Fatima Ventures, the corporate venturing arm of diversified Pakistan-based conglomerate Fatima Group, has launched a $20m venture capital fund in partnership with VC firm Gobi Partners, DealStreetAsia has reported.
The vehicle will focus on early-stage investment opportunities in Pakistan, making seed and series A-stage investments in sectors such as travel, healthcare, education, e-commerce, industrial internet-of-things, consumer and financial technology.
The fund will also explore technologies catered to Muslim consumers, businesses and communities – a field known as Taqwatech.
Fatima Ventures was formed in 2014 as the corporate venturing subsidiary of Fatima Group’s business, which includes subsidiaries producing fertiliser, energy and sugar. It has a five-strong portfolio and an incubator partnership in place with Lahore University of Management Sciences.
Gobi Partners reportedly became the first China-based VC firm to invest in Pakistan when it backed online travel booking platform Sastaticket.pk in November 2018. It also oversees regional funds in the Philippines and Indonesia.