WASHINGTON, (APP)::A US firm has committed $20 million venture capital to invest in startups incubators in Pakistan, a State Department spokesperson said on Tuesday, in a sign of growing collaboration between entrepreneurs of the two countries.
At a State Department briefing, spokesperson Heather Nauert announced the initiative that is being supported by US embassy in Islamabad in conjunction with the city of Austin, Texas. “Austin–based venture capital firm 1839 Ventures committed $20 million venture capital fund to continue work with participating incubators,” the spokesperson said of the fund that followed a series of mentoring and networking events in the Texan city, where US and Pakistani entrepreneurs pitched their ideas to US investors and venture capitalists.
The $20 million venture capital fund will allow partnerships with U.S. incubators to continue to grow and provide U.S. investors and venture capitalists with a unique opportunity to expand into untapped markets for funding growth-stage investment in Pakistani businesses.
Spokesperson Nauert said that this one example of how the United States is committed to working with countries to foster entrepreneurship and innovation worldwide. The US was looking forward to furthering this goal at the upcoming Global Entrepreneurship Summit to be held later this month. Mentioning the initiative supported by the US Embassy in Islamabad in conjunction with the city of Austin in Texas, she said that they were now developing a platform for collaboration between entrepreneurs and startup incubators in Austin and in Pakistan.
“The primary goal of this program is to help incubators collaborate on projects that will strengthen and enhance the entrepreneurial ecosystems in their communities,” she added.