Karachi: In what can serve as an inspiration for the country’s tech firms seeking expansion in the world’s largest market, Pakistani start-up ‘Convo’ has raised $5 million in investment capital from a top tier venture capitalist (VC) in Silicon Valley. It is, arguably, the first Pakistani company to receive such major funding from an institutional VC firm in the world’s IT hub.
This is Convo’s first major investment from Morgenthaler Ventures, one of the top institutional VC companies in the Valley, which has investments in over 300 companies including tech giant Apple Incorporated.
VC firms are private investors that provide financial capital to early-stage, high-potential, high-risk, growth startup companies. The investment, therefore, reflects Morgenthaler’s confidence in the product.
“We have been amazed at the level of engagement we have seen from Convo’s early customers, including many global brands. These organisations won’t settle for inconsistent, light-weight solutions,” Rebecca Lynn, Partner at Morgenthaler Ventures said. “There are collaboration services you use to run chit chat, and there are those that run your company. Convo is relied on for the latter,” she said.