Singaporean venture capital firm High Output Ventures establishes an early-fund to back Pakistani start-up companies
In an exciting development for the Pakistani startup ecosystem, High Output Ventures (HOV), a Singapore-based venture studio, has announced the launch of an early-stage fund to invest in 20 Pakistani startups. The fund, which is sector-agnostic, will provide each selected startup with an initial investment of $25,000, with the potential for a second tranche of either $20,000 or $30,000, depending on the startup's performance.
Usman Sheikh, the Managing Director of HOV, expressed his enthusiasm for the venture, stating, "I want to use my experience, network, and team to help Pakistani founders build great companies." Usman, who has built, led, and sold different technology companies over the last fifteen years and has also invested as an angel in startups across the world, believes in the potential of Pakistan's market and founders, particularly in the early stage. He aims to help repair the pipeline for downstream investors by churning out high-quality, polished companies.
The fund's accelerator program, HOV Accelerate, will connect Pakistani entrepreneurs to global mentors and provide them with a total of $50,000 to scale their companies. The program, which will be run remotely, will assist startups with market segmentation, building teams, attracting investors, and maintaining momentum. It will also include modules on product design, finance, legal, and other topics.
HOV Accelerate will use a bespoke model to connect startups with global domain experts based on their needs. Omar Parvez Khan, a partner with High Output Ventures, explained that their experts will work individually with each startup and keep an eye on their progress, creating a dedicated strategy for each one with individual KPIs.
Applications are currently open for the first cohort of the accelerator program, which is expected to start in October. Interested startups should note that HOV will not standardize equity terms and will discuss them during the final stage of the application process.
Zubair Naeem Paracha, Founder at our xA tech, authored the article announcing the launch of the fund. Zubair, who can be reached on LinkedIn, Twitter, or via email at zubair [at] our website [dot] com, also mentioned recent posts by Zubair Naeem Paracha, including one on Ameer Sherif's new role in VC and public policy, and another on Marham's earned wage access platform in Pakistan.
As the tech industry continues to grow in Pakistan, initiatives like HOV's early-stage fund and accelerator program are a testament to the potential of the country's startup ecosystem. With the right support and resources, Pakistani startups have the potential to make a significant impact on the global stage.
The article was published on May 2, 2023, under the title "E&'s big bold bet on tech." The main investor in High Output Ventures' new early-stage fund for Pakistani startups was not provided in the search results.
