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Pakistani entrepreneurs recently bagged a huge $20 million venture capital fund from 1839 Ventures, the Austin-based venture capital firm that provides financing to early-stage technology-oriented companies.
Alicia Dean, the ATX+Pak Exchange programme founder, said ideas of Pakistani youth have attracted international attention and investors are willing to not just explore, but fund these plans as well.
The fund was launched last month and comes through a deal involving the Punjab Information Technology Board (PITB) and 1839 Ventures.
Plan 9, the incubator that comes under PITB, is in partnership with Austin’s city government and the US State Department, which resulted in the creation of the ATX+PAK exchange program in 2015. As a result, 22 start-ups incubated at Plan9 got a chance to fly to Austin to study its tech ecosystem and get further mentorship from top experts.
Now, they have a kitty of $20 million to fund their plans.
Dean said 70% of Pakistani startups managed to raise funding after pitching their ideas in Austin, a ratio that is among the highest of all participants.