Venture capital firm 500 Global has partnered with the JS Group to support startups in Pakistan, a press release said on Tuesday.
With this collaboration, 500 Global aims to bring its range of startup and investor education programmes to Pakistan. It’ll also continue to look out for top founders and high-potential technology startups to invest in.
The number of venture-backed deals nearly quadrupled between 2018 and 2021 to 86, with funding rising more than 20-fold during the same period to $332 million.
Pakistan is at a tipping point for global venture-backed deals, attracting $304m in funding in the first nine months of 2022, according to data firm MAGNiTT.
The group and its subsidiaries have already built a track record of investing in and backing some of the country’s leading SMEs and startups, taking them from seed to IPO.
“We’ve been watching Pakistan’s startup ecosystem evolve and I’ve also had the opportunity to meet a driven and thriving community of talented founders and their supporters, both in Pakistan and abroad,” said Courtney Powell, chief operating officer and managing partner of 500 Global.
She further added; “With JS Group’s experience and offerings as a leading financial institution in Pakistan and with our experience investing globally in early-stage technology and delivering programs, we’ll each be well placed to help the next generation of founders in Pakistan to build and scale their companies with strong infrastructure and know-how.”
500 Global made its first investment in Pakistan six years ago and by teaming up with JS Group, the firm intends to deepen its commitment to building a thriving and sustainable startup ecosystem.
Despite macro- economic pressures, both organisations recognize that the country’s most innovative entrepreneurs will successfully navigate current economic challenges to create businesses that can scale growth in Pakistan and beyond.
For all the latest updates and news, visit CxO Global FORUM.