Venturing into the Future

There is no set script inventure capital (VC) –especially in a marketlike Pakistan. The pace isunpredictable, and the demandsshift constantly. Every day calls forfresh thinking, fast decisions andthe ability to course-correct withoutlosing momentum.

VC in Pakistan does not followthe same arc as more matureecosystems; it has to adapt. Youare building in an environmentwhere infrastructure gaps,macroeconomic volatility andregulatory uncertainty are part ofthe terrain. That is not a deterrent; itis an opportunity to back resilience.When we evaluate founders, welook for a different kind of spark –the ability to build in ambiguity, tooperate with limited resources, andto see angles others miss.

The best founders I have workedwith do not just have technicalskills. They bring local context, gritand a nuanced understanding ofpeople. As a fund, we have had todevelop our own internal models.Traditional metrics alone do notwork. Traction looks different, scalecomes with friction and timelinesare fluid. We are now seeing ashift towards ventures built withreal intent – lean, problem-firstbusinesses, shaped by necessityand grounded in local insight.The scale is still building, but theapproach is more deliberate andthat is a good sign.

Mornings usually begin ona measured note, calm butfocused. I scan the overnightupdates, check my email, catchup with founder threads, andglance at portfolio dashboards.It is often clear early on wherethe attention will be needed. Asthe day progresses, especiallyby late morning, the fund-levelresponsibilities start to take over.

Since our fund is domiciledin the Netherlands, a lot of themechanics of running a VCfirm – managing limited partner(LP) relationships, coordinatingwith fund administrators andlegal teams, and making surecompliance and reporting are ontrack – start a little later in the day.It is the less visible part of the job,but it is foundational. You cannotmove fast without structure.

I hold board seats across severalportfolio companies, but most ofthe real work happens betweenmeetings. This is where things tendto unfold (often over WhatsApp) – from quick updates to calls thatescalate fast. Some issues needimmediate input, others just asounding board. It is not aboutconstant involvement, but aboutbeing close enough to catch thingsearly and step in when needed.

For me, VC has always beenmore than deploying capital. It isabout staying close to the peoplebuilding things and supportingthem beyond the investment. It isabout helping Pakistan generatecritical economic activity that leadsto jobs, helps technology exportsgrow and works on integratingPakistan as a technology partnerfor the region. That mindset has shaped how I think aboutentrepreneurship. I have beeninvolved in efforts to widenaccess to the ecosystem – fromteaching venture finance at IBA toworking with student founders, toappearing on Shark Tank Pakistan.I speak regularly at universities,seminars, podcasts and panels.It is a way to stay connected towhere ideas take shape andhelp push the ecosystem forwardfrom the ground up and extend itoutside Pakistan and build bridgeswith countries key to our prosperity.

I make time for this workintentionally. The more we canencourage ambitious ideas andgive founders the right exposureearly, the stronger the pipelinebecomes. It is a long game, butone that needs constant pushing.

Staying connected to theglobal VC ecosystem is a priority – whether through networkslike the Kauffman Fellowship orconversations with investors andoperators around the world. Theseexchanges are often where the mostpractical ideas surface – the kindthat translates into action. Some ofthe frameworks we have adoptedhave come directly from theseconsistent informal dialogues. Theyare also critical to identifying whichsectors are gaining momentumglobally, and which ones need tobe seeded or strengthened locally.Staying globally literate is not justuseful – it is essential to stayingvigilant and informed.

There is a lot of travel, and itis not a lifestyle choice but a jobrequirement. Locally, it is a steadycircuit across Lahore, Karachiand Islamabad. Internationally,travel is just as frequent, whetherfor investor meetings, globalforums or building and maintainingrelationships. The Middle East iskey to Pakistan’s prospects and isa region I am especially focusingon. Over time, you fall into a rhythm – even if it sometimes feels likelife plays out somewhere betweenairports. Mobility keeps the workconnected and forward-facing.

Recently, a lot of my focushas gone into initiatives aroundelectric mobility and the greeneconomy. We are working closelywith provincial governmentsand private sector partners toenable wider access to electrictwo-wheelers – particularly forstudents, delivery riders andlow-income users who rely onbikes for daily mobility. Thegoal is simple: lower runningcosts, reduce emissions anddevelop access to transport thatfits the realities of urban Pakistan.We are also supporting workaround localised assembly, earlycharging infrastructure and trainingprogrammes for electric vehicle (EV)maintenance – practical steps to helpthe ecosystem scale responsibly.

In parallel, we are workingon afforestation projectsaimed at generating crediblecarbon credits. The focus ison getting the fundamentalsright – land selection, long-termstewardship, and alignmentwith international verificationstandards. It is early-stage work,but the objective is clear: to laythe foundation for a functional carbon market in Pakistan andcontribute to its broader climateand economic transition.Time to unwind is not alwaysbuilt into the schedule, but I makespace for it when I can. Golfhelps reset focus. A few holesare enough to slow things downwithout losing momentum; it isstructured and deliberate, whichhelps after a day that is anythingbut. Riding a bike is the otherescape. It is the kind of thing thatdemands full attention, no calls,no context switching; just speedand control. It is one of the fewplaces the pace of the day feelsmatched rather than interrupted.Football is the one constantoutside work. I follow the PremierLeague – highlights, data, transfernews, the whole thing. Fantasyfootball is serious business too. Ifinished in the top 10 in Pakistanin 2024. It is competitive, butalso analytical. You are readingperformance patterns andmanaging risk. Not that far offfrom VC in some ways.

Time with friends and familyis essential. Even a quick dinneror an unplanned hangout goesa long way. I try to stay off-scriptin those moments – music,conversation, whatever feelsnatural. Some nights go on longerthan planned and that is part ofthe balance too. The importantthing is knowing when to switchgears and when to recalibrate.

Some interests have stayedwith me over the years. Watchesand art in particular. I have alwaysbeen drawn to how things workbeneath the surface. As a kid, Iwould disassemble my toys just totrace the logic of their assembly – gears, springs, hinges, circuits.Success in reassembly was notthe point; it was about decodingsystems. That instinct has evolvedinto a lasting appreciation forprecision – for objects wheredesign is driven by engineeringand where every elementserves a structural or functionalpurpose. Art holds my attentionin similar ways. I am drawnless to expression and more tocomposition – the use of negativespace, balance, and the tensionbetween simplicity and complexity.It is not about aesthetics for thesake of it, but about the disciplinethat underpins the final form.

Most nights end with a call,or three, tied to projects runningacross different time zones. Thework stretches late, but that ispart of how it is built. This is notsomething you switch off from. Itis a long game and the goal is tobuild something that lasts.

Some days move the needle.Others don’t, and that is partof it too. The important thing islearning what you can and gettingback to it the next day. This is atime of opportunity for Pakistanas technology erases the leadother nations have over us. Wehave an obligation beyond thebusiness model to make Pakistana technology leader and a trustedpartner in the region.

Rabeel Warraich is Founder and CEO,Sarmayacar. rabeel@sarmayacar.com