A Pakistani startup investor, Invest2innovate, has started a $15 million fund to promote technology-based startups in Pakistan. Their early-stage startup fund goes by the name of i2i Ventures and has announced its first investment in Mouqa Online.
Invest2innovate has been founded by two amazing women, Kalsoom Lakhani, a Pak-American social entrepreneur, and Misbah Naqvi, a professional investor, along with Fintech. There’s no denying the fact that i2i Ventures is the first female-founded fund to invest in entrepreneurs of Pakistan. They’re, in fact, one of the few known venture capital funds in the Greater Middle East. i2i have been working with Pakistan since 2011 when they worked with a startup called Ecosystem. Since then they’ve ensured that their vision is to unleash the potential of the innovative entrepreneurs.
What the future holds
Their objective is to help early-stage startups through communication, guidance, and funds. They have been investing in Pakistani startups for so long. Among forty startups supported by Invest2Innovate, the most successful ones include an edtech that raised a six-figure seed round, SehatKahani that last year raised $500,000 and Saravee, a cab-hailing service which was later acquired by Careem.
They are providing a variety of deals ranging from $50,000 to $3 million in seed, post-seed and growth capital categories. While providing details, Kalsoom revealed that they will make $50,000 to $70,000 investment in accelerator level companies who graduated from Invest2Innovate’s program, whereas $100,000 to $200,000 in seed-level companies and $400,000 to $1 million in growth-level companies. She further explained that this will fulfill the gaps they’ve seen in the value chain for startups and is a smart way to perform follow-on financing in the future.
However, she did not close that how much of those $15 million they have already closed but they did mention that they were in the beta phase of the fund which has been supported by the Dutch Good Growth Fund. Furthermore, they revealed that they are hoping to close five deals in the next eighteen months. Along with the DGGF many other high net-worth individuals from across the USA, Middle East and Southeast Asia have supported the first phase of the fund.
Davide Loriggiola, Investment Manager Seed Capital of the DGGF, said that it was an honor for them to be supporting i2i Ventures with the seed capital to launch this initiative.