Latest news with #BridgeStartPakistan
Business Recorder
21-05-2025
- Business
- Business Recorder
Govt's Pakistan Startup Fund will help entrepreneurs raise up to $1m, says official
The Pakistan Startup Fund, backed by the Ministry of IT & Telecommunication (MOITT), was announced at last week's Pakistan Investor Summit 2025 – Summer Edition, hosted at National Incubation Center (NIC) Karachi. Syed Azfar Hussain, Project Director NIC Karachi, explained to Business Recorder that if a startup raises venture capital money, the government will add funds on top of this to bring the total round to as much as a million dollars. So for instance, if a startup is able to raise $700,000, the government will top this with $300,000. Similarly if someone raises $900,000, the government will add $100,000, he said. 'The government will inject up to 30% of a million dollars,' Azfar explained, 'with 30% being the ceiling and 10% being the floor.' It is hoped 'this will encourage VCs to complete a bigger round for startups,' he added. According to MOITT's website, PSF is aimed at promoting the growth of startups in Pakistan through encouraging investments in Pakistan by global as well as local VC funds. 'The grant is positioned as the final piece of the financial puzzle, providing startups with additional support after after venture capitalists have conducted their due diligence and the startup has secured funding from the private sector, the website states. 'The grant from the Pakistan Startup Fund will only be disbursed to the eligible startup as the 'last cheque' in the ongoing funding round. This means that the startup must secure the full investment from the investor or VC before receiving the fund's grant,' the website explained. Another initiative, called BridgeStart, was also launched at the summit. Azfar explained that it aims to give startups international exposure and help with financing for those that get accepted into incubators and accelerator programmes abroad. According to a press release, both initiatives 'marks a pivotal step in institutionalizing startup investment infrastructure in the country.' 'Hosting the regional launch of the Pakistan Startup Fund and BridgeStart Pakistan in Karachi is not just symbolic, it's a declaration that Karachi's talent and energy are central to Pakistan's innovation future,' said Hussain. Google Cloud Startup Foundry Day Another highlight of the summit was the Google Cloud Startup Foundry Day where Esna Ong, Regional Startup Success Manager, Google Cloud, highlighted the service's growing footprint in Pakistan and its commitment to supporting local startups with tailored cloud solutions, mentorship, and scale-enabling technologies. Meanwhile Kathleen Chiu, Data & AI Specialist, Google Cloud, delivered a deep dive into AI platform Gemini, showcasing how machine learning is transforming startup decision-making and business modeling from the ground up. 'Our collaboration with Google Cloud unlocks global expertise for local entrepreneurs,' said Azfar. 'It bridges the knowledge gap and ensures our startups have access to the best tools and mentorship available anywhere in the world.' Demo day Over 25 emerging ventures - from FinTech and edtech to AI, SaaS, sustainability, and consumer tech - pitched their businesses to local investors at the summit. According to a press release, several investors scheduled follow-up calls and office hours with founders whose pitches sparked interest and alignment. Investor Ashraf Kaleem from Magnus Ventures engaged in discussions with startups including: Atfaal - a startup dedicated to empowering women in the garment industry Biomic - which works on advanced prosthetic technology Blinq - a B2B Fintech, offering services in bill and payment aggregation space Chaajao - digital learning platform Haprow - which has created an educational robot companion for children She6 - a fashion startup that aims to empower women through stylish and affordable hijabs and abayas. One interesting announcement that came post-event was that energy consulting firm ENERLYTICS said it secured a project with PSO Renewable Energy Company (PSORE) for the real-time monitoring of their solar power plant. 'This milestone marks a significant step forward in our mission to accelerate the digital transformation of Pakistan's energy sector,' it said. As part of the project, ENERLYTICS will deploy its energy monitoring platform to provide PSORE with real-time insights, performance analytics, and preventive maintenance alerts for their solar assets. The system will be integrated with payment gateways, enabling energy tracking and billing functionalities — 'setting a new benchmark for smart energy infrastructure in the region.'
