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.