Categories: News

Pakistani Startup CoVenture Raises $3M to fuel more growth

CoVenture is a startup rooted in Pakistan which invests in early stage startups and builds software in exchange for equity. Recently, Ali Hamed – Co founder announced that the firm has secured funding of $3M from 57 investors which includes big names like Bob Adelson of Osage Partners, Great Oaks Venture Capital and Gerson Lehrman Group for building software for startups.

CoVenture’s plans are a little different from the mainstream funding companies. Ali explained that CoVenture will use the money raised to fund their own operations and some part of it will go to startups as Bridge Investment. It has strategically employed 55 developers and designers in Lahore, Pakistan, to provide services to sprouting startups. These services will include a skilled and experienced team who will efficiently fuel growth.

In New York City, the biggest lack of anything is engineers – it’s the number one limiting resource.” Hamed said.

Conventionally, founders are expected to build their product and service themselves solely or with a co-founder if they lack technical knowledge. Hamed contradicts with this idea and believes that it is better to focus on building a high end competitive product or service first hence be able to raise sufficient capital to hire a skilled and technical team.

Hamed states that co-founders are not as important as startups think, “CEO is required to head the product and it is CoVenture’s job to train them how to be the head of the product.

CoVenture also recently expanded their team collaborating with two new partners, Thatcher Bell and Mike Beller of Cornell Tech who look after the investments for business. Besides the two, Jamil Goheer is leading the product. The team’s mission is to build a bridge to grow simultaneously raising more funds.

CoVenture has successfully invested in 15+ startups which include Enriched Schools(temporary staffing for schools), Bib + Tuck (secondhand fashion), and FireStop(dispatching software for fire stations). It further plans to invest in 22 companies in the near future.

Sponsored
Amna Mishal

Amna is a digital marketer by heart and a writing enthusiast. She loves talking about new ideas, businesses and life.

Share
Published by
Amna Mishal

Recent Posts

Itel S25 Ultra Fails Durability Test, Raising Concerns

The Itel S25 series, known for its durability and affordability, recently faced scrutiny during a…

30 mins ago

WhatsApp Will No Longer Work on Older Android Phones Starting January 2025

WhatsApp has officially confirmed that, beginning January 1, 2025, it will end support for Android…

33 mins ago

Rs158 Billion Spent on Importing Mobile Phones to Pakistan in the Last Five Months

According to data from the Pakistan Bureau of Statistics (PBS), Pakistan imported mobile phones worth…

2 hours ago

EU Concerns Over Pakistan’s Military Court Sentences May Impact GSP+ Trade Benefits

The European Union (EU) has expressed concern over the recent convictions of 25 civilians by…

3 hours ago

SBP Announces December 25 as a Bank Holiday

The State Bank of Pakistan (SBP) has officially declared Wednesday, December 25, 2024, as a…

3 hours ago

Greentree Holdings Ltd Aims for 35% Stake in TRG Pakistan

AKD Securities, the manager of the offer, informed the main stock exchange on Monday that…

4 hours ago