500 Global to invest in promising tech startups

ISLAMABAD: 500 Global, a world’s leading venture capital firm, has agreed to work with Special Technology Zones Authority (STZA), to identify and explore mutual areas of interest to foster innovation and promote tech-driven knowledge ecosystem, a statement said on Friday.

This development followed a meeting of a 500 Global delegation with Chairman STZA Amer Hashmi and his team at the latter’s office.

500 Global has backed over 6,000 founders representing more than 2,500 companies operating in 77 countries and it’s portfolio includes 33 firms valued at more than $1 billion.

The venture capital firm’s delegation comprised Courtney Powell, Chief Operating Officer and Managing Partner, Max Scheder-Bieschin, Board Member, and Alysia Lopez, Executive Assistant to 500 Global’s CEO Christine Tsai.

Ms Powell had previously met with the STZA delegation, led by Chairman Hashmi, last month in Dubai, to discuss investment opportunities and the burgeoning tech startup ecosystem in Pakistan. Chairman STZA had invited Ms Powell for a visit to Pakistan to meet startups, incubators, local venture capitalists, and other stakeholders in the public and private sector working towards technology-driven growth in the country.

At the meeting with Chairman STZA Ms Powell shared her experience visiting the technology startup community in the country. She also discussed the support and mentorship 500 Global could provide to startup founders to scale up their ventures, and the firm’s plans to explore investment opportunities in Pakistan.

The STZA team briefed 500 Global officials about the Special Technology Zones (STZs) created by the Government of Pakistan to attract foreign direct investment, allow technology transfer, boost technology exports, prioritise research and development, and foster job creation for Pakistani youth.

Hashmi said STZA’s aim was to build knowledge ecosystems that would harness Pakistan’s technology potential and set the country on the trajectory of an entrepreneurial, innovative, and tech-driven future for shared prosperity and inclusive growth.