Pakistan-focused venture capital firm Sarmayacar has secured the first close of a $30-million fund targeting seed to early stage startups in the country.
Fundraising for the largest Pakistan-focused fund comes at a time when startups in the country are struggling to find sufficient investors and funding.
According to an official statement, the fund will cover technology and technology-enabled sectors with ticket sizes between $100,000 and $2 million. The VC firm will be led by founder and Chief Executive Officer Rabeel Warraich and international partner Dr Bernhard Klemen.
“We are excited about the emerging opportunities in the country, particularly in the venture space, underpinned by attractive demographics and a strong digitisation push across many segments of the economy,” said Warraich.
Klemen said the fund aims to provide value-added capital through its network of investors to address the lack of “smart capital” in the market.
“The stage of development of the entrepreneurial ecosystem in Pakistan allows us to build bridges and bring learning and expertise from international ecosystems,” he added.
According to Crunchbase, Sarmayacar has made three investments – PublishEx, a carrier billing company; ProCheck, a patient engagement services provider; and Patari, an online music portal.