E-Paper | October 15, 2024

$1.4m raised from Silicon Valley investors

The Newspaper's Staff Reporter Published March 15, 2021
An Islamabad-based technology startup has raised $1.4 million from Silicon Valley investors, reflecting the growing tech ecosystem of Pakistan. — Reuters/File
An Islamabad-based technology startup has raised $1.4 million from Silicon Valley investors, reflecting the growing tech ecosystem of Pakistan. — Reuters/File

ISLAMABAD: An Islamabad-based technology startup has raised $1.4 million from Silicon Valley investors, reflecting the growing tech ecosystem of Pakistan.

The round was led by Indus Valley Capital and also saw participation from several renowned global investors such as billionaire investor Tim Draper, Hustle Fund Ventures and other well-known angel investors from Silicon Valley.

RemoteBase capitalised on the pandemic and enabled Pakistani software engineers and developers to work directly with Silicon Valley companies, creating a business model which attracted one of the largest investment seed rounds for any Pakistani company.

A former senior executive at business networking app, Linkedin, Aatif Awan expressed excitement about investing in Remotebase.

He said: “Remotebase is a crucial piece of the puzzle for the Pakistani tech ecosystem to earn its well-deserved place in the world. As tech companies go remote, Remotebase can help Pakistani talent fulfil this demand and gain experience with the best startups around the world."

Published in Dawn, March 15th, 2021

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Comments (28) Closed
peer baba khwajaji
Mar 15, 2021 10:12am
In India...$100 billion comes as FDI every year.
Recommend 0
Haroon Nisar
Mar 15, 2021 10:17am
Excellent. Wishing success to all stakeholders
Recommend 0
Mansur Ul Haque
Mar 15, 2021 10:21am
If it is so that should be welcome. Others should also try to do even better than that. We claimed to have highest young population. But do we have the talented people who can work hard. Now a days every second student study IT. When can young people give us their performance? Here and their performance is not good enough.
Recommend 0
MG
Mar 15, 2021 10:22am
Excellent,.... keep growing
Recommend 0
Leg before vibration
Mar 15, 2021 10:36am
Bangalore silicon valley of Asia.
Recommend 0
Fastrack
Mar 15, 2021 11:25am
Love you PM IK.
Recommend 0
owaiskhan
Mar 15, 2021 11:26am
@ peer baba khwajaji , Why are you jealous of it ??
Recommend 0
Curious Crow
Mar 15, 2021 12:15pm
Well done young entrepreneurs ! It is a small but good start. Hopefully, inspires others in Pakistani startup eco-system to leverage the enormous potential demographic dividend offers. My Indian friends, lets not compare. We also started small few decades back.
Recommend 0
Khalid H. Khan
Mar 15, 2021 12:20pm
Appreciated and keep it up.
Recommend 0
Vaibhav
Mar 15, 2021 12:26pm
that's good! This should be the way fwd for Pak!
Recommend 0
MA
Mar 15, 2021 12:56pm
On the good path, welldone
Recommend 0
The Mask
Mar 15, 2021 02:29pm
Good work. If priorities were placed correctly, pakistan would not have been 20 years behind india today.
Recommend 0
EagleEye
Mar 15, 2021 03:31pm
Being an entrepreneur, well aware of the pain of getting the fund at global level. Go ahead.
Recommend 0
Raj
Mar 15, 2021 04:52pm
$1.4 M..?.. that’s joke and becomes a news
Recommend 0
Dr. AsHamed.
Mar 15, 2021 05:02pm
A first in the World!!
Recommend 0
Logic
Mar 15, 2021 05:15pm
What? 1.4 million? is this a joke?
Recommend 0
Zak
Mar 15, 2021 05:36pm
Pakistan IT field projected to earn $ 1 billion by end of the year.
Recommend 0
Zak
Mar 15, 2021 05:36pm
@Leg before vibration, Bangalore silicon valley of Asia. Not anymore, world is turning to Pakistan and its creative software talent.
Recommend 0
Zak
Mar 15, 2021 05:37pm
@owaiskhan, @ peer baba khwajaji , Why are you jealous of it ?? Because he is Indian.
Recommend 0
Jalal
Mar 15, 2021 06:26pm
@Fastrack, now why credit him for doing nothing .if some talented engineers raised money from Pakistan who are you to take away their success and attribute it to a PM who knows only fund raising with his arms stretched .
Recommend 0
samirz
Mar 15, 2021 06:30pm
Indus Valley Capital was formed by Pakistanis - only Pakistanis will help other Pakistanis. We will progress once we stop relying on others.
Recommend 0
Multani
Mar 15, 2021 07:16pm
We have a huge talent pool, IK is providing opportunities for these startups and you see how they raise these huge sums in investments.
Recommend 0
Syed Nazim
Mar 15, 2021 09:30pm
Invest in good education specially in science and maths at school, college and university levels.
Recommend 0
Rahim
Mar 16, 2021 05:34am
This is a game changer. Example of growing economy and alleviation of poverty. PMIK has worked extremely hard to put right strategies in place for all citizens to take advantage of.
Recommend 0
Malik
Mar 16, 2021 08:31am
@peer baba khwajaji, India also have 1.38 billion people to feed on landmass half the size of China with same population.
Recommend 0
Dr. Salaria, Aamir Ahmad
Mar 16, 2021 12:17pm
Great move and wonderful news. As always, keep it up and hang on tough.
Recommend 0
Ghanty
Mar 16, 2021 02:22pm
@Zak, Bangalore has a GDP of $85 Billion. Even if Pakistan's software industry grows by $1 Billion every year, it will take 85 years to reach where Bangalore is today. That too is unlikely provided the FATF restrictions. Also, it is great that Pakistan has talent. But without proper training that counts to nothing. Where are the world class educational institutions in Pakistan?
Recommend 0
Ranjit Singh Dhillion
Mar 16, 2021 06:26pm
Just $1.4mn and this is front page business news in Pakistan? And they want Kashmir..
Recommend 0

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