Fatima Gobi Ventures (FGV) has become the first Pakistan-based venture capital fund to back a unicorn, after digital-asset company Fasset reached a US$1 billion valuation following a US$68 million Series C funding round led by Japan’s SBI Group.
The round pushed Fasset’s total capital raised in 2026 to US$119 million. The company had raised US$51 million in Series B funding in May 2026, which brought Speedinvest onto its cap table. FGV first backed Fasset in early 2022, co-leading its US$22 million Series A alongside Liberty City Ventures.
By the Series C close, Fasset was processing over US$40 billion in annualised transaction volume, operating in 125 countries, and serving more than 3 million wallets and around 1,000 enterprise clients. Revenue had grown roughly sixfold year on year, with a profitable balance sheet.
Naiel Oberoi Ikram, Managing Partner at Gobi Partners Pakistan, told Business Recorder on September 25 that while the milestone matters, the startup ecosystem needs to grow well beyond a single unicorn. The harder work, he said, still lies ahead.
Fasset’s Pakistan entry runs through a partnership with Habib Rafiq Limited, an infrastructure and real estate group founded in 1962. The plan has two parts: tokenising real estate so international investors can invest with less friction, and giving Pakistan’s freelance workforce faster ways to receive and reinvest international income.
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