500 Global ties up with Pakistani firm to back startups in the region

500 Global, a US-based VC firm, has partnered with JS Group, a Pakistan-based financial services conglomerate, to bring startup and investor education programs to the Asian nation and scout for top founders and tech companies in the country.

Photo credit: 500 Global and JS Group

The number of VC-backed deals in Pakistan – the world’s fifth most populous country – reached 86 in 2021, nearly quadrupling 2018’s figure, according to data firm Magnitt. Meanwhile, total funding for the country’s startups rose more than twentyfold during the same period to US$332 million.

In the first nine months of 2022, Pakistan attracted US$304 million in funding, or 92% of 2021 numbers, prompting 500 Global and JS Group to say that the nation was at “a tipping point” for global VC deals.

500 Global, which made its first investment in Pakistan six years ago, has invested in more than 2,700 firms – including 49 unicorns – in 81 countries, with US$2.7 billion in assets under management. In addition, the Silicon Valley-based firm has run more than 80 accelerator programs worldwide and has a team spread across 27 countries.

With 500 Global’s support, JS Group will help local startups access early-stage financing, said Salaal Hasan, the financial services firm’s executive director.

The five-decade-old Pakistani firm is present in over eight countries and has businesses in commercial banking, Islamic banking, investment banking, insurance, securities brokerage, as well as asset management and private equity.

See also: Fintech a bright spot in Pakistan’s breakout year