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, said 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.”
The announcement was made today by 1839 Ventures at Austin’s City Atx+Pak Launch closing ceremony. This new development will prove to be very helpful in driving the startup eco-system.
The Managing Member Chris Scheetz and Principal Liz Keehner have reaffirmed to continue working with Dr. Umar Saif 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 in Pakistan.
This initiative is a direct result of collaboration caused by the “Science Cities” MoU, which was signed in March 2017.