A member of the World Bank Group, International Finance Corporation (IFC) will invest $2.5 million in Sarmayacar, a venture to support tech startups in Pakistan.
In a press statement, IFC said that $2 million in equity commitments from Startup Catalyst. It is a global program of IFC that backs accelerators and seed funds in new emerging markets.
The remaining $500,000 will be from the Women Entrepreneurship Finance Initiative (We-Fi). It is a partnership hosted by the World Bank Group, among governments, multilateral development banks, and other public and private sector stakeholder.
Women entrepreneurs are supported by We-Fi in developing countries by providing them with financial products and services and building their capacity.
Founder of Sarmayacar Rabeel Warraich said, “Pakistan offers a unique opportunity with its improving stability, large, young population, rising middle class, fast-growing internet and smartphone penetration, and a dearth of venture capital in the ecosystem.”
Adding, “This marks the first such investment from the World Bank Group in Pakistan and will enable us to back more startups in the country, while also providing access to a global network, new markets and domain expertise to our portfolio companies.”