Lahore, Pakistan, Oct. 23, 2024 (GLOBE NEWSWIRE) — Venture capital firm Sarmayacar<\/u><\/a> is today announcing it has successfully secured $15m for its new Climaventures Fund from the Green Climate Fund (GCF), marking a significant milestone in the growth of Pakistan\u2019s climate-tech ecosystem. This GCF funding will play an anchoring role in the new fund that Sarmayacar is targeting to have a hard cap of $40 million. An additional $10 million has been allocated to an affiliated venture accelerator program run by the National Rural Support Programme (NRSP) to support even earlier-stage climate-tech startups with a similar thesis. The final approval from the GCF Board, following its meeting in Songdo, South Korea, highlights the growing global interest in addressing Pakistan\u2019s critical climate challenges with scalable, impactful solutions.<\/p>\n With this capital, the Sarmayacar Climaventures Fund will focus on empowering local startups in critical sectors such as renewable energy, electric mobility and sustainable agriculture. These ventures will receive both financial backing and strategic guidance to help accelerate their growth and environmental impact. By strengthening Pakistan\u2019s climate-tech landscape, Sarmayacar aims to position the country as a key player in regional sustainability efforts while attracting international investment into climate-focused ventures.<\/p>\n Sarmayacar CEO and founder Rabeel Warraich with General Partner Bernhard Klemen<\/em><\/p>\n Sarmayacar, founded in 2018 as Pakistan\u2019s first institutional venture capital firm, has been instrumental in advancing the country\u2019s startup ecosystem. Its initial $25 million tech-focused fund, anchored by the International Finance Corporation (IFC), catalysed over $800 million in venture capital investments into Pakistani startups, and supported high-growth ventures across sectors such as fintech, e-commerce, healthtech, and logistics. Led by CEO and Founder, Rabeel Warraich and General Partner, Dr. Bernhard Klemen, the firm is now leveraging its experience and market-knowledge to address Pakistan\u2019s climate challenges through its Climaventures Fund.\u00a0<\/p>\n \u201cAddressing Pakistan\u2019s climate emergency requires an approach that fosters entrepreneurial innovation,\u201d said Rabeel Warraich, CEO and Founder of Sarmayacar<\/b>. \u201cOur new climate fund \u2013 a first for Pakistan \u2013 will back founders building localised, scalable climate solutions for the country. We hope to spawn an entire climate venture ecosystem by leveraging our experience and connectivity in the country and beyond.\u201d<\/p>\n Sarmayacar\u2019s latest initiative taps into the global momentum behind climate-tech investment. According to the Climate Policy Initiative\u2019s Global Landscape of Climate Finance 2023 report, global climate finance averaged $1.27 trillion annually in 2021-2022, nearly doubling from previous years. This surge underscores the urgent need to scale climate solutions globally. In Pakistan, where climate challenges are particularly acute, the Sarmayacar Climaventures Fund aims to back startups that contribute to the country\u2019s broader environmental goals, driving both impact and sustainable growth. Despite contributing only 0.9% to global greenhouse gas emissions, Pakistan ranks as the 8th most vulnerable country to climate change, according to the Global Climate Risk Index.\u00a0<\/p>\n Dr. Bernhard Klemen, General Partner at Sarmayacar<\/b> added, \u201cSince launching Pakistan\u2019s first VC fund in 2018, Sarmayacar has built a track record of identifying and supporting market-transforming startups in the country. With this new climate-themed fund, we plan to replicate the playbook of our first fund and invest in commercially attractive opportunities that can also create significant impact. There is already an actionable pipeline which we hope to capitalise on with the support of reputable and like-minded partners like the GCF.\u201d<\/p>\n The Green Climate Fund\u2019s endorsement underscores the critical role that venture capital must play in addressing climate change, particularly in emerging markets. The fund will also help mobilise additional private capital, de-risking early-stage climate ventures and attracting further investment from global institutions.<\/p>\n Looking ahead, Sarmayacar aims to position Pakistan as a leader in climate-tech innovation, driving scalable solutions to tackle pressing climate challenges. With the Sarmayacar Climaventures Fund, the firm is committed to supporting the next generation of climate-tech entrepreneurs, ensuring they have the resources and expertise to succeed both locally and globally. By continuing to attract capital and fostering impactful ventures, Sarmayacar is helping to shape a more sustainable future for Pakistan and beyond.\u00a0<\/p>\n Ends\u00a0<\/b><\/p>\n Notes to the editor<\/b> About Sarmayacar<\/b>![](\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/260ac741-5100-4a71-a0d6-fdc33f95c42e\/sarmayacar-ceo-and-founder-rabeel-warraich-with-general-partner-bernhard-klemen.jpg\" "\\"Sarmayacar")
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Media images can be found here<\/u><\/a>.\u00a0<\/p>\n
Sarmayacar is Pakistan\u2019s first institutional venture capital firm, backing early-stage tech startups across a variety of sectors. Since its inception, Sarmayacar has supported high-growth ventures with a focus on driving innovation and sustainable growth in Pakistan\u2019s startup ecosystem.\u00a0
For more information, please visit www.sarmayacar.com<\/u><\/a>\u00a0<\/p>\n
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