Eleven startups from Ignite’s five National Incubation Centres (NICs) were featured at the Pakistan Tech Fest 2022, which was held at the Expo Centre Lahore.
The two-day event, dubbed “Innovate, Digitize, and Disrupt,” included solutions for all sectors of the economy, with a focus on networking, information-sharing, lead generation, and a series of conferences that established a learning atmosphere for like-minded people to share knowledge and experiences.
Heirloom (e-commerce), Ivision (artificial intelligence), KalPay (FinTech), QuickEats (IT), Teleport (mobility), Waterness (IoT), Farmdar (Agritech), Digital Tax Services (FinTech), Mapalytics (AR/VR), CalCart (IoT), and MyTM (FinTech) were among the NIC startups that drew the attention of visitors and investors.
The event was also attended by representatives from Ignite, Pakistan Software Export Board (PSEB), P@SHA, and the Ministry of Information Technology and Telecom.
Asim Shahryar Husain, CEO of Ignite, said at the event, “Ignite has been providing both local and international networking platforms to our startups to pitch their business ideas and products to potential customers and investors.
Ignite has planned some big initiatives this year including two new incubation centers in Faisalabad and Hyderabad and Pakistan Tech Startup Fund. So, Ignite is igniting the startup ecosystem of Pakistan.”
Investment in Pakistani startups increased fivefold from 2020 to $373 million in 2021, and the outlook for 2022 is much brighter. Pakistani entrepreneurs have already raised more than $150 million in the first quarter of 2022, and if this trend continues, the prediction for 2022 is between $600-$700 million in investment.
In the first quarter of this year, MyTM, a NIC fintech firm, raised $7 million from a consortium of investors, while Encore Pay, another NIC Karachi fintech startup, raised $1.5 million in initial capital supported by GreenHouse Capital.
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