Pakistani entrepreneur has bagged $20 Million venture capital fund from 1839 Venture, an Austin based venture capital firm. The firm has provided Venture Capital Fund for technology startups in Pakistan. PITB’s Plan 9 Successfully Bag Austin Firm’s $20m Fund.
The announcement comes through PITB Chairman, Dr Umar Saif. PITB is the major stakeholder in decision making and runner for startups in Pakistan. The fund was launched last month.
PITB’s Plan 9 Successfully Bag Austin Firm’s $20m Fund
This big announcement was made at the Atx+Pak launch event held at Austin City by 1839 Ventures. This decision is going to reshape the ecosystem of technology startups of Pakistan.
Alicia Dean, the ATX+Pak Exchange programme founder Said:
Ideas of Pakistani youth have attracted international attention and investors are willing to not just explore, but fund these plans as well.
The incubator that comes under PITB is Paln 9, it is in partnership with Austin’s city government and the US State Department. In 2015 that resulted in the creation of the ATX+PAK exchange program. Because of that 22 start-ups incubated at Plan 9 got a chance to fly to Austin to study its tech ecosystem and get further counselling from top experts. Now they have announced $20 million to fund their plans.
Alicia Dean stated that:
“Almost 70% of Pakistani start-ups managed to raise funding from international investors by pitching their ideas after being mentored by experts in Austin. Pakistani ideas, mostly generated by youngsters, have attracted international investors who are now more curious in exploring Pakistan’s potential in technology startups.
Nabeel Qadeer, Plan9 Director Entrepreneurs informed that top executives of 1839 Ventures will visit Lahore in the next few days. After that a new era of technology startups in Pakistan will begin.
According to a study regulated by a private organisation in Pakistan, one of the major barriers to startup success in Pakistan is the access of venture capital fund and access to human resources for team building. The entrance of international venture capital firm is a healthy and positive sign for the startup and technology ecosystem in Pakistan.