Hong Kong-based accelerator programme, SparkLabs Fintech, has raised a $5 million fund to launch in Pakistan.
SparkLabs Fintech’s Managing Director, William Chu, made the announcement in a statement seen by Ripples Nigeria.
The accelerator is part of SparkLabs Group, an early-stage tech investor founded in 2013 by Frank Meehan, Bernard Moon and John Lee.
Ripples Nigeria gathered that the company runs several accelerator programmes and venture funds.
The new $5 million will add to the pool of existing VC funds in Pakistan.
In 2022 alone, Pakistani startups have recorded an impressive $143 million in the Q1’22, a remarkable 408% increase on Q1’21.
Speaking extensively on the development, however, SparkLabs Fintech’s Managing Director, William Chu, said:
“Over the past 12 months, private investments in Pakistan have seen explosive growth, and many VC stalwarts from around the world are starting to take notice.
“Given SparkLabs’ investment activity in China, Korea, SE Asia, we have seen how fintech evolution has played out in other markets, and believe that many of those trends will be applicable here as well.
“We are starting off with a $5M fund to invest in three top-notch pre-selected companies that we have been studying for the past year or so. This fund will serve as SparkLabs’s arrival into Pakistan.
“Over the past 12 months, private investments in Pakistan have seen explosive growth, and many VC stalwarts from around the world are starting to take notice.
“Given...
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