US-based Tofino Capital to invest in Pakistan’s startups from $10mn fund

Founder and general partner of the fund, Eliot Pence says Pakistan phenomenally underpenetrated by venture investments

To join the funding rush in the world’s last big market, Washington-based Tofino Capital has announced its plans to invest in Pakistan’s startups after the first close of $5 million of a $10 million fund.  

Founded by Eliot Pence and Aubrey Hruby four years ago, Tofino Capital invests in early-stage companies in Africa, Latin America, Asia, and the Middle East. While the fund is not solely Pakistan-focused, the founders consider Pakistan as a strong market to invest in.

“Pakistan is the fifth largest market in the world and the compound annual growth rate for people coming online exceeds any country in Asia including some of the fastest-growing ones in the region like Vietnam and Indonesia,” Pence told Profit. “But Pakistan has had only over $350 million in venture investment last year, which is quite less in a global perspective,” he adds. 

According to Pence, the small amount of venture funding for the fifth largest market makes Pakistan “phenomenally underpenetrated from a venture perspective.” Following on their thesis of investing in large markets that have a lack of venture capital, Tofino Capital plans to invest in pre-seed and seed-stage startups with cheque sizes ranging from $50,000 to $500,000 

“We aim to invest in fintech, fintech-enabled and logistics companies, and in startups which are digitising informal markets,” Pence tells Profit

Since the fund is not solely Pakistan focused, there is no hard allocation for Pakistan and investments will be considered on a deal by deal basis. The firm seeks to close the remaining $5 million in a period of 6-9 months.

In 2017, Pence and Hruby founded a public relations firm, insiderPR, that works with what “invisible entrepreneurs rarely covered in global media.” 

According to Hruby, “With twelve staff in four continents, insiderPR gives us early access to some of the fastest-growing startups in emerging markets.”  

“At the same time, working so closely with founders on their PR has allowed us to learn more about how top tier entrepreneurs work,” she commented.  Since its founding in 2018, insiderPR has worked for over 100 startups including Flutterwave, SWVL and Foodology.

- Advertisement -
Taimoor Hassan
Taimoor Hassan
The author is a staff member and can be reached at [email protected]


  1. Welcome to Versatile Coupons, the final location for getting a versatile deal on your internet-based buys. Our central goal is to assist customers with enjoying you find the best arrangements and limits on the items you love. We comprehend that setting aside cash can be intense, particularly while shopping on the web. That is the reason we’ve made it our objective to present to you the best-in-class coupons and markdown codes from top retailers. Whether you’re looking for garments, gadgets, or home merchandise, we take care of you.

Comments are closed.

- Advertisement -

Must Read

Budget season in full swing in Islamabad as govt scrambles for...

Prime Minister calls high-level meeting to discuss relief measures for the public with a tight budget on the cards