SME Accelerator Pilot Launched in Pakistan to Financial Close Success
We launched our flagship SME Accelerator program last November where 20 SMEs were inducted from solar, e-mobility, energy efficiency and circular economy sectors, these companies were provided with a series of trainings on IP protection and legal issues, finance and funding, board development, successful investor presentation and scaling among some of the topics over a six-month period (phase-1) that concluded in April 2022 with 33 entrepreneurs trained.
We concluded a successful year with two of our companies, Harness Energy (solar) and ezBike (e-mobility) having raised investments of USD 1,3 M (combined).
8 SMEs of the initial cohort have been selected for a phase-2 of tailored one-on-one training in the final stages of the accelerator for the coming year.
Accelerator Success Stories
ezBike raises USD 1 M in its first pre-seed round
ezBike, Pakistan’s first electric bike-sharing service, secured funding for USD 1 M in its first pre-seed round. The company intends to use the funds to scale up and bolster the e-mobility infrastructure in the country through the production of low-cost lithium-ion batteries and a network of battery-swapping stations.
The company is part of the PPSE cohort that completed Phase I of the SME Accelerator programme and it will be moving to Phase II.
“At present the only source of capital for cleantech startups is equity financing from the venture market. PFAN and PPSE provide a vital additional source of capital to these startups, especially because they specialize in the cleantech and climate space. By providing access to climate investors that startups would not otherwise have access to, PPSE increases the viability of cleantech projects and their ability to grow quickly.” - Muhammad Hadi, Co-founder, ezBike
Harness Energy Raises USD 350,000 Investment
Harness Energy, an SME focused on clean energy provision in rural areas (largely solar lanterns) has successfully completed Phase I of the program and secured funding for USD 350,000.
Harness Energy (Pvt.) Limited, aim is to help off-grid rural residents save their disposable income by providing affordable energy solutions and help save emissions for Pakistan’s carbon footprint and make it more energy-equitable and sustainable at the same time. They are one of the biggest distributors of IEC-certified solar lights and solar kits in rural Pakistan and have had organic growth averaging 10-12% every quarter for the last 3 years. They aspire to continue their market share and impact by concentrating on the diverse and affordable energy needs of Pakistanis in rural Punjab and Sindh.
“Being in the PFAN Accelerator is like a hands-on business school where you learn from people and other founders who have similar goals to you. The case studies and learning from other CEOs in a similar field, especially young businesspeople like me was very helpful, you learn better leadership skills,” Muhammad Shehryar, Founder and Managing Director, Harness Energy.
Meet Eco Energy- PFAN SME Accelerator
