IT Minister launches Pakistan Startup Fund for Startups

TechnologyIT Minister launches Pakistan Startup Fund for Startups

ISLAMABAD, Pakistan: The interim government has launched the Pakistan Startup Fund (PSF) which will invest up to Rs 2 billion every year in Pakistani Startups.

In a statement on X on Tuesday, the Caretaker Federal Minister for Information Technology & Telecommunications Dr. Umar Saif said that the fund is structured as an equity-free capital to help close a venture capitalist round for a startup.IT Minister launches Pakistan Startup Fund for Startups

   

The PSF is designed to help a startup raise its first external investment.

Dr. Umar Saif said that if you are a startup in Pakistan and a foreign venture capitalist is evaluating your startup for a US$ 1 million investment, the venture capitalist only needs to invest US$ 700,000 — the Pakistan Startup Fund will give you a grant of US$ 300,000 to help close the round.

“We won’t take any equity/shares in your startup or a board position etc,” he said.

The minister said that PSF is designed to lower the risk for international investors to invest in Pakistani startups; once we have written you a cheque, we won’t hassle you at all .. betting on you and your venture capitalist investors to drive your success.

“With PSF we hope to create a value of at least Rs 50 billion per year in the startup ecosystem in Pakistan,” Dr. Umar Saif said.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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