New York November 2 2022: 500 Global, a Silicon Valley-based venture capital, partnered with JS Group, one of Pakistan’s leading financial services companies, to support startups in the country, the Pakistani company said.
Under the partnership, 500 Global also aims to bring its range of startup and investor education programmes to Pakistan, the JS Group media statement said.
It will also continue to scout for top founders and high potential technology startups to invest in.
“Together with 500 Global, we aim to enable access for homegrown startups to early stage financing and nurture innovative talent through a global network of experts,” said Salaal Hasan, director – venture capital of JS Group.
“With close to a billion dollars in venture financing since 2018, the growth of Pakistan’s young, connected middle class is underpinned by policies and infrastructure designed to advance the technology and venture capital sectors,” Hasan said.
Hasan said the JS Group would be pioneering the growth capital for the country’s path-breaking entrepreneurs through the collaboration with 500 Global.
500 Global made its first investment in Pakistan six years ago and by teaming up with JS Group, the firm intends to deepen its commitment to building a thriving and sustainable startup ecosystem.
“We’ve been watching Pakistan’s startup ecosystem evolve and I’ve also had the opportunity to meet a driven and thriving community of talented founders and their supporters, both in Pakistan and abroad,” Courtney Powell, chief operating officer and managing partner of 500 Global, said.
“With JS Group’s experience and offerings as a leading financial institution in Pakistan and with our experience investing globally in early stage technology and delivering programs, we’ll each be well placed to help the next generation of founders in Pakistan to build and scale their companies with strong infrastructure and know-how,” she said.
Pakistan has attracted $304 million in venture funding in the first nine months of 2022, about 92 percent of the total 2021 funding, according to data firm MAGNiTT.
The country’s venture-backed deals nearly quadrupled between 2018 and 2021 to 86, with funding rising more than 20-fold during the same period to $332 million, according to the data.
The partnership underscores 500 Global’s mission of uplifting people and economies around the world through entrepreneurship.
With $2.7 billion under management, the Silicon Valley-based firm has invested in more than 2,700 companies in 81 countries, and counts 49 unicorns in its portfolio.