Telenor Velocity and Invest2Innovate Collaborate to Transform Pakistan’s Startup Landscape

Islamabad, (August 23, 2024) – In a strategic move to bolster Pakistan’s growing startup ecosystem, Telenor Velocity, Telenor Pakistan’s premier startup accelerator, has forged a powerful alliance with Invest2Innovate (i2i). By combining Telenor Pakistan’s market reach, technological infrastructure, and industry expertise with i2i’s proven track record in nurturing entrepreneurs, this partnership aims to empower startups to scale rapidly and compete on a global stage.

Pakistan’s youthful demographic, with 64% of the population under 30, presents an immense opportunity for innovation. With a population of nearly 240 million and 80% teledensity, the country boasts a vibrant startup ecosystem. However, despite this potential, 70% of startups face scaling challenges. In 2023, Pakistani startups secured $81.116 million in venture capital across 39 deals, highlighting a significant funding gap compared to regional counterparts.

Telenor Pakistan and i2i are determined to address these challenges by creating a robust ecosystem that supports entrepreneurship at every stage. Through this collaboration, Telenor Pakistan will offer i2i’s portfolio companies an array of invaluable resources. From tapping into Telenor Pakistan’s vast customer base of 44 million to gaining access to cutting-edge technology platforms, startups will receive the support needed to transform their ideas into thriving businesses. Moreover, mentorship from seasoned industry experts, comprehensive branding and marketing assistance, data-driven insights, and technological development support will equip entrepreneurs with the tools to succeed.

Areej Khan, Chief People Officer at Telenor Pakistan stated, “Pakistan is on the cusp of a digital revolution, and Telenor Pakistan is committed to being at its forefront. By joining forces with Invest2Innovate, we’re not just supporting startups; we’re investing in the future of our nation. Together, we’re creating a fertile ground for innovation to flourish, empowering young entrepreneurs to turn their dreams into reality and compete on the global stage.”

Sarah Munir, CEO of Invest2Innovate, added, “We are extremely excited to partner with Telenor Pakistan to empower the next generation of entrepreneurs. Community and collaboration are at the heart of this venture, and we are committed to providing our startups with an enabling environment and the support they require to succeed and grow.”

By combining their strengths, Telenor Pakistan and Invest2Innovate are poised to create a lasting impact on Pakistan’s startup landscape, promoting a culture of entrepreneurship and driving economic growth. This strategic alliance underscores Telenor Pakistan’s commitment to nurturing the startup ecosystem. Building upon the success of initiatives like the Startup Mentor’s Network and the partnership with GSMA’s Innovation Fund, Telenor Pakistan reaffirms its position as a catalyst for innovation in the country.

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Press Contact
Sheikh Muzamil Riaz
Manager, Corporate Communications, Telenor Pakistan
press.center@telenor.com.pk

About Telenor Pakistan
Telenor Pakistan is 100% owned by Telenor Group and has a nationwide footprint. With a subscriber base of over 44 million, it is the third-largest mobile operator in Pakistan. Telenor launched its operations in Pakistan in 2005 and has over 1,000 employees. For more information, please visit: www.telenor.com.pk