Sarmayacar, an early-stage VC dedicated to Pakistan has announced the closing of their $30 million fund for Pakistani startups. It is the largest-ever VC fund dedicated for Pakistani startups, who normally struggle to raise venture capital as there are hardly any investors in the country that offer money on decent terms.
Led by Rabeel Warriach, who is the founder and CEO of Sarmayacaar and Dr. Bernhard Klemen, the fund will invest in tech and tech-enabled startups of the country, with ticket size between $100,000 to $2 million.
The CEO, announcing the fund, in the statement, noted that they aim to invest in the future of Pakistan.
“We are excited about the emerging opportunities in the country, particularly in the venture space, underpinned by attractive demographics and a strong digitisation push across many segments of the economy,” said Rabeel.
Sarmayacar wants to back the most promising entrepreneurs building the next iconic Pakistani companies, he added.
Dr. Bernhard Kelmen, Sarmayacar’s International partner, speaking about the potential of Pakistan, described it as one of the last remaining untapped markets of an attractive scale, in the statement.
“The stage of development of the entrepreneurial ecosystem in Pakistan allows us to build bridges and bring learning and expertise from international ecosystems,” he noted.
Sarmayacar has been active in the local ecosystem and has previously made few investments in the country including Patari, the Pakistani version of Spotify and PublishEX, a direct billing startup.