Lahore, Pakistan | Oct. 23, 2024 – Sarmayacar, Pakistan’s first institutional venture capital firm, has announced securing a $15 million anchor commitment from the Green Climate Fund (GCF) for its Climaventures Fund, marking a huge leap for the nation’s climate-tech ecosystem. This new fund aims to accelerate climate-tech innovation, with a target fund size of $40 million.
The Green Climate Fund has also committed an additional $10 million to a venture accelerator run by the National Rural Support Programme (NRSP). This will support early-stage startups focused on climate solutions, emphasizing the global momentum in addressing Pakistan’s climate challenges.
What is the Climaventures Fund All About? 🚀
The Climaventures Fund will focus on:
- Renewable Energy ⚡
- Electric Mobility 🚗
- Sustainable Agriculture 🌾
Startups will receive both financial backing and strategic guidance to accelerate their growth and impact. This fund seeks to position Pakistan as a regional leader in sustainability and climate-tech, attracting global investment into the country’s ventures.
Why is This Important? 🌍
Pakistan, despite contributing only 0.9% to global greenhouse gas emissions, is the 8th most vulnerable country to climate change. As global climate finance surged to an annual average of $1.27 trillion, Pakistan’s role in this emerging sector is crucial. This fund aims to drive scalable solutions that not only meet local climate goals but also propel economic growth.
The Role of Sarmayacar 🏢
Since its founding in 2018, Sarmayacar has catalyzed over $800 million in venture capital for Pakistani startups. Now, it is leveraging this experience to address the climate crisis. With CEO Rabeel Warraich and General Partner Dr. Bernhard Klemen at the helm, the firm is leading the charge in climate-tech innovation.
“Addressing Pakistan’s climate emergency requires entrepreneurial innovation,” said Rabeel Warraich, CEO and Founder of Sarmayacar.
What’s Next? 🔮
With the GCF’s backing, Sarmayacar plans to build an entire climate venture ecosystem, providing the resources needed for startups to succeed locally and globally. The fund also looks to attract private capital and further de-risk early-stage climate ventures, creating a sustainable future for Pakistan.
Learn more about Sarmayacar: Sarmayacar Website
Learn more about GCF: Green Climate Fund Website
Key Takeaways 🔑
- $15 million commitment from the Green Climate Fund.
- Focus on renewable energy, electric mobility, and sustainable agriculture.
- Aiming for a $40 million fund size with additional $10 million for early-stage startups.
- Positioning Pakistan as a regional climate-tech leader.
