Addressing the Funding Gap
In a significant boost for Pakistan’s burgeoning tech industry, Lahore-based venture capital firm Sai Venture Capital is seeking $10 million to launch the country’s first local-currency venture capital fund. This innovative initiative aims to bridge the funding gap faced by Pakistani startups and propel their growth trajectories.
Navigating Currency Fluctuations
The fund, targeting early-stage and growth-stage startups, will focus on investing in companies operating in sectors such as technology, healthcare, agriculture, and education. By denominating the fund in Pakistani rupees, Sai Venture Capital seeks to mitigate the risks associated with currency fluctuations and provide startups with greater stability and predictability in their financial planning.
Unleashing Entrepreneurial Potential
“We believe that a local-currency VC fund is essential to unleash the entrepreneurial potential of Pakistani startups,” said Ahsan Jamil, co-founder of Sai Venture Capital. “By eliminating the need for startups to convert their funds into foreign currencies, we can reduce their exposure to exchange rate risks and allow them to focus on what they do best – innovating and growing their businesses.”
A Timely Response to Emerging Challenges
The fund’s launch comes at a time when Pakistan’s tech ecosystem is navigating global economic uncertainty and rising interest rates, which have slowed the flow of foreign investment into the country’s startup scene. Sai Venture Capital’s local-currency VC fund emerges as a timely response to these challenges.
Fueling Pakistan’s Tech Ecosystem
By providing startups with access to funding in Pakistani rupees, the fund will help to reduce their reliance on foreign investors and strengthen the country’s tech ecosystem. “We are confident that our local-currency VC fund will play a pivotal role in supporting the next generation of Pakistani tech startups,” said Jamil. “We are committed to working closely with our portfolio companies to help them achieve their full potential and contribute to the economic growth of Pakistan.”
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