IFC, a member of the World Bank Group, announced a $3 million investment in i2i Ventures, Pakistan’s first female-led venture capital fund focused on early-stage startups. This investment aims to bridge the funding gap for Pakistani startups, particularly those led by women.
Halima Iqbal, CEO of Oraan, a female-founded fintech startup, struggled to secure funding initially. However, i2i Ventures provided crucial early-stage financing, allowing Oraan to reach over 2 million Pakistani women. “They act as partners, not just investors,” said Iqbal, highlighting their focus on gender diversity.
Founded in 2019 by Kalsoom Lakhani and Misbah Naqvi, i2i Ventures invests in pre-seed and seed-stage startups while providing hands-on support. They also champion gender parity within their portfolio companies. “We saw the potential of startups and the need for founder-centric investors,” said Naqvi. This is crucial in Pakistan, where female-founded startups received significantly less funding compared to male-founded ones last year.
IFC’s investment will not only support i2i Ventures but also contribute to Pakistan’s overall startup ecosystem. This includes companies like ezBike, which promotes electric mobility, and Abhi, a fintech platform aiming to revolutionize payroll management.
The investment aligns with IFC’s broader goals of promoting sustainable and inclusive growth in emerging markets. It also supports the Women Entrepreneurs Finance Initiative (We-Fi)’s mission to empower women entrepreneurs. “We-Fi is committed to supporting women entrepreneurs through funds like i2i Ventures,” said Hanh Nam Nguyen, We-Fi Program Manager.
This initiative reflects the World Bank Group’s new gender strategy, which prioritizes financing and programs to close the gender gap. “By providing early-stage capital and expertise, we can foster an inclusive startup ecosystem that drives innovation and creates jobs,” said Farid Fezoua, IFC’s Global Director for Disruptive Technologies.
With this investment, IFC and i2i Ventures are paving the way for a more inclusive and prosperous future for Pakistan’s startup ecosystem.
