PITB announces launch of $20 million Venture Capital Fund in Pakistan by 1839 Ventures
PITB has announced that 1839 Ventures, an Austin based venture capital firm, has launched a Venture Capital Fund for the technology startups in Pakistan. The announcement comes on the heels of the Venture Capital’s International expansion plans.
Recently, 1839 Ventures ─ Austin-based venture capital firm ─ has announced to invest $20M in technology-based startups. Since the announcement comes through PITB Chairman, Dr. Umar Saif, it is expected that PITB will be a major stakeholder in decision making and scout for the startups in Pakistan. We have reached out to PITB to get more update on this.
The announcement was made at the Atx+Pak launch event held at Austin City by 1839 Ventures. This development will play its role in reshaping ecosystem of technology startups of Pakistan.
The launch of venture capital fund with the association of Plan 9 – PITB’s Tech Incubator and 1839 Ventures will open a gateway for Pakistani entrepreneurs to develop their innovative ideas under this shelter.
According to a study conducted by a private organization in Pakistan, one of the major barriers to startup success in Pakistan has been accessing venture capital fund and access to human resources for team building. The entry of international venture capital firm is a good sign for ever-evolving startup and technology ecosystem in Pakistan.