Ignite's startups increase to 568 with 39 graduated from NIC, Karachi.

KARACHI -- The number of Ignite's startups has increased to 568 with 39 graduated from the National Incubation Center (NIC), Karachi on Friday.

This was informed to Federal Secretary IT and Telecom Mohsin Mushtaq, who was the chief guest at the graduation ceremony held at NED University, Karachi, said a Ministry of Information Technology and Telecom news release.

Addressing the ceremony he said, 'Investment in Pakistani startups grew by 5 times to $373 million last year due to the congenial investment atmosphere provided to young entrepreneurs through our National Incubation Centers Program'.

He also encouraged the graduating batch to explore new customers and investors and contribute to the development of the knowledge economy of the country.

Chief Executive Officer Ignite, Asim Shahryar Husain stated that they would launch five more incubation centers by next year. New acceleration and innovation funds would also be launched to boost the startup and innovation ecosystems of Pakistan, he added.

He said Pakistani startups had raised 268 million dollars in first half of 2022 and forecast by end of the year was more than half a billion dollars of investment in Pakistani startups.

He said the future looked bright for Pakistani startups as the country was expected to have a couple of unicorns...