Karachi: Pakistan Startup Fund (PSF) launched to facilitate startup investment will commence accepting funding applications from March onwards. Development was shared by Dr Umar Saif, caretaker Minister of IT and Telecom and Science and Technology, in post on social media.

“Pakistan Startup Fund-designed to facilitate Pakistani startups to close early stage VC funding round will start accepting funding applications in March,” he said.

Under PSF, launched just days ago by caretaker Minister, government will invest up to Rs 2 billion year in startup sector. “PSF is designed to help startup raise its first external investment,” Dr Saif had said during launch of PSF.

“We will use IGNITE, which gets portion of telecom revenue and few billion rupees go into it every year,” Dr Saif had told eralier. PSF is structured as an equity-free capital to help close a VC (Venture Capital) round for startup.

“If you are startup in Pakistan and foreign VC is evaluating your startup for $ 1 million investment, VC only needs to invest $ 700,000-Pakistan Startup Fund will give you grant of $ 300,000 to help close round,” Dr Saif had said while explaining PSF.

Published in The Daily National Courier, February, 01 2024

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