Original disclosure @ IFC website
Updated in EWS Sep 5, 2019
Disclosed by Bank May 17, 2019
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Sarmayacar Ventures Coopreatif is an early stage venture capital fund raising US$30 million to invest in tech based companies in Pakistan. This investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.
The project aims to achieve "(i) Increased access to capital for early stage tech enabled startups in a nascent ecosystem with an increased focus on supporting women entrepreneurs; (ii) Improved investee growth as the fund manager will actively engage in professionalizing the investee companies to help them grow their product offerings, increase headcount and potentially expand into new markets, and (iii) market creation through increased competitiveness of local VC market, reduction in risk perceptions and support of entrepreneurship ecosystem especially initiatives supporting investment readiness for early stage women entrepreneurs."
According to IFC, Sarmayacar was established in 2016, as a syndicate of local and international angel investors pooling capital and expertise to back Pakistani startups. Sarmayacar is led by Rabeel Warraich and Bernhard Klemen, who bring together relevant investment, strategy and company building experience (~US$3bn aggregate direct equity investments ranging in size from US$25K early-stage venture to US$650M large-cap minority); wide connectivity in the country; and demonstrated ability to source and execute deals in Pakistan.
Sarmayacar Ventures Cooperatif
+92 (0) 333 520 5236
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