Business Recorder
21-05-2025
- Business
- Business Recorder
Govt's Pakistan Startup Fund will help entrepreneurs raise up to $1m
The Pakistan Startup Fund, back by the Ministry of IT & Telecommunication (MOITT), was announced at last week's Pakistan Investor Summit 2025 – Summer Edition, hosted at National Incubation Center (NIC) Karachi. Syed Azfar Hussain, Project Director NIC Karachi, explained to Business Recorder that if a startup raises venture capital money, the government will add funds on top of this to bring the total round to as much as a million dollars. So for instance, if a startup is able to raise $700,000, the government will top this with $300,000. Similarly if someone raises $900,000, the government will add $100,000, he said. 'The government will inject up to 30% of a million dollars,' Azfar explained, 'with 30% being the ceiling and 10% being the floor.' It is hoped 'this will encourage VCs to complete a bigger round for startups,' he added. According to MOITT's website, PSF is aimed at promoting the growth of startups in Pakistan through encouraging investments in Pakistan by global as well as local VC funds. 'The grant is positioned as the final piece of the financial puzzle, providing startups with additional support after after venture capitalists have conducted their due diligence and the startup has secured funding from the private sector, the website states. 'The grant from the Pakistan Startup Fund will only be disbursed to the eligible startup as the 'last cheque' in the ongoing funding round. This means that the startup must secure the full investment from the investor or VC before receiving the fund's grant,' the website explained. Another initiative, called BridgeStart, was also launched at the summit. Azfar explained that it aims to give startups international exposure and help with financing for those that get accepted into incubators and accelerator programmes abroad. According to a press release, both initiatives 'marks a pivotal step in institutionalizing startup investment infrastructure in the country.' 'Hosting the regional launch of the Pakistan Startup Fund and BridgeStart Pakistan in Karachi is not just symbolic, it's a declaration that Karachi's talent and energy are central to Pakistan's innovation future,' said Hussain. Google Cloud Startup Foundry Day Another highlight of the summit was the Google Cloud Startup Foundry Day where Esna Ong, Regional Startup Success Manager, Google Cloud, highlighted the service's growing footprint in Pakistan and its commitment to supporting local startups with tailored cloud solutions, mentorship, and scale-enabling technologies. Meanwhile Kathleen Chiu, Data & AI Specialist, Google Cloud, delivered a deep dive into AI platform Gemini, showcasing how machine learning is transforming startup decision-making and business modeling from the ground up. 'Our collaboration with Google Cloud unlocks global expertise for local entrepreneurs,' said Azfar. 'It bridges the knowledge gap and ensures our startups have access to the best tools and mentorship available anywhere in the world.' Demo day Over 25 emerging ventures - from FinTech and edtech to AI, SaaS, sustainability, and consumer tech - pitched their businesses to local investors at the summit. According to a press release, several investors scheduled follow-up calls and office hours with founders whose pitches sparked interest and alignment. Investor Ashraf Kaleem from Magnus Ventures engaged in discussions with startups including: Atfaal - a startup dedicated to empowering women in the garment industry Biomic - which works on advanced prosthetic technology Blinq - a B2B Fintech, offering services in bill and payment aggregation space Chaajao - digital learning platform Haprow - which has created an educational robot companion for children She6 - a fashion startup that aims to empower women through stylish and affordable hijabs and abayas. One interesting announcement that came post-event was that energy consulting firm ENERLYTICS said it secured a project with PSO Renewable Energy Company (PSORE) for the real-time monitoring of their solar power plant. 'This milestone marks a significant step forward in our mission to accelerate the digital transformation of Pakistan's energy sector,' it said. As part of the project, ENERLYTICS will deploy its energy monitoring platform to provide PSORE with real-time insights, performance analytics, and preventive maintenance alerts for their solar assets. The system will be integrated with payment gateways, enabling energy tracking and billing functionalities — 'setting a new benchmark for smart energy infrastructure in the region.'
