US-based VC to invest $20m in Pakistan technology fund

The GP is working with the Punjab Information Technology Board (PITB) and its associated incubator Plan9. According to a statement, the Punjab Technology Fund will benefit from input by Umar Saif, chancellor at Pakistan’s Information Technology University (ITU), chairman of PITB and founder of Plan9.

Plan9 supports idea-stage product-based start-ups through workspace facilities at ITU in Lahore, domain-specific mentoring services and access to investment opportunities. It claims to have backed more than 130 start-ups to date with a combined valuation of more than $70 million.

Texas-based 1839 typically invests companies in its home state, although the firm claims to have a global professional network. It teamed up with PITB as a result of the newly agreed “Science Cities” program between Lahore and Austin, Texas. 

It extends a spate of fundraising activity in the country in recent months. In June, Lakson Investments claimed to have been awarded the country’s first venture license with a seed-stage vehicle known as LI VC. This followed closely on an announcement that identified Ijara Capital Partners as the first Pakistani investor to receive approval for a private equity fund.

Pakistan is said to be benefiting from improved investor confidence on the back of an economic turnaround and progress controlling regional terrorist networks. Key sectors for PE and VC focus on physical and social infrastructure needs associated with urbanization and a growing middle class.

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• Topics
• South Asia
• Technology
• Fundraising
• Venture
• Pakistan
• USA
• Venture
• seed