Introduction
Pakistan Startup Fund – Catalyzing Private Finance and Foreign Direct Investments in Pakistani Startups
The Pakistan Startup Fund (PSF) is a strategic initiative launched by the Government of Pakistan under the Ministry of IT & Telecom (MOITT), executed by Ignite National Technology Fund. PSF aims to strengthen Pakistan’s startup and digital investments ecosystem and accelerate its shift to a knowledge-based economy. By reducing financial barriers and investment risks, PSF will make Pakistan an attractive destination for both domestic and international venture capitalists and investors.
PSF supports early-stage Pakistani startups with up to 30% grant of the total investment round size, to bridge funding gaps and scale operations, fostering innovation and reducing startup risks across sectors and regions.
Non-Equity Grants to Startups Supporting Early-Stage Investments by VCs and Investors Reducing Financial Barriers and Investment Risks Supports Startups across technology sectors and regions of Pakistan
Application Submission
by interested and eligible startups as per defined guidelines of PSF.
Initial Scrutiny and Due Diligence
to assess basic eligibility, and then due diligence to assess startup’s legal, financial, operational, and technical aspects.
Vetting / Evaluation
based on the program’s criteria and investor pitch.
Final Approval
of recommended applications.
Grant Agreement and Release of Funds
as per agreed disbursement mechanism and availability of funds.
Startup Eligibility Criteria for PSF Grants
To qualify for funding from the Pakistan Startup Fund (PSF), the startups must meet the following criteria:
Registration and Compliance
- Incorporation: Must be a legally incorporated entity in Pakistan, with no more than 10 years since incorporation.
- Tax Compliance:Must be an active tax filer with the Federal Board of Revenue (FBR).
- Innovation-Driven: The Startup must be innovation-driven or engaged in the development or improvement of products, processes, or services, or must operate a scalable business model with high potential for employment generation or wealth creation.
- Startups Operations: If part of an international holding company, the startup must operate through a legally incorporated entity in Pakistan.
Funding Requirements
- Private Investment: Must have secured or be in advanced stages of securing private investment (e.g., term sheet, funding agreement or letter of intent) from VCs / investor(s).
- PSF Contribution: PSF can provide up to 30% of the total investment round size, with grant ranging from minimum US$ 50,000 to maximum US$ 1,000,000.
- Previous PSF Funding: Startups must not have previously received funding from PSF. However, a previously rejected application can be reconsidered if there are material changes in the circumstances of a startup.
Alignment with National Goals
- Priority Areas: Startups demonstrating high growth potential, scalability, funding raised as part of investment round, and alignment with national development priorities i.e 5 Es of Uraan Pakistan framework and specific objectives (E-Pakistan, FDI attraction, job creation, IT exports).
- Sector-Agnostic: PSF supports startups from all sectors, with priority given to those showing significant growth potential and contributing to the innovation ecosystem
How to Apply:
Applications for the Pakistan Startup Fund (PSF) will be open on a rolling basis through the Ignite official website. Follow these simple steps:
Prepare Required Documents
- Complete the Application Form.
- Compile required documents / application checklist in PDF format (Excel for financial models and image formats for ID docs like CNIC or passports are also accepted) and upload on accessible shared drive.
Designate a Project Leader
- The Project Leader should have decision-making authority within the startup.
- This person will represent the startup during evaluations, present the Investor Pitch (if needed), and may also sign the Grant Agreement upon selection.
Submit Your Application
- Share all documents via email at [email protected] and may additionally provide access to a cloud drive.
- Upon successful submission, startup will receive an acknowledgment email.
- Applicants will be notified of the decision after the internal evaluation cycle and successful startups will be requested for due diligence information and investor pitch.
Submit your application: [email protected]
Download the Annexures Documents / Templates for Application Stage
Meet the Advisors
PSF Advisory Committee comprises of industry experts, successful entrepreneurs, and representatives from both the private sector, including institutional investors and venture capitalists, and Ignite. These individuals will play a vital role in providing insights, guidance, and industry knowledge, enhancing the fund’s ability to support startups effectively.
Maaike Doyer
Managing Partner – EPIC Angels | New York United States
Aman Nasir
Director – Financial Institutions Investment Banking at Nomura | London UK
Asim Ghaffar
Vice President of Engineering – 10 Pearls | Islamabad, Pakistan
Rohma Labeeb
Country Director, Pakistan Accelerate Prosperity – AKDN | Islamabad, Pakistan
Aly Suteria
Venture Capitalist I Doha Qatar
Muhammad Fasieh Mehta
Industry Head | Large Customer Sales – Gaming & | Mobile Apps and Gaming (Pakistan) | Google Singapore
Sardar M. Abubakr
Telco | Fintech | Digital Expert | Islamabad Pakistan
Yaser Awan
Director Innovation & Research | University of Central Punjab | Lahore Pakistan
Dr. Sarah Qureshi
Chief Executive Officer | Aero Engine Craft (Pvt.) Ltd | Lahore Pakistan
Raza Afzal
Co-Founder | Truck It In | Islamabad Pakistan
Faizan Laghari
CEO & Co-Founder | Startup Syndicate (Pvt) Ltd | Karachi Pakistan
Umair Sheikh
Managing Director | Innovate47 | Lahore Pakistan
Darakhshan Sheikh Vohra
Chief Legal Officer & Company Secretary | Raqami Islamic Digital Bank Limited | Karachi Pakistan
Disclaimer
- Providing false or misleading information will result in immediate disqualification and potential blacklisting from future Ignite programs.
- Applying does not guarantee acceptance into the program. Applications will be reviewed by the PSF team and evaluated by the Advisory Committee. Attempts to influence the process or inappropriate behavior towards Ignite staff may lead to rejection.
- PSF does not charge any fee for application at any stage and has not engaged any 3rd party for submission of application for PSF grants.
- All correspondence should be made through PSF’s official email:[email protected]
Transparency Measures
PSF is committed to proactive and clear communication regarding its operations. Key measures include:
- Public Information Disclosure: Core program details, including eligibility criteria, application procedures, and general allocation and utilization guidelines, will be publicly announced and the details will be available on IGNITE website.
- Process Clarity: Standardized application forms, document checklists, evaluation methods, and due diligence criteria outlines will be accessible to potential applicants.
- Performance Monitoring: Aggregated data on the fund's performance against its Key Performance Indicators (KPIs) and overall impact assessments will be conducted.
- Announcements: All major announcements, including calls for proposals (when applicable) will be disseminated through the official channels.
Review Mechanism
A formal review mechanism is established to address concerns from applicants, beneficiaries, or other stakeholders regarding the PSF’s processes or decisions.
- Review Committee: A dedicated Review Committee shall be housed within the Ignite /PSF structure to provide institutional accountability and transparency in concern handling.
- Review Process: To be submitted formally through an email to the PSF official email ID ([email protected]). The submission should clearly state the nature of the review requirement, relevant details, supporting evidence (if any), and the desired resolution.
- Acknowledgement: Receipt of the review request will be acknowledged by the Review Committee within five (05) working days.