First-ever Rs2bn fund for start-ups launched

Caretaker Minister for IT and Telecom Dr Umar Saif on Tuesday launched the first-ever Pakistan Start-up Fund (PSF) worth Rs2 billion to attract venture investments and position local start-ups as significant players on the global stage. Ignite National Technology Fund will take charge as the executing body of the PSF and ensure transparency through an independent steering body overseeing the operations. Addressing the inaugural ceremony, Dr Umar Saif said that the government will allocate up to Rs2bn for PSF every year, and the fund is structured as equity-free capital to help close a venture capital round for a start-up. The PSF was designed to help a startup raise its first external investment.