Only three of the 30 founders who began the programme received funding. The Standard Chartered Foundation, working with INNOVentures Global and Village Capital, has completed the eighth round of its Women in Tech Accelerator for Pakistan. At a graduation ceremony in Karachi, three women-led start-ups received equity-free grants totalling Rs10.5m.
EV Square, founded by Aimen Shafique, won first prize of Rs5m. Blusha App, founded by Minahil Zafar, received Rs3m, while Zvolta, founded by Anusha Shahid, won Rs2.5m. The winners will also receive six months of additional support and financial oversight, as well as lifetime membership of the Women in Tech Alumni Network.
The selection process was competitive. The cohort began with 30 founders attending a six-day bootcamp. Ten were then selected for three months of mentoring and preparation for raising investment. The programme helped them improve their business models, competitive positions, growth plans and fundraising strategies, and included two stages of funding for the strongest start-ups.
The founders presented their businesses to a panel of judges: Ghias Khan, an independent non-executive director of Standard Chartered Pakistan; Saad Amanullah, a board member of FFC and president of PILAP; Musharaf Hai, a former chief executive of Unilever Pakistan; and Sara Khurram, chief executive of Sehat Kahani.
Adil Salahuddin, chief executive and head of coverage at Standard Chartered Pakistan, said the programme was designed to help entrepreneurs grow through mentoring, business advice, industry contacts and training. He said the bank was proud to support founders who are expanding their businesses and creating jobs.
Alison Blackburne, Britain's deputy high commissioner in Karachi, said Pakistani women entrepreneurs were turning ambitious ideas into businesses that create jobs and improve lives. She praised the foundation and its partners for giving women the funding, skills and contacts they need to grow their companies.
The Pakistani programme is part of the foundation's global Women in Tech initiative, which also operates in Africa and the Middle East. Since its launch, the Pakistan accelerator has mentored more than 200 women-led start-ups and awarded over $425,000 in grants.
Globally, the initiative aims to support 400 women entrepreneurs in 12 countries over three years, provide more than $1.9m in grants, support over 1,200 jobs and connect founders with peers, investors and industry experts. The grants are small, but they provide funding without requiring founders to give up ownership, which can be valuable for early-stage women-led businesses.