To promote startups in Pakistan, 500 Global, one of the most active venture capital firms in the world, has collaborated with JS Group, one of Pakistan’s top financial services conglomerates.
By working together, 500 Global hopes to introduce its investor and startup education programs to Pakistan. Additionally, it will keep looking for high-potential technological startups and top founders to invest in.
Pakistan intends to develop into a regional technology hub as the fifth most populated market in the world with a young population that is quickly digitizing. Between 2018 and 2021, the number of venture-backed deals nearly tripled to 86, and funding increased more than 20 times to $332 million. According to analytics provider MAGNiTT, Pakistan has reached a turning point for venture capital-backed projects, collecting $304 million in funding in the first nine months of 2022, or 92% of all funding in 2021.
The collaboration highlights 500 Global’s goal of advancing economies and people via entrepreneurship. The Silicon Valley-based company has invested in more than 2,700 firms across 81 countries, has $2.7 billion under management, and has 49 unicorns (companies valued at more than $1 billion) in its portfolio. In addition to making investments, 500 Global has managed more than 80 accelerator programs across the globe, giving companies the resources they require to succeed.
To help the Pakistani startup ecosystem, JS Group will keep advancing its mission by developing category-defining technology companies, job opportunities, and a fresh batch of businesspeople. A track record of supporting and investing in some of the top SMEs and start-ups in the nation, taking them from seed to IPO, has already been established by JS Group and its subsidiaries.
“I’ve had the chance to meet a driven and growing community of talented founders and their supporters, both in Pakistan and overseas, as we’ve watched Pakistan’s startup environment develop. We’ll each be well-positioned to assist the upcoming generation of founders in Pakistan to build and scale their companies with sound infrastructure and know-how thanks to JS Group’s experience and offerings as a major financial institution in Pakistan and our experience investing globally in early-stage technology and delivering programs, said Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global.
Six years after making its initial investment in Pakistan, 500 Global is partnering with JS Group to strengthen its dedication to creating a strong and long-lasting startup environment. Although macro-
Due to economic pressures, both groups understand that Pakistan’s most inventive businesspeople will effectively manage the country’s current economic difficulties to build companies that can scale growth in Pakistan and outside.
“Policies and infrastructure created to enhance the technology and venture capital sectors have supported the expansion of Pakistan’s youthful, connected middle class with close to a billion dollars in venture financing since 2018. JS Group has been at the vanguard of Pakistan’s financial industry, and it is now setting the bar for how growth capital is provided to the nation’s trailblazing businesspeople. Together with 500 Global, we want to open up early-stage finance for domestic entrepreneurs and develop creative talent through a worldwide network of professionals, according to Salaal Hasan, Director of Venture Capital at JS Group.