‘Launch of venture capital for Pak startup ecosystem by Austin a major success’

News Image

MG News | October 12, 2017 at 04:53 PM GMT+05:00

0:00

The Punjab Information Technology Board (PITB) with an Austin based entity announced the establishment of Punjab Technology Fund for technology based Startups.

The launch of a venture capital fund with support from 1839 Ventures at Atx+Pak ceremony at Austin for Pakistan startup ecosystem is a significant success in emerging markets and beneficial for exceptional technology-oriented Startups/ entrepreneurs across Pakistan.

Dr. Umar Saif the founding Vice Chancellor of Information Technology University (ITU) Punjab, Chairman PITB, Advisor to CM Punjab and founder of Pakistan’s first Tech Incubator, “Plan9”, said in a statement on Thursday and termed it a great success for Pakistan.

The Managing Member Chris Scheetz and Principal Liz Keehner have reaffirmed to continue working with Dr. Umar Saif Chairman PITB and the rest of the team at Plan9 - PITB's Tech Incubator, as 1839 Ventures announced its international expansion and the start of a US $20 M venture capital fund dedicated to investing in technology-oriented startups operated by exceptional entrepreneurs who are based across Pakistan.

The announcement was made today by 1839 Ventures at Austin 39; City Atx+Pak Launch closing ceremony, says a message received here from Austin, Texas.

The message further stated, “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, US Consulate Lahore and the representatives from the Greater Austin Asian Chamber of Commerce that lead up to us being able to make this exciting announcement”.

Both our Austin, Texas and Lahore, Pakistan based team members consider this a great win for the startup ecosystem of Pakistan and for City of #Austin. #ATX. This initiative is a direct result of collaboration caused by the “Science Cities” MoU, which was signed between PITB and Mayor Austin, Steve Adler during South by Southwest in March 2017.

Related News

Name Price/Vol %Chg/NChg
KSE100 168,489.63
776.26M
1.72%
2849.29
ALLSHR 102,646.76
1,569.36M
1.62%
1640.61
KSE30 52,023.56
353.50M
1.93%
986.90
KMI30 249,073.59
212.15M
1.02%
2526.18
KMIALLSHR 68,754.15
722.17M
1.01%
685.06
BKTi 47,811.74
185.38M
5.49%
2488.60
OGTi 34,491.25
11.60M
0.60%
205.59
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 121,730.00 122,040.00
118,470.00
3445.00
2.91%
BRENT CRUDE 64.32 66.15
64.00
-1.03
-1.58%
RICHARDS BAY COAL MONTHLY 86.50 0.00
0.00
0.90
1.05%
ROTTERDAM COAL MONTHLY 92.00 92.75
92.00
-0.85
-0.92%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 60.68 62.54
60.40
-1.10
-1.78%
SUGAR #11 WORLD 16.42 16.54
16.16
0.29
1.80%

Chart of the Day


Latest News
October 02, 2025 at 07:00 PM GMT+05:00

State Bank's Forex Reserves Increase by USD 20.90 Million


October 02, 2025 at 04:15 PM GMT+05:00

Cement despatches increased by over 16% in 1QFY26


October 02, 2025 at 04:06 PM GMT+05:00

PKR appreciates by 3 paisa against USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg