The Punjab Information Technology Board (PITB) with support from 1839 Ventures, an Austin-based venture capital fund, has announced the establishment of a Punjab Technology Fund for technology-based startups in Pakistan.
The announcement was made earlier in the week by the venture capital firm at the Atx+Pak launch ceremony in Austin city.
Under its international expansion plan, 1839 Ventures has started a US $20 million venture capital fund dedicated to investing in startups operated by Pakistan-based entrepreneurs. Managing Member Chris Scheetz and Principal Liz Keehner at 1839 Ventures have reaffirmed to continue working with Plan9, PITB’s technology incubator, for promotion of entrepreneurship.
“It has been our firm’s continued dedication to the Atx+Pak Launch Entrepreneurship Program and our continued collaboration with Alicia Dean from the City of Austin, the US Consulate in Lahore, and representatives from the Greater Austin Asian Chamber of Commerce that has led us to make this exciting announcement,” said 1839 Ventures in a statement posted on social media.
In a statement, PITB chairman Dr. Umar Saif has hailed the announcement of the venture capital fund as a great success for Pakistan.
The initiative is a direct result of a ‘Science Cities’ Memorandum of Understanding signed between the PITB and the Mayor of Austin, Steve Adler, in March 2017.