Punjab InformationTechnology Board (PITB) and Sweden-based Nutty Ventures AB today signed an MoU, which commits to increase exposure to Pakistani startups in Sweden, create tailored coaching opportunities for Pakistani startups, strengthen acceleration programs and create opportunities for international investors and venture capital. funds to consider investing in Pakistani startups.

Speaking at the ceremony, Punjab’s Provincial Minister of Higher Education and Information Technology Raja Yassir Humayun Sarfraz said: “The Punjab government envisions technology as an engine for economic growth as IT opens new frontiers every day and our goal is to provide top-class coaching to startups. “so that they can compete internationally for visibility and the funding needed to accelerate growth. I value this partnership as it will provide exciting opportunities for our local startups and will further strengthen PITB’s existing entrepreneurship and freelance domain programs”.

PITB President Azfar Manzoor said: “Pakistani startups have made their mark on the global arena, as evidenced by an increase of over 300% in funding raised by local startups over the past year. In line with the government’s vision, PITB’s entrepreneurship and Freelance programs not only help young people in Punjab through incubation and skills development programs, but also help them create the much-needed connections with foreign investors and venture capitalists. ” It is worth mentioning that PITB runs a number of successful incubation and freelance programs not only in Punjab but also in other provinces, and as a result of this partnership, all local startups will benefit.

Nutty Ventures AB, which currently runs a Sweden-wide accelerator program, has extensive experience and networks in the Swedish startup, power and financing ecosystems. Its founder and CEO, Mehkar Sheikh, said: “Today, change is happening faster than at any other time in human history. We need bold new ideas, at a faster pace, cutting through the traditional hierarchies and structures. Nutty Ventures will harness the power of global best practices to create meaningful impact for PITB-supported startups. ”

Sweden is one of the leading countries in the world in innovation, startup activity and more recently in terms of impact. According to a recent report, Stockholm currently has the highest number of technical unicorns per capita in the world after Silicon Valley.