To join the investment frenzy in the world’s last large market, Tofino Capital, located in Washington, has announced ambitions to invest in Pakistani entrepreneurs following the initial closing of a $10 million fund.
Tofino Capital, founded four years ago by Eliot Pence and Aubrey Hruby, invests in early-stage firms throughout Africa, Latin America, Asia, and the Middle East.
While the fund is not entirely focused on Pakistan, the creators believe it is a promising market to invest in.
“Pakistan is the world’s fifth biggest market, with a compound annual growth rate for individuals going online that outpaces any other Asian country, including some of the region’s fastest-growing countries like Vietnam and Indonesia,”
Pence told Profit. “However, Pakistan only received about $350 million in venture capital investment last year, which is relatively low in comparison to other countries,” he says.
According to Pence, Pakistan is “phenomenally underpenetrated from a venture standpoint” due to the tiny amount of venture capital available for the fifth largest market.
Tofino Capital wants to invest in pre-seed and seed-stage firms with check sizes ranging from $50,000 to $500,000, based on their concept of investing in huge markets with a dearth of venture capital.
Pence tell reporters, “We seek to invest in fintech, fintech-enabled, and logistics firms, as well as entrepreneurs that are digitising informal marketplaces.”
There is no strict allocation for Pakistan in the fund because it is not entirely focused on Pakistan, and investments would be reviewed on a case-by-case basis. In the next 6 to 9 months, the business hopes to close the remaining $5 million.
A public relations business started by Pence and Hruby in 2017, works with “unknown entrepreneurs seldom highlighted in global media.”
“With twelve workers across four continents, insiderPR provides us with early access to some of the fastest-growing firms in developing markets,” Hruby says.
“At the same time, working so closely with founders on their PR has given us a better understanding of how top-tier entrepreneurs operate,” she added. InsiderPR has worked with over 100 businesses since its inception in 2018, including Flutterwave, SWVL, and Foodology.
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