US-based venture capital firm SOSV has invested nearly $1 Million in five Pakistani startups, reported Bloomberg.
Truckistan, BusCaro, Metamorph, Umrah Companions, and MedIQ Smart Healthcare took home $180,000 apiece from SOSV-controlled Orbit Startups, which is an SOSV program for startups in emerging and frontier markets. According to SOSV’s managing director, William Bao Bean, the VC firm has already invested a total of $5 million in 21 Pakistani firms.
Bean said Orbit Startups sees a tremendous investment opportunity in Pakistan’s software and internet consumer sector. Orbit has invested more than $5 million in 21 Pakistani firms, and the venture capital firm has also assisted them in raising up to $90 million from other investors, he added.
Pakistan’s startup industry, like its global peers, has lately been battling a funding plague. However, internet users in Pakistan have tripled in the last six years to 130 million, attracting companies like SOSV.
SOSV is a global, multi-stage venture capital firm that operates early-stage startup development programs, notably HAX, IndieBio, and Orbit Startups. SOSV’s core mission is to fund visionary, deep-tech founders who will have a profound impact in the areas of human and planetary health.