Pishgam Venture Capital Fund
Pishgam Growth I Venture Capital Fund is a Tehran-based exchange-traded venture-capital fund listed on Iran Fara Bourse under the symbol پیشگام. Operating since July 2021, it finances growth- and expansion-stage Iranian businesses in ICT, healthcare and biotech, energy, nanotechnology, and industrial innovation. The vehicle gives listed-market investors exposure to a diversified private-company portfolio and provides expansion capital to Iranian innovators.
Operations & footprint
Products and services
Pishgam Growth I Venture Capital Fund is an exchange-traded venture capital fund that raises and deploys capital into growth-stage and later-stage innovative businesses. Its investment mandate includes information and communication technology, medical and healthcare businesses, energy, hardware, biotechnology, and nanotechnology. The fund can invest through equity and participation structures, allocate capital to eligible innovative legal entities and crowdfunding participation certificates, and place uncommitted liquidity in fixed-income securities, deposits, and certificates of deposit under its governing documents.
Operations and assets
The fund’s disclosed portfolio includes Basalam, Tabib, Mo Tan Ro, Hamrah Mechanic, Kimiazyme, Nilgoon Rangdaneh Zanjan, Medrick Games, Yasan Coding Academy, Byno and UID. Historical investments range across e-commerce, medical manufacturing, biotechnology, industrial materials, gaming, education technology, retail software and digital identity.
Geographic footprint
Tehran-based fund investing in Iranian innovative businesses.
Ownership & group structure
Ownership
The fund’s preferred units included Nikey Innovation Development Company (25.00%), natural persons (about 20.41%), Stars Wealth VC / Tharthat Star Investment Fund (19.50%), the Innovation and Prosperity Fund (16.66%), Bahman Entrepreneurship Development Company (8.33%), Ata Steel Company (5.50%), National Investment Company of Iran Asset Management (2.10%) and Algorithm Portfolio Management (1.00%) as of January 2024.
Commercial and investment relevance
Pishgam is relevant for investors assessing Iran's listed venture-capital market, regulated access to private-company growth exposure, technology and healthcare investment, fund governance, and the use of exchange-traded vehicles for innovation finance. Its growth-stage orientation may produce a different risk profile from seed-focused VC firms, but liquidity in listed venture funds may still be limited. Due diligence should examine the fund's remaining legal life, current NAV, paid-in capital, unit liquidity, ordinary and preferred unit structure, portfolio-company valuations, valuation methodology, capital calls, cash deployment, manager and trustee arrangements, related-party transactions, impairment policy, realized exits, extension or liquidation provisions, and whether the «پیشگام» units remain actively tradable on Iran Fara Bourse. For founders and co-investors, Pishgam is a potential source of expansion capital for businesses beyond the earliest start-up stage. For suppliers and strategic partners, its portfolio provides access points across Iranian digital commerce, health technology, biotech, industrial innovation and software markets.
Constraints, risk & compliance
Key risks and constraints
Portfolio performance depends on private-company valuations, follow-on financing, operating execution and exit opportunities across diverse innovation sectors. The fund began operations in July 2021 with an initial five-year legal term, making any extension, liquidation or revised-term arrangements material to unit holders and portfolio companies.
Sanctions and compliance considerations
The fund operates through Iran Fara Bourse and includes investment relationships with Iranian innovation-finance institutions, including the Innovation and Prosperity Fund. International counterparties should assess applicable sanctions, financial-institution and transaction-screening requirements before engagement.
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Frequently asked questions
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What does Pishgam Growth I Venture Capital Fund invest in?
The fund targets growth- and expansion-stage innovative businesses in ICT, healthcare and biotechnology, energy, nanotechnology, and hardware and industrial innovation.
Where is Pishgam Growth I Venture Capital Fund listed?
Its units are listed on Iran Fara Bourse under the ticker symbol پیشگام (Pishgam).
When did Pishgam begin operations?
The fund began operations in July 2021.
Which companies are in Pishgam’s disclosed portfolio?
Disclosed investments include Basalam, Tabib, Mo Tan Ro, Hamrah Mechanic, Kimiazyme, Nilgoon Rangdaneh Zanjan, Medrick Games, Yasan Coding Academy, Byno and UID.