’s flagship program of National Incubation Centers has been declared as one of the 5 Champions in the category of Enabling Environment at the recently announced World Summit on the Information Society (WSIS) Prizes 2021.

Earlier in his welcome address, the CEO Ignite Asim Shahryar Husain stated that Ignite and AP teams have worked feverishly since February this year to organize this impactful event to create linkages between NIC and AP startups and national and international investors.

The winner of the pitching event announced by CEO Ignite at the closing ceremony was Fowrry, an e-commerce platform for groceries, followed by 1st runner up, Prime Genetics which focuses on genetics for improving cattle’s productivity, and 2nd runner up, Healthyabi which provides medical equipment on rental & sales, critical care for infections, and nutrition services.

Congratulating the winners in his concluding remarks he said, it’s just the beginning of a series of investor events this year to be organized by Ignite and NICs to create linkages between Pakistani startups and national and international investors.

He said that many investors have expressed investment interest in startups who pitched at the event with an investment commitment of Rs 41 million so far which is expected to cross Rs 100 million in the future after due diligence by investors.

There were two-panel discussions during the event on factors investors look at for investing in startups as well as investment opportunities in Pakistan.

Panelists included Junaid Imam, Salim Ahmed, Yusuf Hussain, Kamruddin Shams, Zeeshan Shahid, and Anita Haqqani.

The Executive Director Imran Shams said in his concluding remarks, “This is not the end of the journey. AP will continue to assist the MoITT and Ignite to expand the platform with an ambition to register more than 500 national and international investors which will lead to better investment opportunities for startups across Pakistan.”

Must read

Recent News

Sheikh Mohamed bin Zayed Al Nahyan appointed Crown Prince of Abu Dhabi

ISLAMABAD, Pakistan: The United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan has appointed his eldest son Sheikh Khaled bin Mohamed bin...

President directs IIUI to pay pension share to retired Professor Dr Ali Asghar Chishti

ISLAMABAD, Pakistan: President Dr. Arif Alvi has upheld the order of the Wafaqi Mohtasib directing the International Islamic University Islamabad (IIUI) to pay the...

Margallah Hills National Park & Amusement Parks in Islamabad

The Margallah Hills National Park (MHNP) was established in 1980 by the Government of Pakistan, Ministry of Housing and Works (Environment and Urban Affairs...

Pakistan appreciates United Nations for launching UN Khabarnama (UN Newsletter) in Urdu

Urges crucial need for building capacities, technological resourcefulness to combat disinformationNEW YORK: The Deputy Permanent Representative of Pakistan to the United Nations...
Fairy Tale drama

5 Reasons to Watch Fairy Tale Drama This Ramadan

Ramadan transmissions are becoming a thing in Pakistan. Every year, all the TV channels try to bring some entertaining Ramadan dramas to bring joy...